Low Voltage Electrical Appliances Market Size, Share, Growth and Industry Analysis by Type (Distribution apparatus, terminal apparatus, control appliance, and, power appliance) By Application (Electric power, building, petrochemical, industrial control, telecom, and, traffic) Regional Forecast To 2031

Updated On: 22 April 2024

LOW VOLTAGE ELECTRICAL APPLIANCES MARKET REPORT OVERVIEW

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The global low voltage electrical appliances market size is expected to be worth USD 58990 million 2020. As per our research, the market is projected to touch USD 167717.17 million by 2031 with a CAGR of 9.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Low voltage electrical appliances are designed to operate at lower voltage levels, typically 120 volts or below. These devices are energy-efficient and safer for household use. Common examples include LED lights, phone chargers, and small kitchen appliances like blenders and toasters. Low voltage appliances consume less electricity, reducing energy costs and environmental impact. They also pose a lower risk of electrical shock, making them suitable for home and office settings.

These appliances have become integral to our daily lives, contributing to energy conservation and safety while offering convenience and reliability in various applications. All of these factors have helped in the low voltage electrical appliances market growth.

COVID-19 impact: Surge in Demand for Electronic Devices During Pandemic Increased Market Growth

The COVID-19 pandemic had a notable impact on the demand for low voltage electrical appliances. With more people working and studying from home, there was a surge in the need for devices like laptops, tablets, and home office equipment, which are powered by low voltage electronics.

 The increased time spent indoors also led to higher utilization of low voltage appliances like refrigerators, air purifiers, and gaming consoles. Additionally, there was a growing focus on energy efficiency, as households sought to reduce utility costs during economic uncertainty. The pandemic accelerated the adoption of these appliances, emphasizing their importance in modern life.

LATEST TRENDS

"Introduction of Energy-efficient, Smart Devices to Fuel Market Growth"

Recent innovations in low voltage electrical appliances have brought remarkable advancements. Energy-efficient, smart devices now dominate the market. LED lighting technology continues to evolve, offering even greater energy savings and customizable lighting options. Smart thermostats and home automation systems allow users to control low voltage appliances remotely, optimizing energy use.

Battery technology improvements enhance the performance of cordless devices like vacuums and power tools. Furthermore, USB-C technology has become standard, providing faster charging and data transfer in low voltage gadgets. These innovations not only enhance convenience and efficiency but also contribute to sustainability by reducing energy consumption and waste.

LOW VOLTAGE ELECTRICAL APPLIANCES MARKET SEGMENTATION

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By Type:

The market can be divided on the basis of type into the following segments.

Distribution apparatus, terminal apparatus, control appliance, and, power appliance. The distribution apparatus segment that is expected to lead the market during the forecast period.

By Application:

Classification based on application is as follows:

Electric power, building, petrochemical, industrial control, telecom, and, traffic.  The electric power segment that is expected to lead the market during the forecast period.

DRIVING FACTORS

"Proliferation of Smart Home Technology to Increase Market Growth"

Several driving factors fuel the growth of low voltage electrical appliances. Energy efficiency remains a key driver, as consumers seek to reduce electricity costs and lower their carbon footprint. Technological advancements, such as improved batteries and LED lighting, contribute to this efficiency. Changing lifestyles, including remote work and increased time spent at home, boost the demand for devices like laptops, tablets, and home office equipment.

 Additionally, the proliferation of smart home technology fosters the need for low voltage devices that can be controlled remotely. These factors, coupled with sustainability concerns and convenience, make low voltage electrical appliances a burgeoning industry. All of the above-mentioned factors are propelling the low voltage electrical appliances market share.

"Rising Concerns About Electrical Safety to Amplify Market Growth"

Beyond energy efficiency and changing lifestyles, various other driving factors shape the low voltage electrical appliance industry. Environmental awareness and regulations push manufacturers to develop greener, more sustainable products. Consumer demand for compact and portable gadgets, from smartphones to compact kitchen appliances, drives innovation. Increasing urbanization and smaller living spaces favor smaller, low voltage devices.

Rising concerns about electrical safety also prompt the development of safer, low voltage technologies. Furthermore, economic considerations encourage cost-effective and energy-saving solutions. These factors collectively propel the low voltage electrical appliance market, making it a dynamic sector that caters to modern needs, preferences, and global trends.

RESTRAINING FACTOR

"High Raw Material Cost and Regulatory Hurdles to Decrease Market Growth"

Several restraining factors affect the low voltage electrical appliance industry. Firstly, raw material costs can be a significant barrier to innovation, as high-quality components can be expensive. Market saturation is another challenge, with many households already equipped with low voltage appliances, leading to reduced growth potential. The slow adoption of new technologies by consumers and regulatory hurdles can impede progress.

Additionally, economic downturns can restrict consumer spending on non-essential appliances. Lastly, concerns about data privacy and security in smart devices can create hesitancy. These restraining factors, while significant, also present opportunities for the industry to address and overcome these challenges through innovation and adaptation.

LOW VOLTAGE ELECTRICAL APPLIANCES MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate Market During Forecast Period Due to Rapid Urbanization "

Asia Pacific stands out as the leading region in low voltage electrical appliances. This dynamic market is fueled by the region's rapid urbanization, expanding middle class, and growing disposable income. Countries like China, Japan, and South Korea are at the forefront of technological advancements, driving innovation in energy-efficient appliances and smart home solutions.

 The region's focus on sustainability and environmental consciousness also promotes the adoption of low voltage devices. Additionally, manufacturing capabilities in countries like China make the region a major global supplier of these appliances. With its diverse and large consumer base, Asia Pacific remains a dominant force in the low voltage electrical appliance industry.

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Schneider (France)
• Siemens (Germany)
• ABB (Switzerland)
• Mitsubishi Electric (Japan)
• Eaton (Ireland)
• CHINT (China)
• Legrand (France)
• Fuji Electric (Japan)
• Sensata Technologies (U.S.)
• Shanghai Liangxin Electrical (China)
• Tengen Electric (China)
• Changshu Switchgear Manufacturing (China)
• Shanghai Renmin Electrical Apparatus Works (China)
• Xiamen Hongfa Electroacoustic (China)
• TAIYONG-CHANGZHENG TECHNOLOGY (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report is very useful for making decisions and forecasts. A list of key market players has also been listed.