The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Oct. 4, 2023 /PRNewswire/ — As per The Business Research Company’s Hardware Global Market Report 2023, the global hardware market has showcased remarkable growth, surging from $111.44 billion in 2022 to $121.34 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 8.9%. Furthermore, the market is poised for continued expansion, with projections indicating a market size of $164.21 billion in 2027, maintaining a robust CAGR of 7.9%. One of the key drivers fueling the hardware market share is rapid urbanization, which spurs significant demand for specialized hardware products in infrastructure development and smart city initiatives.

Rapid Urbanization: Key Hardware Market Driver

Rapid urbanization necessitates the development and expansion of commercial and residential buildings, transportation systems, utilities, and public facilities. These large-scale infrastructure projects drive demand for specialized hardware products, including road construction materials, utility connectors, building hardware, and transportation-related components. According to the United Nations Department of Economic and Social Affairs, 4.46 billion people resided in urban areas globally in 2021, with projections indicating an increase to 6.68 billion by 2050. Additionally, global investments in smart city technology are anticipated to reach $158 billion by 2025, marking a substantial rise from $58 billion in 2022. This rapid urbanization trend is set to generate high demand for the hardware market.

Learn More On The Hardware Market Report – https://www.thebusinessresearchcompany.com/report/hardware-global-market-report 

Segmentation of the Global Hardware Market

The global hardware market is segmented as follows:

1. By Type:

• Furniture Hardware
• Motor Vehicle Hardware
• Builder’s Hardware
• Other Hardware

By End User:

• B2B
• B2C

By Sales Channel:

• OEM
• Aftermarket

Among these segments, the B2B market exhibits the highest growth potential, with a projected increase of $36,039.3 million in global annual sales by 2027.

Embracing Sustainability: A Key Hardware Industry Trend

Hardware industry companies are increasingly focusing on the launch of net-zero carbon products. These initiatives aim to limit carbon emissions during the manufacturing process by incorporating carbon offset and renewable energy credit purchase programs. For instance, Schnitzer Steel Industries, Inc., a US-based manufacturer and exporter of recycled metal products, introduced GRN Steel in March 2022, a line of net-zero carbon products produced at its Cascade Steel manufacturing operations in McMinnville, Oregon. This launch signifies a significant step toward achieving Schnitzer’s sustainability goal of Net Zero Emissions by 2050.

Request A Free Sample Of The Hardware Market Report – https://www.thebusinessresearchcompany.com/sample_request?id=2859&type=smp 

Asia-Pacific Leads the Global Market

As per TBRC’s hardware market research, in 2022, Asia-Pacific held the largest share in the hardware market, with a value of $44,356.0 million. The hardware market in Asia-Pacific benefits from substantial investments in the region, particularly in the residential and automotive sectors. Notably, the Indian government has shown strong commitment to promoting electric vehicles (EVs) as part of its clean tech initiatives, offering tax incentives for manufacturers and buyers of EVs.

The global hardware market is poised for steady growth, driven by rapid urbanization and sustainability-focused initiatives. As infrastructure development and smart city projects continue to flourish, the market presents promising opportunities for innovation and progress in hardware technology.

View More Similar Market Reports:

Hardware Support Services Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/hardware-support-services-global-market-report

Computer Hardware Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/computer-hardware-global-market-report

Communications Hardware Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/communications-hardware-global-market-report

Interested to know more about The Business Research Company?

The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

The World’s Most Comprehensive Database

The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.

Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg

SOURCE The Business Research Company