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.
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Segmentation of the Global Hardware Market
The global hardware market is segmented as follows:
- By Type:
- Furniture Hardware
- Motor Vehicle Hardware
- Builder’s Hardware
- Other Hardware
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.
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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.
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