The global market for electrical and digital industry goods grew by 3 percent in 2024, reaching €5.765 trillion. For the current year, the German Electrical and Electronic Manufacturers’ Association (ZVEI) likewise expects an increase of 3 percent. “This means that overall market performance continues to fall short of its long-term expansion rate. Over the past 30 years, average annual growth was around 5 percent,” said ZVEI Chief Economist Dr. Andreas Gontermann.
In 2026, global market growth could accelerate again. The ZVEI forecasts a 5 percent increase, which would push the global electrical market beyond the €6 trillion threshold. According to Gontermann, escalating trade conflicts in an increasingly fragmented global economy remain one of the most significant risks.
Asia continues to be the largest regional market, accounting for 60 percent of global electrical industry sales, equivalent to €3.467 trillion. After growing by 4 percent in 2024, the Asian electrical market is expected to expand by another 4 percent this year and by 6 percent in 2026.
Within Asia, China’s electrical market reached €2.142 trillion in 2024 — an increase of 4 percent over the previous year. “China remains by far the world’s largest national market in the electrical and digital industries, representing nearly two-fifths of global demand,” Gontermann noted. For 2025, ZVEI anticipates 4 percent growth in China, followed by a stronger 7 percent expansion in 2026.
The overall American market for electrical and digital industry goods grew by 3 percent in 2024, reaching €1.191 trillion and accounting for 21 percent of the global market. ZVEI expects growth of 2 percent in 2025 and 3 percent in 2026.
The U.S. market reached €837 billion in 2024, securing second place in the global ranking. ZVEI forecasts a 2 percent increase for 2025 and 3 percent for 2026 — a continuation of moderate growth.
The European electrical market totalled €989 billion in 2024, representing 17 percent of global demand. In the current year, it is expected to grow by 2 percent, with a 3 percent increase projected for 2026.
With a market volume of €184 billion, Germany remained the world’s fifth-largest electrical market in 2024, behind China, the United States, South Korea and Japan. For 2025, ZVEI expects stagnation. A modest growth of 2 percent could follow in 2026. “Germany therefore shows the lowest growth dynamics among all markets examined for the period between 2024 and 2026,” Gontermann said.
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