Electric Board, Desk and Panel Market

The global market for electrical boards, panels, consoles, desks, and cabinets is projected to see continued growth in demand, with consumption expected to increase at a CAGR of +2.4% from 2022 to 2030. The market volume is forecasted to reach 8.5B units by the end of 2030, with a market value of $43.4B. The largest consuming countries in 2022 were China, the United States, and India, while the largest producers were China, the United States, and India. Import and export volumes and values also showed steady growth trends over the period from 2012 to 2022, with some fluctuations observed. Overall, the market for electrical boards, panels, consoles, desks, and cabinets is expected to see continued growth in the near future.

Market Forecast

Driven by increasing demand for electrical boards, panels, consoles, desks and cabinets worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 8.5B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $43.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electrical Boards, Panels, Consoles, Desks and Cabinets

In 2022, the amount of electrical boards, panels, consoles, desks and cabinets consumed worldwide declined to 7B units, reducing by -7.9% compared with the previous year's figure. In general, the total consumption indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption attained the peak volume at 7.6B units in 2021, and then dropped in the following year.

The size of the market for electrical boards, panels, consoles, desks and cabinets worldwide dropped modestly to $32B in 2022, waning by -4.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.4% against 2015 indices. Global consumption peaked at $33.5B in 2021, and then dropped in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.4B units), the United States (992M units) and India (597M units), with a combined 43% share of global consumption. Japan, Pakistan, Bangladesh, Brazil, France, the UK, Mexico, Turkey, South Korea and Canada lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by France (with a CAGR of +8.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest electric board, desk and panel markets worldwide were the United States ($7.4B), Japan ($6.1B) and Pakistan ($3.4B), together accounting for 53% of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +10.5%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of electric board, desk and panel per capita consumption in 2022 were Canada (3.7 units per person), France (3.5 units per person) and Japan (3.1 units per person).

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +8.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Electrical Boards, Panels, Consoles, Desks and Cabinets

After six years of growth, production of electrical boards, panels, consoles, desks and cabinets decreased by -7.9% to 7.2B units in 2022. In general, the total production indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +49.3% against 2015 indices. The most prominent rate of growth was recorded in 2017 with an increase of 16% against the previous year. Over the period under review, global production attained the maximum volume at 7.8B units in 2021, and then declined in the following year.

In value terms, electric board, desk and panel production shrank to $35.4B in 2022 estimated in export price. Overall, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +7.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 20%. Global production peaked at $38.9B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.7B units), the United States (978M units) and India (616M units), with a combined 46% share of global production. Japan, Pakistan, Bangladesh, Brazil, Mexico, Spain, Turkey, France, Italy and the UK lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +7.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Global electric board, desk and panel imports dropped modestly to 1.6B units in 2022, remaining constant against 2021 figures. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 15%. Over the period under review, global imports reached the peak figure at 1.6B units in 2021, and then fell modestly in the following year.

In value terms, electric board, desk and panel imports amounted to $4.5B in 2022. The total import value increased at an average annual rate of +3.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 21%. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

France (162M units) and Germany (137M units) were the largest importers of electrical boards, panels, consoles, desks and cabinets in 2022, resulting at approx. 10% and 8.8% of total imports, respectively. Italy (81M units) took the next position in the ranking, followed by India (77M units). All these countries together took near 10% share of total imports. The following importers - Austria (55M units), Poland (54M units), the Czech Republic (53M units), Mexico (52M units), Hungary (48M units), the UK (43M units), Spain (43M units), the Netherlands (41M units) and Romania (40M units) - together made up 27% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +21.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest electric board, desk and panel importing markets worldwide were Germany ($410M), France ($320M) and India ($249M), together accounting for 22% of global imports.

India, with a CAGR of +11.4%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for electrical boards, panels, consoles, desks and cabinets amounted to $2.9 per unit, remaining stable against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 6.8% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($3.2 per unit), while Romania ($1.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+9.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Global electric board, desk and panel exports declined slightly to 1.7B units in 2022, remaining relatively unchanged against the previous year. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 18% against the previous year. As a result, the exports reached the peak of 1.8B units, and then shrank modestly in the following year.

In value terms, electric board, desk and panel exports rose slightly to $4.7B in 2022. The total export value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 18% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, China (250M units), followed by Spain (132M units), Mexico (120M units), Italy (112M units), France (107M units), Germany (104M units), the Czech Republic (101M units), India (97M units) and Romania (92M units) were the major exporters of electrical boards, panels, consoles, desks and cabinets, together creating 64% of total exports. Turkey (76M units), Poland (70M units), Hungary (55M units) and Denmark (43M units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +12.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Spain ($457M), China ($413M) and Germany ($391M) constituted the countries with the highest levels of exports in 2022, together comprising 27% of global exports. India, Italy, France, the Czech Republic, Hungary, Mexico, Denmark, Romania, Poland and Turkey lagged somewhat behind, together accounting for a further 43%.

In terms of the main exporting countries, the Czech Republic, with a CAGR of +10.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for electrical boards, panels, consoles, desks and cabinets stood at $2.7 per unit in 2022, rising by 5.3% against the previous year. In general, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hungary ($3.9 per unit), while Turkey ($1.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+5.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform