The European Electrical Equipment market in 2023 displayed a diverse range of turnover by country. Germany led significantly with €66.08 billion, followed by France at €16.66 billion and Italy at €13.0 billion. Spain and Austria had relatively smaller turnovers at €7.27 billion and €7.25 billion, respectively. Other notable markets included the Czech Republic (€6.25 billion), United Kingdom (€6.03 billion), and Poland (€4.38 billion). Countries like Norway (€0.6801 billion), Croatia (€0.6705 billion), and lesser contributors like Iceland (€0.0125 billion) indicated the breadth of the market.
Year-on-year variations highlighted some aggressive growth and declines across different markets:
- Germany saw an increase of 8.6%
- France experienced a minor decrease of 0.54%
- Bulgaria showed significant growth at 6.57%
- Norway and Ireland both experienced double-digit growth at 10.81% and 10.8%, respectively
- Belgium faced a notable decline at 8.34%
- Serbia experienced notable growth at 7.9%
- Greece registered a strong growth of 9.62%
Future trends to watch in the European Electrical Equipment market include an expected continuous leadership by Germany driven by advancements in technology and manufacturing. Notable growth potential exists in emerging markets like Bulgaria, Norway, and Ireland. There's also a need to monitor the declining trends in Southern Europe and some of the mature markets like Belgium for potential restructuring or consolidation strategies.
Top countries in Electrical Equipment Turnover by Country
| # | 10 Countries | Million Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 66,080 | 2023 | +3.94% | +8.6% | View data |
| 2 | 2 France | 16,660 | 2023 | +1.1% | -0.54% | View data |
| 3 | 3 Italy | 13,000 | 2023 | +0.56% | -0.12% | View data |
| 4 | 4 Spain | 7,270 | 2023 | -0.89% | -1.7% | View data |
| 5 | 5 Austria | 7,250 | 2023 | +0.68% | -0.16% | View data |
| 6 | 6 Czech Republic | 6,250 | 2023 | +4.56% | +2.35% | View data |
| 7 | 7 United Kingdom | 6,030 | 2023 | -0.92% | -0.96% | View data |
| 8 | 8 Switzerland | 4,380 | 2023 | +6.58% | +1.49% | View data |
| 9 | 9 Poland | 4,380 | 2023 | +3.71% | +2.76% | View data |
| 10 | 10 Finland | 3,590 | 2023 | +0.2% | +0.11% | View data |
