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Electrical Equipment Manufacturing in the US - Market Research Report (2014-2029)

Evan Jozkowski Evan Jozkowski New York, United States Last Updated: July 2024 NAICS 33531

Revenue

$57.1bn

2024

$57.1bn

Past 5-Year Growth

Profit

$X.Xbn

Employees

128k

Businesses

1,584

Wages

$XX.Xbn

Electrical Equipment Manufacturing in the US industry analysis

Electrical equipment manufacturers have endured moderate volatility in recent years. During the initial stages of the pandemic, changes in demand from the industrial sector, one of the largest downstream users of electrical equipment, negatively impacted equipment manufacturers. Significant supply chain disruptions, social distancing requirements and weaker demand for manufactured products led to revenue losses, a trend enhanced by instability in the nonresidential construction sector. However, the ongoing economic recovery has enabled demand for manufactured goods to bounce back, while historically high corporate profit has boosted demand for construction projects. As a result, revenue has grown at an estimated CAGR of 2.7% to $57.1 billion through the current period, including a 0.4% gain in 2024 alone.

Trends and Insights

  • Climbing interest rates have reduced demand from the construction sector, a significant buyer of electrical equipment. Companies will rely on sustained government funding to support utility construction buyers.
  • Transformer sales benefit from inelastic electricity consumption from businesses and households. Demand for other products, like industrial controls, heavily relies on underlying economic conditions, corporate profit and industrial investment.
  • Manufacturers commonly operate in regions close to trade routes that connect to major importers. Many businesses set up shop in the Southeast, given its proximity to Mexico.
  • Manufacturers have increasingly moved overseas to combat rising costs. Import penetration remains a key issue for domestic electrical equipment manufacturers with imported equipment accounting for more than half of domestic demand.
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Everything you need in one report

  • Reliable market estimates from 2014-2029
  • Competitive analysis, industry segmentation, financial benchmarks
  • Powerful SWOT, Porter’s Five Forces and risk management frameworks
  • Online membership platform with PDF, Word, Excel and PPT exports

Industry Overview

Market size and recent performance (2014-2029)

Industry revenue has grown at a CAGR of 2.7 % over the past five years, to reach an estimated $57.1bn in 2024.

Trends and Insights

A strengthening industrial sector drives growth

  • New electrical equipment sales heavily correlate to the industrial sector’s performance. Other manufacturing, mining, utilities and gas industries are major buyers of electrical equipment. In particular, these buyers often create contracts with the industry for expensive, custom-built electrical systems to handle complex assembly lines, power generation and other energy-intensive tasks.
  • Additional trends and insights available with purchase
Electrical Equipment Manufacturing in the US
Revenue (2014-2029)
IBISWorld Logo Source: IBISWorld

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

Stabilizing input prices will support manufacturers’ performance

  • Input prices, like steel, copper and electronic components, will stabilize as economic conditions improve. Lower purchase costs often contribute to weaker revenue, as manufacturers charge lower prices for electrical equipment. However, companies may be able to pass cost savings onto buyers, stimulating greater demand.

Biggest companies in the Electrical Equipment Manufacturing in the US

Company
Market Share (%)
2024
Revenue ($m)
2024
Profit ($m)
2024
Profit Margin (%)
2024
Eaton Corporation Plc
6,934.0
704.1
10.2
Johnson Electric Holdings Ltd.
5,230.6
261.5
5.0
Schneider Electric Se
4,332.2
558.5
12.9

To view the market share and analysis for all 38 top companies in this industry, view purchase options.

Products & Services Segmentation

Electrical Equipment Manufacturing in the US
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Relays and industrial controls, Switchgear and switchboards and Motors and generator manufacturing. Relays and industrial controls is the largest segment of the Electrical Equipment Manufacturing in the US.

Trends and Insights

Motor and generator manufacturers falter amid growing economic uncertainty

  • Electric generators convert mechanical and kinetic energy into electrical energy, while electric motors convert electricity into mechanical motion. Electric motors are common in household appliances, like fans, watches and drills.
  • More insights available in the full report

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Competitors

  • Power Conversion Equipment Manufacturing in the US

Complementors

  • Screw, Nut & Bolt Manufacturing in the US
  • Engine & Turbine Manufacturing in the US
  • Circuit Board & Electronic Component Manufacturing in the US
  • Vacuum, Fan & Small Household Appliance Manufacturing in the US
  • Major Household Appliance Manufacturing in the US

International industries

  • Global Consumer Electronics Manufacturing
  • Electrical Equipment Manufacturing in Canada
  • Electrical Equipment Repair & Maintenance in the UK

View all industries in United States

Table of Contents

About this industry

Industry definition

This industry manufactures power, distribution and specialty transformers; electric motors, generators and motor-generator sets, switchgear and switchboard apparatus, relays and industrial controls. Electrical equipment manufacturers sell their products to other manufacturing industries, wholesalers and the construction sector.

What's included in this industry?

TransformersMotors and generatorsSwitchgear and switchboardsRelays and industrial controlsWholesale sales of electricity generation

Companies

Eaton Corporation PlcJohnson Electric Holdings Ltd.Schneider Electric Se

Purchase this report to view all 38 major companies in this industry.

Related Terms

TRANSFORMERGENERATORSWITCHGEARRELAYWHOLESALE BYPASSOUTSOURCEOFFSHOREUNINTERRUPTIBLE POWER SUPPLY (UPS)BROWNOUT

Industry Code

NAICS 2017

NAICS 33531 - Electrical Equipment Manufacturing in the US

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

Climbing interest rates have reduced demand from the construction sector, a significant buyer of electrical equipment. Companies will rely on sustained government funding to ...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Transformer sales benefit from inelastic electricity consumption from businesses and households. Demand for other products, like industrial controls, heavily relies on underl...

In this chapter

  • Products & Services
  • Major Markets
  • International Trade

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level
  • Total imports, level and trend
  • Total exports, level and trend
  • Trade Balance

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024
  • International trade, including imports by country and exports by country

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services
  • Recent trends in import and export volumes, country of origin or destination, and expected future trends

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

Manufacturers commonly operate in regions close to trade routes that connect to major importers. Many businesses set up shop in the Southeast, given its proximity to Mexico.

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each state
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each state in 2024
  • Number and share of revenue each state accounts for in 2024
  • Number and share of wages each state accounts for in 2024
  • Number and share of employees in each state in 2024

Detailed analysis

  • Geographic spread of the industry across North America, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Manufacturers have increasingly moved overseas to combat rising costs. Import penetration remains a key issue for domestic electrical equipment manufacturers with imported eq...

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

Leading manufacturers often operate through multiple peripheral industries, like power conversion equipment manufacturing. This diversification enables companies to sell more...

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024
  • Overview of Eaton Corporation Plc's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Johnson Electric Holdings Ltd.'s performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Schneider Electric Se's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of revenue, market share and profit margin trend for 35 additional companies

Detailed analysis

  • Description and key data for Eaton Corporation Plc, and factors influencing its performance in the industry
  • Description and key data for Johnson Electric Holdings Ltd., and factors influencing its performance in the industry
  • Description and key data for Schneider Electric Se, and factors influencing its performance in the industry
  • Description, key data and performance trends for 35 additional companies

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

Manufacturers must respond to changing environmental regulations. Many downstream power companies have increased their use of electrical equipment to adhere to sustainability...

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2014-2029) 
  • Assistance historical data and forecast (2014-2029) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

Companies rely on skilled labor to design and manufacture products. The need for skilled labor will continue to grow as manufacturers prioritize specialized niches and custom...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Investment vs. share of economy

Data tables

  • Industry Multiples (2017-2022)
  • Industry Tax Structure (2017-2022)
  • Income Statement (2017-2022)
  • Balance Sheet (2017-2022)
  • Liquidity Ratios (2017-2022)
  • Coverage Ratios (2017-2022)
  • Leverage Ratios  (2017-2022)
  • Operating Ratios (2017-2022)
  • Cash Flow & Debt Service Ratios (2014-2029)
  • Revenue per Employee (2014-2029)
  • Revenue per Enterprise (2014-2029)
  • Employees per Establishment (2014-2029)
  • Employees per Enterprise (2014-2029)
  • Average Wage (2014-2029)
  • Wages/Revenue (2014-2029)
  • Establishments per Enterprise (2014-2029)
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Methodology

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in the US include: 

  • US Census Bureau
  • US Bureau of Labor Statistics
  • US International Trade Commission

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

Learn more about our methodology and data sourcing on the Help Center.

Frequently Asked Questions

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Electrical Equipment Manufacturing in the US industry in United States in 2024?

The market size of the Electrical Equipment Manufacturing in the US industry in United States is $57.1bn in 2024.

How many businesses are there in the Electrical Equipment Manufacturing in the US industry in 2024?

There are 1,584 businesses in the Electrical Equipment Manufacturing in the US industry in United States, which has declined at a CAGR of 1.0 % between 2019 and 2024.

Has the Electrical Equipment Manufacturing in the US industry in United States grown or declined over the past 5 years?

The market size of the Electrical Equipment Manufacturing in the US industry in United States has been growing at a CAGR of 2.7 % between 2019 and 2024.

What is the forecast growth of the Electrical Equipment Manufacturing in the US industry in United States over the next 5 years?

Over the next five years, the Electrical Equipment Manufacturing in the US industry in United States is expected to grow.

What are the biggest companies in the Electrical Equipment Manufacturing in the US market in United States?

The biggest companies operating in the Electrical Equipment Manufacturing market in United States are Eaton Corporation Plc, Johnson Electric Holdings Ltd. and Schneider Electric Se

What does the Electrical Equipment Manufacturing in the US in United States include?

Transformers and Motors and generators are part of the Electrical Equipment Manufacturing in the US industry.

Which companies have the highest market share in the Electrical Equipment Manufacturing in the US in United States?

The company holding the most market share in United States is Eaton Corporation Plc.

How competitive is the Electrical Equipment Manufacturing in the US industry in United States?

The level of competition is moderate and increasing in the Electrical Equipment Manufacturing in the US industry in United States.