Electrical Accessories market returns with estimated 8% growth in 2021News
Posted by: electime 24th January 2022
The UK electrical accessories market has returned to growth more quickly than expected after the COVID-19 outbreak in 2020, with an estimated 8% growth in 2021. Due to the effects of the pandemic across the industry, the UK electrical accessories market saw a sharp decline of around 13% in 2020, despite a recovery in H2 following the initial period of lockdown.
The outlook for the market moving forward is positive, with an expected growth of 14% forecast between 2021 and 2025, however the disruptive influence of COVID-19 on the wider economy, working patterns and supply chains will continue to affect the market, particularly in the short-term.
As a mature sector, the electrical accessories market usually experiences moderate levels of growth and decline in line with the overall economy and construction industry trends. The market is also influenced by price pressures from low-cost imports and global trends in commodity price, notably copper. Due to the market’s dependence upon imports, both of finished products and raw materials, the impact of the UK’s departure from the EU on trading patterns will also have a significant influence on market prospects.
Low voltage cable systems account for the largest portion of the electrical accessories market, with a share of 60% of the total electrical accessories market. Within the low voltage cable systems sector, it is cables that dominate, representing nearly two thirds of this product segment. Busbars, cable management products and accessories make up the remainder.
The main distribution outlet for electrical accessories manufacturers remains to be Electrical Wholesalers, accounting for two-thirds of total market value, though, as with many other industries, internet sales are rapidly expanding.
Abdul Tantouch, Research Manager at AMA Research and editor of the Electrical Accessories Report comments, “As with construction activity, the market has rapidly returned to growth in 2021 following the substantial downturn caused by lockdowns in 2020, though growth has been constrained by continued supply chain disruption and material shortages. Aside from continued growth in construction output, the electrical accessories market will be boosted in the coming years by a number of factors including growth of demand for electric vehicle charging units and home automation systems, stricter regulation of circuit protection to reduce fire risk, and the retrofitting of HVAC and building management systems in many domestic and commercial buildings to improve energy efficiency and reduce carbon emissions”.