ZVEI expects slightly more momentum in 2026 – trade conflicts remain a significant risk
According to new figures from the Association of the Electrical and Digital Industry (ZVEI), the global market for electrical and digital industry goods grew by three per cent to around €5.7 trillion in 2024. The association also expects a three per cent increase for the current year.
Slower pace of expansion
“This means that overall market development is lagging behind its long-term pace of expansion. Over the past 30 years, it has averaged five per cent per year,” said ZVEI Chief Economist Andreas Gontermann.
According to the expert, growth in the global market could pick up again somewhat in 2026: the ZVEI forecasts five per cent growth, which would see the global electrical market exceed the six billion euro mark.
Asia remains the largest continental market, accounting for 60 per cent of the global electrical market and a volume of 3.4 trillion euros. After growth of four per cent in 2024, growth of four per cent is expected again in 2025 and six per cent in 2026. Within Asia, China’s market reached a value of 2.1 trillion euros in 2024 (up four per cent on 2023).
‘This means that China remains by far the largest national market in the electrical and digital industry, accounting for almost two-fifths of the global market,’ said Gontermann. For the current year, the ZVEI expects growth of four per cent here. In 2026, the Chinese market could grow by a more substantial seven per cent.
USA in second place, Germany in fifth
The total American market for electrical and digital industry goods grew by three per cent in 2024, reaching a volume of €1.191 trillion. This corresponds to one-fifth of the global market (21 per cent). The ZVEI expects growth of two per cent for 2025, followed by an increase of three per cent in 2026.
The US market reached €837 billion in 2024, putting it in second place in the country ranking. The ZVEI forecast predicts growth of two per cent for 2025. For 2026, the association expects growth of three per cent, which is a rather moderate increase overall.
The European electrical market amounted to €989 billion in 2024, which corresponds to 17 per cent of the global market. It is expected to grow by two per cent in 2025, and the ZVEI forecasts an increase of three per cent for 2026. With a volume of €184 billion, the German market was also the fifth largest worldwide in 2024 – behind China, the USA, South Korea and Japan.
The ZVEI expects stagnation in 2025. This could be followed by modest growth of two per cent in 2026. ‘Germany thus has the lowest growth momentum of all the markets considered for the period between 2024 and 2026,’ said Gontermann.
