Overview of the electrical equipment market in Serbia

The electrical equipment market in Serbia is anticipated to witness steady growth and will post a moderate CAGR of more than 3% over the forecast period. Electrical products such as wiring harnesses, and cable and wiring assemblies are used extensively in the transportation industry. For instance, assemblies of cables or wires are used extensively in automobiles, aircraft, railways, and spacecraft. Moreover, wiring harnesses, and cable and wiring assemblies optimize utilization of space and lower the risk of short circuit.  The automotive industry in Serbia is witnessing rapid growth and generating potential growth opportunities for various electrical equipment manufacturers.

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The manufacturers of electric lighting equipment are focusing on the introduction of new products that enhance the aesthetic appeal and are competing in terms of design to capture a greater market share. Electric equipment market leaders are also focusing on key product segments such as solar lighting systems, due to a rise in demand for energy-efficient lighting products from the domestic market. According to data provided by the UNEP, by 2030, the demand for solar lighting systems in Serbia is expected to grow by nearly 60% or more. With the imports of new technologies that support the development of energy-efficient products, in-house R&D, and strategic partnerships, this market is likely to have a positive outlook over the next four years.

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Segmentation by product type and analysis of the electrical equipment market in Serbia

• Wiring and wiring devices
• Electric lighting equipment
• Batteries and accumulators

The wiring and wiring devices segment led the electrical equipment market in Serbia, accounting for close to 58% of the market shares in terms of revenue. The growth of the automotive industry and potential growth opportunities provided by the telecom industry are expected to provide opportunities to manufacturers. Presently, the market is dominated by foreign manufacturers; however, an increase in the inflow of FDI in indigenous manufacturing industries is expected to enhance the competitiveness of indigenous manufacturers, in turn, resulting in an increasing electrical equipment market demand in Serbia.

Competitive landscape and key vendors

The electrical equipment market in Serbia comprises more than 450 manufacturers and is marked by the presence of several international and regional vendors. The domestic manufacturers are finding it increasingly difficult to compete with international players that have established their footprint in the market, especially on aspects such as quality, technology, and pricing. The competitive environment in this market will likely to intensify further with an increase in product/service extensions and technological innovations. The competition among the vendors is intense, with the key manufacturers focusing on the development and introduction of technologically advanced products.

Key vendors in this market are -

• ELKOK
• LEONI
• Metalka Majur
• Cablofil
• TFKable
• Elitas
• Buck
• Brilum
• Minel Schreder
• Eaton Electric
• ATB Sever
• Gorenje
• Kablovi Jagodina
• Vita-Elko
• ELMAT elektromaterijal
• Elektrošumadija Izbor

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the electrical equipment market in Serbia?
• What are the key market trends impacting the growth of the electrical equipment market in Serbia?
• What are the challenges to market growth?
• Who are the key vendors in the electrical equipment market in Serbia?
• What are the market opportunities and threats faced by the vendors in the electrical equipment market in Serbia?
• Trending factors influencing the market shares of Serbia.
• What are the key outcomes of the five forces analysis of the electrical equipment market in Serbia?

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