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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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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.
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 -
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This is preliminary content. The table of contents is subject to change.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
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