The general electrical equipment and components market size has grown strongly in recent years. It will grow from $87.17 billion in 2023 to $93.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to industrialization, technological advancements, urbanization, and energy
demand

The general electrical equipment and components market size is expected to see strong
growth in the next few years. It will grow to $121.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to renewable energy, electrification, smart grids, and digitalization. Major trends in the forecast period include electrification and renewable energy, smart and iot-enabled devices, digitalization and industry 4.0, battery technology.1

The Electrical Components market size is forecast to reach USD 1.6 trillion by 2031, after growing at a CAGR of 3.2% during the forecast period 2024-2031. Electrical components of diversified ranges are imperative to several industries as they are responsible for controlling currents or voltages, and several other long-running
advantages. The growth of the Electrical Components Industry is influenced by a number of prominent factors, such as rising penetration of industrial IoT for digital twins, advancements in semiconductor technology and popularity of the Stretchable Electronic applications. Electrical components are an indispensable part of every business sector, including industrial manufacturing, automotive, healthcare, aviation and many more. In addition, the avant-garde opportunities offered by the next generation electronic devices, such as smartphones, laptops, wearable electronics and bioelectrical devices continue to promote the growth of the market. Therefore, the surge of new age of technologies, pertinent to autonomous vehicles, bioelectrical devices, AI-powered
computer assistants, and other array of innovations propelled the growth of the Electrical Components Market.2

Jamaica is a neighborhood in the New York City borough of Queens. It is mainly composed of a large commercial and retail area, though part of the neighborhood is also residential. Jamaica is bordered by Hollis to the east; St. Albans, Springfield Gardens, Rochdale Village to the southeast; South Jamaica to the south; Richmond Hill and South Ozone Park to the west; Briarwood to the northwest; and Kew Gardens Hills, Jamaica Hills, and Jamaica Estates to the north.

Jamaica is a neighborhood in New York City, New York with a population of 162,311. Jamaica is in Queens County. Living in Jamaica offers residents an urban feel and most
residents rent their homes. In Jamaica there are a lot of bars, restaurants, coffee shops, and parks. Many families live in Jamaica and residents tend to be liberal. The public schools in Jamaica are above average.3

There are a total of 34,974 households in Jamaica, each made up of around 3 members. Family establishments represent 71.74% of these Jamaica households, while non-family units account for the remaining 28.26%. Additionally, 36.4% of households have children and 63.6% of households are without children.

The average annual household income in Jamaica is $96,768, while the median household income sits at $73,118 per year. Residents aged 25 to 44 earn $82,192, while those between 45 and 64 years old have a median wage of $82,938. In contrast, people younger than 25 and those older than 65 earn less, at $81,314 and $57,094,
respectively

There are 37,191 housing units in Jamaica, and the median year in which these properties were built is 1955. Of the 34,974 occupied housing units in Jamaica, 44.56%
are owner-occupied, while 55.44% have renters living in them.

Meanwhile, properties bought with mortgages account for 68.99% of the units, and the median value of a home with a mortgage is $596,100. In general, housing costs reach $1,826 per month in Jamaica.4