The global electronic components market is estimated to be valued at US$ 498.34 billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Electronic components are the building blocks of various electronic devices and systems. These components include resistors, capacitors, transistors, diodes, integrated circuits, and sensors, among others. They are essential for the functioning of electronic products across various industries such as consumer electronics, automotive, healthcare, and telecommunications. The increasing demand for advanced and energy-efficient devices, along with the rapid growth of the Internet of Things (IoT) and automation technologies, is driving the market for electronic components. These components provide advantages such as miniaturization, increased efficiency, and enhanced performance, thereby fulfilling the need for smaller, faster, and more complex electronic systems.
B) Market Key Trends:
One key trend in the global General Electronic Components Market is the increasing demand for consumer electronics. With the rapid digitalization and urbanization, there is a growing adoption of smart devices and gadgets such as smartphones, tablets, laptops, and wearable devices. The proliferation of social media platforms, e-commerce websites, and digital content has further boosted the demand for consumer electronics. This trend is expected to continue in the coming years as consumers seek more advanced and technologically advanced products with improved features and functionalities.
For example, advancements in display technologies have led to the development of OLED and AMOLED screens that offer higher resolution, better color accuracy, and improved energy efficiency. Similarly, the demand for high-speed processors and memory modules has increased for seamless multitasking and faster data processing. These factors are driving the demand for electronic components in the consumer electronics sector.
C) PEST Analysis:
- Political: The political stability of a country or region can influence the import and export policies, tax regulations, and government support for the electronics industry.
- Economic: Economic factors such as GDP growth, disposable income, and currency exchange rates can impact consumer spending on electronic devices.
- Social: Societal factors such as changing lifestyles, consumer preferences, and cultural influences shape the demand for electronic products.
- Technological: Technological advancements in the electronics industry, such as miniaturization, automation, and the development of new materials, drive innovation and market growth.
D) Key Takeaways:
- The global electronic components market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing demand for consumer electronics. The adoption of advanced technologies and the growing need for energy-efficient devices are further driving market growth.
- Asia Pacific is the fastest growing and dominating region in the electronic components market. The region is witnessing significant growth in consumer electronics, automotive, and manufacturing industries.
- Key players operating in the global electronic components market include Panasonic Corporation, Samsung Electronics Co. Ltd., Intel Corporation, Texas Instruments Incorporated, Toshiba Corporation, Sony Corporation, STMicroelectronics N.V., NXP Semiconductors N.V., Infineon Technologies AG, Broadcom Inc., Analog Devices Inc., Murata Manufacturing Co. Ltd., Vishay Intertechnology Inc., ON Semiconductor Corporation, and Renesas Electronics Corporation.
In conclusion, the global electronic components market is poised for significant growth in the coming years. The increasing demand for consumer electronics, coupled with advancements in technology, will continue to drive the market. Additionally, Asia Pacific is expected to emerge as a dominant region in terms of market share. Key players in the industry are focusing on research and development activities to introduce innovative and high-performance electronic components to cater to the evolving market demands.
Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reportsThe General Electronic Components Global Market Report 2020-30 by The Business Research Company describes and explains the global general electronic components market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030.
The report evaluates the market across each region and for the major economies within each region.The General Electronic Components Global Market Report 2021 covers general electronic components market drivers, general electronic components market trends, general electronic components market segments, general electronic components market growth rate, general electronic components market major players, and general electronic components market size.View Complete Report: https://www.thebusinessresearchcompany.com/report/general-electronic-components-global-market-reportThe general electronic components market report provides an in-depth analysis of the impact of COVID-19 on the global general electronic components industry, along with revised market numbers due to the effects of the coronavirus and the expected general electronic components market growth numbers 2021-2030.General Electronic Components Global Market Report 2021 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request For The Sample Now: https://www.thebusinessresearchcompany.com/sample.aspx?id=533=smpThe global general electronic components market is expected to grow from $337.12 billion in 2020 to $378.68 billion in 2021 at a compound annual growth rate (CAGR) of 12.3%.
The market is expected to reach $509.06 billion in 2025 at a CAGR of 8%.The report covers the general electronic component market segments-1) By Product Type: Passive, Active, Electromechanical Components, Others.2) By End Use Industry: Aerospace, Communication, Automotive, Others.3) By Sales: Aftermarket, Manufacturer/Distributor/Service Provider.About The Business Research Company: The Business Research Company is a market research and intelligence firm that excels in company, market, and consumer research.
It has over 200 research professionals at its offices in India, the UK and the US, as well a network of trained researchers globally.
