The general electronic components market comprises a wide range of products including resistors, capacitors, connectors, diodes, transistors, and integrated circuits. These components find applications in numerous end-use industries including consumer electronics, automotive, aerospace & defense, healthcare, and industrial among others. Consumer electronics is one of the key end-use industries driving the demand for general electronic components. Devices such as smartphones, laptops, television sets, set-top boxes, gaming consoles, home appliances, and wearable devices require a wide array of electronic components to function properly. The consumer preference for new and advanced features is prompting electronics brands to continually upgrade their offerings, thus fostering the consumption of electronic components.
The Global general electronic components market is estimated to be valued at US$ 498.34 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period from 2023 to 2030.
Key Takeaways
Key players operating in the general electronic components market are 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, Renesas Electronics Corporation.
The growing adoption of consumer electronics devices across both developed and developing regions presents significant opportunities for component manufacturers to increase their geographic footprint and market share. Moreover, the rising demand for miniaturized components to facilitate compact product design also works in favor of key players.
With the rapid technological evolution happening in the electronics industry, prominent component manufacturers are strengthening their global presence through mergers & acquisitions and partnerships with regional players. This allows them to gain better access to local expertise and customer requirements. The emergence of new urban hubs for electronics manufacturing will further aid the international expansion of general electronic component brands over the forecast period.
Market Drivers
The automotive electronics market that uses a multitude of electronic components is witnessing steady growth driven by surging vehicle production and the rising integration of advanced driver-assistance systems, infotainment solutions, and electric vehicle technologies. This factor is expected to support the demand for general electronic components in the coming years.
PEST Analysis
Political: General electronic components market is heavily regulated by various environmental protection and safety standards set by governments globally. Manufacturers have to comply with regulations regarding the usage of hazardous materials and disposal of electronic waste.
Economic: Growth in the global economy along with rising industrial and consumer electronics demand drives the growth of the general electronic components market. Adverse economic conditions can negatively impact the sales of consumer electronics.
Social: Rising demand for smart consumer electronics such as smartphones, laptops, wearables boosts the need for electronic components. Changing lifestyle and socio-economic factors lead to new product innovations.
Technological: Constant R&D helps in reducing the size of electronic components enabling miniaturization of devices. Development of new semiconductor materials allows higher performance at lower power consumption.
Asia Pacific region accounts for the largest share of the general electronic components market in terms of value. This can be attributed to the presence of leading manufacturing nations like China, South Korea, Taiwan, and Japan. Strong electronics industry and low production costs make Asia Pacific an attractive manufacturing hub.
North America is the fastest growing region for the general electronic components market driven by high consumer spending on electronics goods and research & development activities conducted by advanced technology companies based in the US and Canada.
