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General electronic components are basic electronic building blocks used in a wide range of electronic equipment and devices such as consumer electronics, industrial equipment, automotive components etc. Components such as resistors, capacitors, semiconductors help control electric current in circuits and are essential for various electronic functions including signal processing, power control and communication.
The global General Electronic Components Market is estimated to be valued at US$ 498.34 Bn 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.
Market key trends:
One of the key trends boosting the growth of the general electronic components market is increasing penetration of consumer electronics. Growing sales of consumer gadgets like smartphones, laptops, tablets and wearable devices are fueling the demand for various electronic components worldwide. Semiconductors enable the processing power in these devices while passive components like resistors and capacitors support core system functions. Further, rising production and sales of automotive vehicles integrated with advanced telematics and infotainment systems is augmenting the consumption of electronic modules and ICs. Rapid industrialization and emergence of Industry 4.0 concepts like smart manufacturing are also propelling the usage of electronic components in industrial control systems and automation solutions.
SWOT Analysis
Strength: The general electronic components market has a wide range of applications across various industries such as consumer electronics, automotive, industrial, etc. allowing it to have stable demand. it also has technological advancements that improve the performance of devices.
Weakness: Emerging technologies pose a threat to replace existing components. Frequent changes in consumer preferences also increases uncertainty. High research and development costs involved in innovating new products.
Opportunity: Growth of technologies like IoT, artificial intelligence, 5G is expected to drive demand for advanced electronic components. Emerging economies provide huge untapped growth opportunities.
Threats: Intense competition among existing players declines profit margins. Trade wars and geopolitical issues affect supply chains and costs
Key players
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.
Regional analysis
Asia Pacific dominates the global market and is expected to continue its dominance, growing at a CAGR of over 7% during the forecast period. China, South Korea, Taiwan, India and Japan are major contributors to the regional market growth. Europe is the second largest market for general electronic components owing to presence of various key players.
Key Takeaways
The global general electronic components market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for consumer electronics. Growing urbanization and rise in disposable incomes in developing nations is driving the sales of smartphones, laptops, TVs and other consumer devices.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
