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The global general electronic components market comprises a wide range of electronic components that are vital components of numerous electronic devices including computers, televisions, smartphones, tablets, and other consumer electronic devices. General electronic components include active components such as semiconductor devices like integrated circuits, transistors, and diodes, and passive components such as resistors, capacitors, and connectors. They form essential building blocks of most electronic circuits. Rising demand for technologically advanced consumer electronics is driving the demand for various general electronic components. Key applications of general electronic components include computers, mobile phones, televisions, medical devices, automotive electronics, and industrial equipment.
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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for consumer electronics from emerging economies is expected to drive the global general electronic components market over the forecast period. Consumer electronics such as smartphones, laptops, tablets, televisions, and wearable devices have become an integral part of people’s lives across the globe. The demand for consumer electronics is rising rapidly in developing countries of Asia Pacific and Latin America owing to increasing disposable income, improving lifestyle, and digitalization. As general electronic components constitute a critical part of most consumer electronic devices, the rising sales of consumer goods will correspondingly boost the demand for various electronic components over the coming years. Additionally, growing proliferation of Internet of Things (IoT) technology is accelerating the adoption of connected devices, thereby augmenting the consumption of electronic components used in IoT devices. Leveraging connectivity through technologies such as Wi-Fi, Bluetooth, and cellular networking allows devices to communicate and interact with other devices, resulting in increased complexity and demand for electronic components.
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. Intel Corporation and Samsung Electronics are currently the market leaders due to their wide range of product portfolio and global presence.
Segment Analysis
The general electronic components market is dominated by the integrated circuits sub-segment. Integrated circuits accounted for over 45% share of the total market in 2024 due to rising adoption of ICs across various industries like consumer electronics, automotive, industrial, etc. ICs find widespread usage in manufacturing of smartphones, computers, microcontrollers, and other electronic devices. Growing penetration of electronic devices globally has propelled the demand for integrated circuits.
PEST Analysis
Political: The electronics industry is significantly impacted by government policies and regulations around the world. Trade policies, environmental norms, import-export duties can influence the profitability and operations of electronics firms.
Economic: Global economic growth, rising disposable incomes, and increasing affordability of electronics have boosted the sales of electronic components over the years. Recessions or economic downturns may lower the spending on electronics.
Social: Changing lifestyle trends, popularity of smart devices, demand for advanced technologies from the younger population are key social factors propelling the demand for electronic components. Easy access to internet and rising digitalization have also contributed.
Technological: Constant innovation and new product development in the electronics space requires adoption of latest technologies by component manufacturers. Miniaturization, power efficiency, connectivity are some areas witnessing technological upgrades.
Key Takeaways
The global general electronic components Market is expected to witness high growth over the forecast period driven by increasing electronics consumption globally.
Asia Pacific currently dominates the market owing to presence of manufacturing bases of many electronics brands in countries like China, Taiwan, South Korea. Countries in Asia Pacific like China and India are expected to remain the fastest growing regional markets due to rising electronics exports, growing domestic demand and government support for electronics manufacturing.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
