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General electronic components are basic electronic elements used in various applications across industries such as consumer electronics, automotive, healthcare, aerospace & defense, and telecommunication. They include active components like integrated circuits, transistors, photodiodes, optocouplers; passive components like resistors, capacitors, inductors; and electromechanical components like connectors, switches. Consumer electronics and wearable devices extensively use these components for their functionality. With the increasing use of smartphones, laptops, smartwatches, and other consumer electronic goods worldwide, the demand for electronic components is growing rapidly.
The 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 Dynamics:
Growing adoption of consumer electronics and wearable devices among millennial population due to ongoing digital transformation is a major factor driving the growth of the general electronic components market. As per Coherent Market Insights analysis, in 2025, the wearables market is expected to reach over US$ 60 billion, registering a CAGR of over 15%. Moreover, advancements in healthcare technologies and increasing prevalence of chronic diseases are fueling the demand for portable medical devices and monitoring equipment, thus supplementing the market growth. However, price fluctuations of raw materials may hamper the market growth over the forecast period.
Segment Analysis
The General Electronic Components Market is dominated by the semiconductor devices segment, accounting for over 40% share of the total market. This is because semiconductor devices like integrated circuits form the core components in almost all electronic products ranging from consumer electronics to automobiles. They are used extensively in controlling, processing and transmitting digital and analog signals. Within semiconductor devices, the microchip or microprocessor sub-segment leads the way as they are present in almost every modern electronic device to perform computing tasks.
PEST Analysis
Political: The market is experiencing policy support in major economies for developing domestic electronics manufacturingcapabilities to reduce dependence on imports and boost self-reliance.
Economic: The growth of the market is driven by overall economic growth leading to higher disposable incomes and demand for electronic products across sectors.
Social: Rising digitalization and adoption of smart technologies in industries and daily lives is a major factor driving electronic components consumption.
Technological: Advancements in semiconductor design and fabrication allowing for higher processing power and capacity in smaller footprints continue to bolster 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. The market is highly competitive with top players vying for market share by expanding their product portfolios and ramping up production capacities.
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 digitalization of industries and rising installation of electronic control systems in automobiles.
The Asia Pacificregion dominates the market currently, accounting for over 50% share due to presence of major manufacturing hubs in countries like China, Japan, South Korea and Taiwan.China leads the regional market owing to large domestic manufacturing base of component makers as well as OEMs.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
