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.
General electronic components are essential elements of virtually every electronic device. They are key building blocks that perform a variety of functions like power management, signal processing, and wireless connectivity. With the proliferation of electronic devices and systems across industries, the demand for general electronic components is growing steadily.
Market Overview:-
General electronic components include integrated circuits, capacitors, resistors, diodes, transistors, and others. Among these, integrated circuits have witnessed the highest demand driven by miniaturization trend and their use in various devices ranging from smartphones to automotive electronics. Integrated circuits provide multiple logic functions on a single chip, enhancing functionality while reducing costs.
Market key trends:-
One of the major trends spurring the growth of general electronic components market is the rising adoption of Internet of Things (IoT). More and more devices are getting connected which is propelling the demand for electronic components that support wireless connectivity, sensors, and embedded processing. Additionally, the development of new and advanced technologies such as artificial intelligence (AI), 5G networks, and autonomous vehicles would further fuel the market growth over the forecast period. Another significant trend is the miniaturization of electronic components driven by the need for compact and portable electronic devices. This is prompting manufacturers to develop innovative manufacturing technologies for producing tiny yet powerful integrated circuits and other components.
Segment Analysis:-
The general electronic components market is dominated by the passive components segment, accounting for over 50% share of the total market in 2023. Passive components do not require external power to operate and includes resistors, capacitors, inductors, fuses, and circuit boards. Their demand is high owing to wide usage of these components in various electronic devices such as consumer electronics, automotive electronics, industrial devices, and medical devices.
Key Takeaways:-
The global general electronic components market growth is expected to witness high, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for consumer electronics.
Asia Pacific dominated the global market with over 40% share in 2023 owing to presence of key manufacturing hubs in countries such as China, Taiwan, South Korea, and Japan. Moreover, growing electronics industry in emerging Asian economies is further supporting the market growth in the region.
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. Major players are focusing on R&D investments to develop innovative and advanced electronic components.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
