The global general electronic components market includes a wide range of electronic components and devices that are used in various consumer electronic devices as well as in industrial equipment and machines. Some key general electronic components include integrated circuits, transistors, diodes, resistors, capacitors, and connectors among others. These components are widely used in applications such as smartphones, televisions, refrigerators, washing machines, air conditioners, factory automation equipment, and electric vehicles. The increasing demand for smarter and advanced consumer electronics along with industrial automation is driving the need for various electronic components which is estimated to propel the growth of the global general electronic components market.

The global general electronic components Market is estimated to be valued at US$ 498.34 Bn or Mn 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:
The increasing demand for consumer electronics (one driver from heading) is one of the major factors fueling the growth of the global general electronic components market. Advancements in technologies such as 5G, artificial intelligence, Internet of Things are driving the need for smarter consumer electronics such as smartphones, smart televisions, smart home devices etc. The proliferation of consumer electronics globally has significantly increased the demand for various electronic components such as integrated circuits, capacitors, resistors, connectors etc. which are extensively used in manufacturing of consumer electronic devices. Additionally, the growing trend of industrial automation (one driver from heading) and adoption of industrial IoT is also propelling the market growth. Electronic components such as programmable logic controllers, sensors, RFID tags etc. form an integral part of industrial automation equipment and machines. Thus, the rapid industrialization along with the increasing focus on factory automation across various industry verticals including automotive, food processing, manufacturing is poised to drive the demand for electronic components over the forecast period.

SWOT Analysis
Strength: The general electronics components market has a wide array of product offerings like, capacitors, resistors, diodes, and sensors which satisfy varied functional requirements. The availability of these wide-ranging components from a diversified supply chain helps designs engineer build reliable and cost-effective electronic circuits and systems. Further, sustained investments in R&D by major players have led to development of new miniaturized and advanced components with improved functionality.

Weakness: The general electronics components industry is highly fragmented with presence of numerous global and regional players. This intense competition puts downward pressure on profit margins of players. Further, being a commodity market, components have low barriers to entry which allows new players to easily enter the market.

Opportunity: Growth of emerging technologies like IoT, artificial intelligence, 5G networks and automotive electronics is expected to drive demand for various electronic components in coming years. Further, shift towards more energy efficient green electronics also opens up opportunities for power management components. Repair and replacement demand of old electronic goods further supplements market opportunity.

Threats: Trade wars and geopolitical tensions can disrupt supply chains of components market. Further, rapid changes in technology standards may lead to faster obsolescence of certain components inventory. Introduction of substitutes like application specific integrated circuits also poses competitive threats.

Key Takeaways

The global general electronics components market is expected to witness high growth over the forecast period supported by increasing demand for consumer electronics and shift towards smarter connected devices. The market size is projected to reach US$ 498.34 Billion by 2024.

Regional analysis: Asia Pacific region currently dominates the market accounting for over 50% share backed by presence of leading manufacturing countries like China, Taiwan and South Korea. Growing middle class populations and rising living standards in developing countries is stimulating demand for array of electronic products and components.

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. These players are focusing on new product development and partnerships to gain led market share.