March 2, 2024

General Electronic Components Market Propelled by Growing Demand for Smart Electronics

General electronic components are basic electronic elements used in circuits for the manufacture of a wide range of electronic equipment. They are critical components used in numerous devices ranging from household appliances to military equipment and industrial machinery. The demand for general electronic components is primarily driven by the increasing penetration of consumer electronics such as smartphones, computers, TVs as well as the growing popularity of IoT devices and wearables.

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 key trends:
The growing demand for smart electronics is one of the key trends fueling the growth of the general electronic components market. With rapid urbanization and increasing disposable income, consumers across the globe are becoming increasingly dependent on smart electronic gadgets for daily use as well as for business and productivity needs. This has boosted the demand for processors, sensors, memory chips and other advanced electronic components used in manufacture of smart devices. Manufacturers are also developing more compact and powerful components to integrate advanced features into smaller electronic devices. Miniaturization of components continues to be a major focus area to support the ongoing trend of light, thin and smaller device designs preferred by consumers.

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 companies have strong R&D capabilities and global presence helping them cater to worldwide demand for various electronic components.

SWOT Analysis
Strength: The general electronic component market has a large number of players with strong R&D capabilities leading to continuous product innovations. This benefits customers with access to latest technologies.

Weakness: Small companies in this market find it difficult to compete against global giants. They have limited resources for extensive R&D.

Opportunity: Increased adoption of IoT and automation across industries is fueling demand for various electronic components. This provides opportunities for market expansion.

Threats: Trade wars and geopolitical tensions impact global supply chains. Fluctuating raw material prices also pose threats.

Key Takeaways
The global general electronic components Market  is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is projected to be US$ 498.34 Bn, indicating a CAGR of around 6.8% during the forecast period.

Regional analysis: The Asia Pacific region currently dominates the global general electronic components market with a share of around 45% in 2024. China, Taiwan, South Korea and other countries have a large manufacturing base for electronic goods as well as components. Presence of leading players and emerging technologies adoption will help the region maintain its leading position over the coming years. Europe and North America are also significant markets, however their growth is expected to be moderate during the forecast period.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it