July 16, 2024
General Electronic Components
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Global General Electronic Components Is Estimated To Witness High Growth Owing To Increasing Demand for Electronic Devices

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 Overview:-

General electronic components are basic building blocks of various electronic devices and equipment. They comprise resistors, capacitors, inductors, transistors, LEDs, integrated circuits, connectors and other components. They find widespread applications in various equipment and systems used across consumer electronics, industrial, automotive, healthcare, telecommunications and other sectors.

Market Dynamics:-

The growing demand for consumer electronics such as smartphones, laptops, tablets and smart wearable devices is a major factor driving growth of the general electronic components market. Rising penetration of IoT connected devices is also supporting market growth. IoT devices are largely dependent on basic electronic components like sensors, integrated circuits and microcontrollers to function. Furthermore, rapid industrialization in developing regions is augmenting demand for various industrial machinery and automation equipment which use abundant electronic components. Additionally, expanding automotive sector and growing electrification of vehicles is stimulating market demand. However, volatility in prices of raw materials may hamper the market growth over the forecast period.

SWOT Analysis:-

  • Strength:- The general electronic components market has strong global presence with wide customer base. It has advanced technological capabilities to develop new and innovative products. Established distribution networks globally help companies to cater customers effectively.
  • Weakness:- Higher research and development costs for new product development limits profits of companies. Intense competition among existing players reduces profit margins in the industry.
  • Opportunity:- Growing demand for consumer electronics offers lucrative growth opportunities. Advancements in sectors like automotive, healthcare, and industrial will boost usage of electronic components.
  • Threats:- Trade war between US and China create uncertainties. Significant fluctuations in foreign currency exchange rates pose major challenges.

Key Takeaways:-

The global general electronic components market size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for consumer electronics globally. Regionally, Asia Pacific dominates the market and is expected to continue its dominance, owing to presence of manufacturing bases in countries like China and India. 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.

Regional analysis:-

The Asia Pacific region holds the largest share in the general electronic components market currently. Countries like China, Japan, South Korea and Taiwan are major manufacturing hubs for electronic goods. Favorable government policies and availability of cheap labor attract companies to set up production facilities. North America and Europe are other prominent markets, driven by early adoption of advanced technologies and presence of many technological leaders.

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 launches, partnerships, and expansions to strengthen their market position.

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