February 25, 2024

General Electronic Components Market Growth Accelerated by Increased Demand from Automotive Sector

General electronic components such as sensors, integrated circuits, semiconductors etc. are used extensively in automobiles for functions like engine control, airbags, navigation systems, infotainment etc. Increasing demand for advanced driver-assistance systems, hybrid and electric vehicles is fueling growth of automotive electronic components market. The sensors used in ADAS like ultrasonic sensors, image sensors helps in monitoring surroundings of vehicles and park assist functions. Likewise, electric vehicles require sophisticated battery management and power control systems using array of electronic components like battery controllers and DC/DC converters.

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 increasing demand from automotive industry has emerged as a key growth driver for electronic components market. With advanced driver-assistance systems and transition towards hybrid electric vehicles, the demand for sensors, integrated circuits and other electronic components from automotive OEMs and component manufacturers has accelerated significantly. It is estimated that electronic components market in automotive industry would grow at over 8% annually till 2031. The electronic content per vehicle is rising steadily with vehicles becoming more connected, autonomous and electric. This increasing electronic integration within automobiles provides sustained opportunities for growth of general electronic components market over the forecast period.

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. and ON Semiconductor Corporation.

Segment Analysis
The global general electronic components market is dominated by the semiconductor segment, which accounted for over 40% revenue share in 2024. Within semiconductors, integrated circuits/microchips are the dominant sub-segment owing to their widespread usage across different end-use industries like consumer electronics, automotive, industrial, aerospace & defense and more. Integrated circuits find applications in almost all electronic devices as microcontrollers, memory chips and logic ICs. Their continued demand from various sectors ensures the segment’s dominance over the forecast period as well.

Regional analysis: Asia Pacific region accounted for over 35% of the total revenue share in 2024 due to presence of large manufacturing bases of key electronic component manufacturers in countries like China, South Korea, Taiwan and Japan. The region constitutes the global hub for electronics manufacturing and hence dominates the general electronic components market. With rising electronics exports and increasing domestic demand from industries the Asia Pacific region is expected to remain the fastest growing regional market.

Key Takeaways
The global general electronic components Market is expected to witness high growth over the period of 2024 to 2031.

*Note:

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