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 of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The General Electronic Components Market encompasses various electronic components such as resistors, capacitors, transistors, diodes, and integrated circuits. These components play a crucial role in the functioning of various electronic devices and systems. They provide the necessary functionalities and enable the transmission and processing of electronic signals. Advancements in technology and increasing demand for consumer electronics, automotive electronics, and industrial automation are driving the growth of the market. The need for smaller, faster, and more efficient electronic components is also propelling market growth.
Market key trends:
The key trend driving the General Electronic Components Market is the increasing adoption of smart devices. With the rapid advancements in IoT (Internet of Things) technology, the demand for smart devices such as smart appliances, wearable devices, and smart home systems has witnessed significant growth. These smart devices rely heavily on electronic components for their functionality. The integration of sensors, microcontrollers, and wireless communication modules in these devices requires a wide range of electronic components. The trend towards smart homes, smart healthcare, and smart cities is further fueling the demand for electronic components. The market is witnessing a shift towards miniaturization and increased efficiency of components to cater to the requirements of these smart devices. This trend is expected to continue driving the growth of the General Electronic Components Market in the forecast period.
PEST Analysis:
Political: The political factors impacting the general electronic components market include government regulations on import and export of electronic components, taxation policies, and trade agreements. For example, changes in trade agreements between countries can affect the flow of electronic components and impact market growth.
Economic: The economic factors influencing the market include GDP growth, disposable income, inflation rates, and exchange rates. Increasing disposable income and favorable economic conditions in emerging economies can drive the demand for electronic components.
Social: Social factors encompass consumer preferences, demographics, and cultural trends. The growing adoption of smart devices and advancements in technology have led to an increased demand for electronic components in various industries.
Technological: Technological advancements like IoT (Internet of Things), AI (Artificial Intelligence), and automation have a significant impact on the general electronic components market. These advancements drive the demand for high-performance components and innovative solutions, leading to market growth.
Key Takeaways:
The global General Electronic Components Market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period of 2023-2030. This growth can be attributed to factors such as increasing connectivity, rising consumer electronics market, and advancements in technology.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the general electronic components market. The region's growing population, rising disposable income, and increasing investments in technology infrastructure and manufacturing facilities contribute to its market dominance.
Key players operating in the general electronic components market include Panasonic Corporation, Samsung Electronics Co. Ltd., Intel Corporation, Texas Instruments Incorporated, and Toshiba Corporation, among others. These players have a strong market presence globally and strive to innovate and offer technologically advanced products to gain a competitive edge.
Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reportsThe General Electronic Components Global Market Report 2020-30 by The Business Research Company describes and explains the global general electronic components market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030.
The report evaluates the market across each region and for the major economies within each region.The General Electronic Components Global Market Report 2021 covers general electronic components market drivers, general electronic components market trends, general electronic components market segments, general electronic components market growth rate, general electronic components market major players, and general electronic components market size.View Complete Report: https://www.thebusinessresearchcompany.com/report/general-electronic-components-global-market-reportThe general electronic components market report provides an in-depth analysis of the impact of COVID-19 on the global general electronic components industry, along with revised market numbers due to the effects of the coronavirus and the expected general electronic components market growth numbers 2021-2030.General Electronic Components Global Market Report 2021 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request For The Sample Now: https://www.thebusinessresearchcompany.com/sample.aspx?id=533=smpThe global general electronic components market is expected to grow from $337.12 billion in 2020 to $378.68 billion in 2021 at a compound annual growth rate (CAGR) of 12.3%.
The market is expected to reach $509.06 billion in 2025 at a CAGR of 8%.The report covers the general electronic component market segments-1) By Product Type: Passive, Active, Electromechanical Components, Others.2) By End Use Industry: Aerospace, Communication, Automotive, Others.3) By Sales: Aftermarket, Manufacturer/Distributor/Service Provider.About The Business Research Company: The Business Research Company is a market research and intelligence firm that excels in company, market, and consumer research.
It has over 200 research professionals at its offices in India, the UK and the US, as well a network of trained researchers globally.
