Categories: Market Research

General Electronic Components Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The General Electronic Components by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s General Electronic Components, The general electronic components market size has grown strongly in recent years. It will grow from $514.79 billion in 2023 to $550.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to rise in disposable income, increased internet penetration, low interest rate environment, high investments.

The general electronic components market size is expected to see strong growth in the next few years. It will grow to $708.41 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rising demand for electronic components in display devices, rise in demand for internet of things (iot), provide financially lucrative opportunities. Major trends in the forecast period include 3d printed electronic components, rise in merger and acquisition activity, artificial intelligence and machine learning in electronic components manufacturing, modular connector systems for transportation applications, rising collaborations and partnerships.

Increasing demand for microwave tubes, cathode-ray tubes, X-ray tubes, photoelectric tubes and triodes in display devices is expected to drive the general electronic components market in the forecast period. Display devices are the output devices that offer information in visual form. Most devices are going smart nowadays, thus increasing the growth of display devices. The display devices are creating many opportunities for the growth of the electronic component market in various applications such as satellite and space technology, automotive, military applications, IoT, and others. Asia-Pacific was the major market in general electronic components with China leading the Asia-Pacific market due to the presence of the largest chip designers, chipmakers, and other critical components that are used in laptops, smartphones, and the internet of things (IoT) applications.

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The general electronic components market covered in this report is segmented –

1) By Product Type: Passive, Active, Electromechanical Components, Other Products

2) By End-Use Industry: Aerospace, Communication, Automotive, Other End-User

3) By Sales: Aftermarket , Manufacturer / Distributor / Service Provider

The adaptation of the Internet of Things (IoT) acts as a key trend driving the growth of the general electronic components market. In the past few years, the IoT has experienced a massive boom. IoT provides communication and connection between various devices, such as fitness watches, smartphones, and smart meters. General electronic components such as resistors, transistors, capacitors, and diodes are used in making smart devices, sensors, and actuators that can interconnect with each other. According to IoT Analytics, the number of global IoT connections grew by 18% in 2022 to 14.3 billion active IoT endpoints. More than 30 billion IoT connections, or approximately 4 IoT devices per person on average, are projected to exist by 2025. Thus, indicating a high demand for IoT devices.

The general electronic components market report table of contents includes: