PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320129
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320129
General Electronic Component Market size was valued at USD 478.92 Million in 2022, expanding at a CAGR of 6.8% from 2023 to 2030.
The general electronic components market is a diverse and expansive industry encompassing a wide array of components utilized in various electronic devices and systems. These components include resistors, capacitors, inductors, diodes, transistors, integrated circuits (ICs), connectors, switches, relays, and numerous others. The primary product categories within general electronic components comprise passive components, active components, electromechanical components, and other miscellaneous components. Electromechanical components utilize electrical signals to induce mechanical changes, such as the rotation of a motor. They operate by generating a magnetic field through an electrical current, resulting in physical movement.
The growth of the general electronic components market is propelled by several factors, including advancements in technology, increasing adoption of electronic devices across different sectors, the expansion of wireless communication systems, the rise of the Internet of Things (IoT), electronics, and consumer electronics. Additionally, consumer preferences, industry trends, government regulations, and economic conditions also influence the demand for electronic components.
The expansion of the market for general electrical components is fueled by an increase in the use of internet of things (IoT). IoT is expanding rapidly. Smart meters, fitness trackers, smartphones, and other gadgets can connect and communicate thanks to the Internet of Things (IoT). Smart gadgets, sensors, and actuators that can connect to one another are made using general electronic components like resistors, transistors, capacitors, and diodes. The market for general electronic components will therefore be driven by the increased demand for IoT devices during the projected period.
The Global General Electronic Component Market is segmented on the basis of Functionality, Application, Distribution, Voltage Range, and Region.
The market is divided into two categories based on Functionality: active component and passive component. Active component segments dominates the market. Rising consumer preference for smartphones, laptops, wearables, and the growing adoption of industrial automation have led to a surge in demand for active electronic components. The global market has seen increased demand for these components in the healthcare and automotive sectors, primarily driven by the rapid utilization of Micro-Electro-Mechanical Systems (MEMS) technology. Active electronic components offer a notable advantage by efficiently managing small input signals to deliver higher power outputs. Semiconductors such as diodes, transistors, and integrated circuits are among the most prominent types of active components.
The market is divided into six categories based on application: Automotive, Consumer Electronics, Telecommunications, Industrial, Healthcare, Others. The automotive industry is experiencing rapid transformations, with a growing market for electric vehicles, leading to increased global adoption of various autonomous vehicle technologies. These technologies find application in numerous vehicle functionalities such as parking assistance, safety airbags, telematics, and navigation systems. Furthermore, the substantial increase in consumer smartphone usage is expected to drive the expansion of the electronic components market in the years to come.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Due to the continued development in demand for Electronic components in in the coming years, the worldwide market for General electronic component is made of both international and local producers, making it one of the most competitive sectors in the world. There has been an increase in mergers and acquisitions in the market for generic electronic components. Slow revenue growth has been a driving factor in merger and acquisition activity, causing big businesses to look for other revenue streams. In order to expand into other segments of the value chain, many electronic component firms are now purchasing and joining forces with other organizations. For instance, Prosemi Mfg Pte Ltd, a sizable electronic component test facility in Singapore, was purchased by Fusion Worldwide in February 2022. Fusion Worldwide has expanded its product line and strengthened its capacity to maintain the highest levels of quality standards as a result of this purchase. Electronics producers, CEMs (continuous emission monitoring systems), and the semiconductor industry can all benefit from the manufacturing services and turnkey projects offered by Prosemi Mfg Pte Ltd.
In September 2022, LG Innotek, a South Korean electronic component manufacturer, announced the possibility of expanding its manufacturing facilities in Mexico and Poland. The objective behind these potential expansions is to enhance regional production capabilities.