PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424308
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424308
Global General Electronic Components Market is estimated to be valued at US$ 498.34 Bn in 2023, and is expected to reach US$ 789.81 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023/2024: | US$ 498.34 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023/2024 to 2030/2031 CAGR: | 6.80% | 2030/2031 Value Projection: | US$ 789.81 Bn |
Global general electronic components market has been witnessing steady growth over the past few years due to rapid advancements in semiconductor technologies. Electronic components are integral to almost every electronic device across various industries such as consumer electronics, automotive, industrial, healthcare, and others. Increased miniaturization of components and proliferation of smartphones and other smart devices have significantly boosted demand for discrete semiconductors, chips, sensors and other electronic parts. Moreover, growing applications of Internet of Things (IoT) and automation are creating new opportunities for deployment of electronic components in industrial equipment and infrastructure. From consumer electronics to automotive systems, telecommunications networks to industrial machinery, general electronic components serve as the fundamental blocks of countless technological devices and systems. The general electronic components encompasses a wide range of products including resistors, capacitors, transistors, diodes, integrated circuits, connectors, and sensors. Each component has a specific purpose, contributing to the efficiency, performance, and reliability of electronic systems.
Global general electronic components market growth is primarily driven by rising electronics consumption worldwide. Global general electronic components market is witnessing growth due to increasing innovation due to technological advancements and growing demand for electronic devices across various industries. Moreover, rapid pace of technological advancements, increasing computing power, miniaturization of components, and the need for enhanced performance and functionality are expected to drive market growth. Growing demand for electronic devices such as smartphones, tablets, and wearable devices are further expected to fuel market growth.
On the other hand, technological obsolescence is a key factor that is expected to hamper the market growth.
General Electronic Components Market Detailed Segmentation: