Growth of General Electronic Components Market

Posted 2023-11-21 11:54:39

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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:-

· Strength:- Wide applications in automotive, telecommunication, consumer electronics augment the demand for general electronic components.

· Weakness:- Significant investment required for setting up manufacturing units of electronic components.

· Opportunity:- Growing need for miniaturized components to facilitate compact industrial and consumer device designs presents an opportunistic area.

· Threats:- Presence of low-cost alternatives and availability of substitutes can threaten growth.

Key Takeaways:-

The global General Electronic Components Market is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for smart appliances and consumer electronic devices.

Regional analysis:- Asia Pacific dominated the market with a share of over 40% in 2023 owing to presence of electronic manufacturing hubs in China, Taiwan and emergence of fabless design companies in India and South Korea. Furthermore, high domestic demand from burgeoning middle class is driving the regional market.

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., ON Semiconductor Corporation, Renesas Electronics Corporation.