Global General Electronic Components Market Thrives with a Projected CAGR of 6.5% to Reach $643.93 Billion by 2027

The Business Research Company’ General Electronic Components Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, December 11, 2023 /EINPresswire.com/ — The global general electronic components market is poised for substantial growth, set to expand from $466.61 billion in 2022 to $500.85 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 7.3%. Over the forecast period, the market is expected to maintain a steady growth trajectory, reaching a market size of $643.93 billion by 2027, with a CAGR of 6.5%.

Key Market Segments: Diverse Products Catering to Varied Industries
1. Product Types: The market encompasses a range of electronic components, including Passive, Active, Electromechanical components, and Other Product Types, meeting the diverse needs of industries.
2. End Use Industries: Usage spans across various sectors, including Aerospace, Communication, Automotive, and Other End-Users, showcasing the versatility of general electronic components.
3. Sales Channels: Sales distribution includes Aftermarket and Manufacturer/Distributor/Service Provider, providing options suited for different business models.

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Market Drivers: Surge in Demand for Display Devices
The primary driver for the growth of the general electronic components market is the increasing demand for components such as microwave tubes, cathode-ray tubes, X-ray tubes, photoelectric tubes, and triodes in display devices. The rise of smart devices and the proliferation of display technologies have created opportunities for electronic components, contributing to their growth. Display devices find applications in satellite and space technology, automotive, military applications, and the Internet of Things (IoT), driving the demand for electronic components.

Major Players and Market Dynamics
Key players shaping the market dynamics include Vishay Intertechnology, Fairchild Semiconductor, STMicroelectronics, Texas Instruments, Toshiba, NXP Semiconductors N.V., Panasonic Corporation, Renesas Electric Corporation, Hitachi, and Infineon Technologies. These major industry players contribute to advancements, innovation, and strategic collaborations in the general electronic components market.

Market Trends: Internet of Things (IoT) Driving Adoption
A significant trend in the general electronic components market is the growing adoption of the Internet of Things (IoT). The IoT has witnessed substantial growth, providing communication and connection capabilities between various devices, from fitness watches to smartphones. Electronic components such as resistors, transistors, capacitors, and diodes play a crucial role in manufacturing smart devices, sensors, and actuators that form the backbone of the IoT ecosystem. With projections indicating a surge in IoT device connections, the demand for general electronic components is expected to remain high.

Regional Insights: Asia-Pacific Leads the Global Market
In 2022, Asia-Pacific emerged as the largest region in the general electronic components market, with China leading the region due to the presence of major chip designers, chipmakers, and critical components used in laptops, smartphones, and IoT applications. North America secured the position of the second-largest region, reflecting the global distribution of the market. The regions covered in the global general electronic components market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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General Electronic Components Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The General Electronic Components Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on general electronic components market size, general electronic components market drivers and trends, general electronic components market major players, competitors’ revenues, market positioning, and market growth across geographies. The general electronic components market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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