The increasing demand from the electronic industry is expected to drive the global electronic components market growth during the forecast period.
The Global Electronic Components Market was valued at USD 160.2 Bn in 2020 is expected to reach USD 265.7 Bn by 2027, with a growing CAGR of 7.5% during the forecast period.
Increasing demand for consumer electronics propels the growth of the market during the forecast period. Consumer electronics holds the highest consumption of inductors. Inductors that are used for energy delivery in numerous complicated circuits, to manipulate the current, and also, as a filter in the circuits to reduce off unwanted frequencies. Consumer goods, which include television sets, wearable gadgets, and computing gadgets, hold a constant demand for inductors. However, the newer trend for connected and smart gadgets is going to see multiplied circuitry, leading to an elevated demand for inductors shortly. Thus, proliferating the demand for the electronic components market.
Increasing automation in the automobile industry has elevated the demand for numerous digital devices which includes driver assistance systems, DC to AC converters, controllers, and energy integrated devices, telematics, Global Positioning Systems (GPS), and others. These devices are extensively utilized in Electric Vehicles (EVs) and autonomous vehicles. Hence, the developing demand for electric vehicles is expected to spur product adoption during the forecast period. Therefore, this will be anticipated to fuel the growth of the electronic components market.
Based on application, the global electronic components market has been segmented into automotive, communication, computing application, industrial, others. The automotive segment captured the largest market share in 2020 and is expected to continue this pattern during the forecast period. The growth in this segment is attributed to the increasing on-roads traffics, increasing passenger vehicles and high adoption of electric vehicles across the globe. However, the electronics industry segment is anticipated to grow at a significant rate during the forecast period due to the high penetration of smartphones across the globe.
However, the overall market for electronic components is expected to be hampered due to the changing global economic, banking, and political outlook. The global economic scenario is expected to be affected by changing political environments across the globe. Policies such as mammoth tax cuts, increasing tariffs, and others are some of the factors that are affecting the global economic conditions.
Global Electronic Components Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, The Asia Pacific is expected to dominate the electronic components market during the forecast period. The growth in the region is attributed to the increasing penetration of smartphones as well as the increasing adoption of electric vehicles. Moreover, the increasing adoption of IoT in various industries is anticipated to flourish the electronic components market growth in the region.
The Global Electronic Components Industry Segmentation:
Global Electronic Components Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Electronic Components Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
The key players operating in the electronic components market are: