As it is predicted by the Easybom that at a compound annual growth rate (CAGR) of 7.3%, the global market for general electronic components will increase from $466.61 billion in 2022 to $500.85 billion in 2023. At least temporarily, the Russia-Ukraine conflict hampered the possibilities of a COVID-19 pandemic-related global economic rebound. The conflict between these two nations has resulted in supply chain interruptions, a rise in commodity prices, and economic penalties against other nations, which have all had an impact on various markets throughout the world. With a CAGR of 6.5%, the market for general electronic components is projected to reach $643.93 billion in 2027.
It is a general viewpoint that sales of resistors, capacitors, transistors, and other components make up the market for generic electronic components. Values in this market are referred to as “factory gate values,” which are the prices at which goods are sold directly to consumers or to other businesses (such as downstream manufacturers, wholesalers, distributors, and retailers).
The creators of the items who provide associated services are included in the value of the commodities in this market. The devices that operate within an electronic system to affect its associated fields are known as general electronic components. These parts each have a number of electrical terminals that are linked together to create an electronic circuit that performs a certain task, such an oscillator or amplifier. In 2022, Asia Pacific held the top spot in the global market for electronic components. In terms of the market for general electronic components, North America was the second-largest area. Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions covered in the overall electronic components market study.
Easybom predicts that the general electronic components market is anticipated to be driven by rising demand for microwave tubes, cathode-ray tubes, X-ray tubes, photoelectric tubes, and triodes in display devices during the projected period. The output devices that provide information in a visual representation are display devices. Nowadays, the majority of devices are becoming smart, which is accelerating the rise of display devices. The development of the electronic component market is being facilitated by the display devices in a number of sectors, including satellite and space technology, automotive, military, Internet of Things, and others.
The lack of electronic component supply, which is likely to impede the growth of the overall electronic components market in the forecast period, is caused by a rise in demand for electronics components across a variety of applications, including automotive, IoT, smart devices, and others. According to a mid-February 2020 IPC assessment, nearly 65% of electronics manufacturers were experiencing a scarcity of components. Multi-layer ceramic capacitors (MLCC), resistors, transistors, and integrated circuits are the electronic parts that are most impacted. For instance, the continuous electronic component scarcity appears to be getting worse, according to market updates from investment firms like Morgan Stanley and Stifel.
The market for general electrical components is expanding as a result of the internet of things’ (IoT) adaptation, which is a major trend. IoT has seen a huge growth over the last few years. Smart meters, fitness trackers, smartphones, and other gadgets can connect and communicate with one another 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.
IoT Analytics estimates that by the end of 2020, 11.7 billion (or 54% of the 21.7 billion active linked devices) will be connected to IoT systems worldwide. By 2025, the number of IoT connections is expected to exceed 30 billion, with an average of 4 IoT devices per person. This suggests that there is a huge need for IoT devices.