TBRC’s research report covers general Electronic Components market trends, growth, market players and strategies, and much more.
LONDON, May 17, 2022 /PRNewswire/ — Asia Pacific holds the largest general electronic components market share, accounting for 29.4% of the total in 2021. It was followed by North America, Western Europe, then the other regions. Going forward, the fastest growing regions in the general electronic components market will be Africa and Middle East, where growth will be at CAGRs of 9.0% and 8.7% respectively. These will be followed by Asia Pacific and South America where the markets are expected to grow at CAGRs of 5.2% and 5.1% respectively, during the period 2021-2026.
The global general electronic components market size is expected to grow from $484.99 billion in 2021 for $541.95 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The growth of the market is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and closure of business activities which resulted in operational challenges. The general electronic components market is expected to reach $805.88 billion in 2026 at a CAGR of 10.4%.
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IoT Drives General Electronic Components Market Growth
An increase in the usage of Internet of Things (IoT) is acting as a driving factor for the growth of the general electronic components market. The IoT is experiencing a massive boom. IoT provides communication and connection between various devices such as fitness watches, smartphones and smart meters. General electronic components such as resistors, transistors, capacitors, and diodes are used in manufacturing smart devices, sensors, and actuators that can interconnect. According to Juniper Research, the global number of industrial IoT will reach approximately $344.7 billion by 2026 with a CAGR of 21% from 2021 to 2026. Thus, indicating strong demand for IoT devices, which will ultimately drive the general electronic components market over the forecast period.
General Electronic Components Market Competitive Landscape
The general electronic components market has seen an increase in mergers and acquisitions. Merger and acquisition activity has been spurred by weak revenue growth, forcing large companies to seek revenue from other sources. Many electronic component companies also acquire and merge with other entities to enter new areas of the value chain. For example, in February 2022Fusion Worldwide has acquired Prosemi Mfg Pte Ltd, a leading electronic component testing house in Singapore. With this acquisition, Fusion Worldwide has enhanced its product portfolio and strengthened its ability to maintain the highest levels of quality standards. Prosemi Mfg Pte Ltd provides manufacturing services and turnkey projects to the semiconductor industries, CEM (continuous emission monitoring systems) and electronics manufacturers.
The general electronic components market is highly fragmented, with a large number of small players. The top ten market competitors accounted for 14.76% of the total market in 2020. Major market players are Murata Manufacturing Co., Ltd., STMicroelectronics, Infineon Technologies, TE Connectivity, TDK Corporation, Yageo Corporation, Amphenol Corporation, Vishay Intertechnology , Texas Instruments, Analog Devices, Inc.
General Opportunities in the Electronic Components Market
The best opportunities in the general electronic components market segmented by product type will arise in the electromechanical components segment, which will win $28.4 billion in global annual sales by 2026. Major opportunities in the general electronic components market segmented by end-use industry will arise in the other end-user segment, segmented by sales, will arise in the manufacturer/distributor segment /service providers. The general electronic components market size will gain the most in the UNITED STATES region to $12.1 billion.
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