Electrical And Electronics Components Market
What combination of drivers is leading to accelerated growth in the electrical and electronics components market?
The proliferation of smartphone usage is projected to boost the expansion of the electrical and electronics components market in the future. Handheld devices like smartphones, with their manifold uses, are becoming increasingly popular. Nowadays, consumers have access to a vast array of gadgets for their entertainment and shopping needs, such as laptops and smartphones, which has amplified the demand for these devices and consequently, the electronic components within them. For example, as per the latest data released by Obrelo, a Lithuania-based e-commerce site in 2022, it was discovered that 96.1% of consumers will possess a mobile phone. Tablets rank as the third most prevalent electronic device, with a global ownership rate of 34%, followed by laptops and desktops which are owned by 59% of consumers globally. Therefore, the growing prevalence of smartphones significantly influences the growth of the electrical and electronics components market.
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What is the projected compound annual growth rate (CAGR) of the electrical and electronics components market from 2025 to 2034, and what factors influence it?
The market size for electrical and electronics components has expanded swiftly over the past few years. The forecast suggests that the market will expand from $66.45 billion in 2024 to hit $73.84 billion in 2025, representing a compound annual growth rate (CAGR) of 11.1%. The notable growth observed in the past is credited to factors such as the surge in consumer electronics, expansion of automotive electronics, industrial automation, escalating need for data storage, and the rising demand for energy-efficient devices.
The market size for electrical and electronics components is anticipated to witness substantial expansion in the upcoming years. The market is estimated to reach $114.41 billion by 2029, with a compound annual growth rate (CAGR) of 11.6%. This projected growth during the forecast period is due to factors such as the rise of electric vehicles and charging infrastructures, the growth of edge computing, the advent of flexible and printed electronics, increasing cybersecurity needs, and initiatives towards smart cities and environmentally friendly electronics. The forecast period is set to see major trends like advanced semiconductor technologies, personalized component design, AI application in component creation, enhancing supply chain resilience and digitization, and the introduction of 5G technology.
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How are the latest trends influencing the growth of the electrical and electronics components market?
The surge in technological advancements is becoming a prominent trend within the electrical and electronic components market. Major firms in this industry are striving to devise fresh technological solutions to solidify their market standing. For instance, in March 2022, Odyssey Semiconductor Technologies, Inc., a company based in New York specializing in semiconductor manufacturing, unveiled its newly created advanced vertical GaN power field-effect transistors (FETs). These transistors blend the high voltage rating of SiC with the exceptional conversion efficiency of GaN, leading to extraordinary performance in even the most rigorous applications. They offer top-tier efficiency that has been tested and proven with a 700 V rating, exhibiting minimal gate leakage and can function in a norm off mode.
What are the major segments of the electrical and electronics components market and their role in driving growth?
The electrical and electronics components market covered in this report is segmented –
1) By Type: Passive, Active, Electro Mechanics
2) By End User: Consumer Electronics, Networking And Telecommunication, Automotive, Manufacturing, Aerospace And Defense, Healthcare, Other End users
Subsegments:
1) By Passive: Resistors, Capacitors, Inductors, Filters, Transformers
2) By Active: Diodes, Transistors, Integrated Circuits (ICs), Operational Amplifiers, Voltage Regulators
3) By Electromechanics: Relays, Switches, Connectors, Circuit Breakers, Motors
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Which regions are key players in the growth of the electrical and electronics components market?
North America was the largest region in the electrical and electronics components market in 2024. Asia-Pacific is expected to be the fastest-growing region in the electrical and electronic components market report during the forecast period. The regions covered in the electrical and electronics components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the electrical and electronics components market?
Major companies operating in the electrical and electronics components market include Infineon Technologies AG, NXP Semiconductors NV, Texas Instruments Inc., Toshiba Corporation, Panasonic Corporation, Advanced Micro Devices Inc., Intel Corporation, Maxim Integrated Products Inc., Broadcom Inc., Qualcomm Inc., Analog Devices Inc., Microchip Technology Inc., Monolithic Power Systems Inc., Renesas Electronics Corporation, STMicroelectronics NV, Cypress Semiconductor Corporation, Honeywell International Inc., Tokyo Denki Kagaku Kogyo K.K. Corporation, Vishay Intertechnology Inc., TE Connectivity Ltd., Smiths Interconnect Inc., Yamaichi Electronics Co Ltd., Enplas Corporation, Leeno industrial Inc., Rockwell Automation Inc., Idem Safety Switches Ltd., Asea Brown Boveri Ltd., EUCHNER GmbH + Co KG, Eaton Corporation plc, Schneider Electric SE, Schweitzer Engineering Laboratories Inc., Woodward Inc., American Connectors Inc., Amphenol Industrial Products Group, Thomas & Betts Corporation, Mitsubishi Electric Corporation, Siemens AG
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What Is Covered In The Electrical And Electronics Components Global Market Report?
• Market Size Forecast: Examine the electrical and electronics components market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electrical and electronics components market for a structured understanding.
• Key Players Overview: Analyze major players in the electrical and electronics components market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electrical and electronics components market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electrical and electronics components market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electrical and electronics components market.
• Industry Challenges: Identify potential risks and obstacles affecting the electrical and electronics components market.
• Competitive Landscape: Review strategic developments in the electrical and electronics components market, including expansions, agreements, and new product launches.
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