Electronic Components Market (Updated Version Available)

Key Market Overview:

Electronic Components Market is estimated to reach over USD 287.02 Billion by 2032 from a value of USD 186.38 Billion in 2022, growing at a CAGR of 5.55% from 2024 to 2032.

Electronic components are parts or elements used to build electronic devices or systems. Electronic components are used in a variety of electronic applications, such as computers, telecommunications, consumer electronics, automotive systems, medical devices, and industrial equipment\\\'s. Such components come in different sizes, shapes, and materials, depending on their intended use. Some of the most important electronic components include resistors, capacitors, sensors, actuators, connectors, and switches.

The growing demand for electric vehicles (EVs) among consumers is driving the growth of the electronic components market. As a result, the demand for electronic components that efficiently manage power, control motors, and monitor battery performance is increased. Therefore, consumers\\\' shift towards electric vehicles is accelerating the demand for electronic components such as power electronics, sensors, and battery management systems. For instance, in December 2022, STMicroelectronics, a leading semiconductor company released new high-power modules designed for electric vehicles (EVs). The new modules include a 3-phase inverter module and a power module, both of which are designed to handle high power levels providing higher efficiency and faster switching speeds compared to traditional silicon-based devices. Therefore, the increasing demand from the automotive industry for efficient electric vehicles (EVs) is driving significant growth in the electronic components market.

Electronic Components Report Coverage:

Report Attributes	Report Details
Study Timeline	2017-2032
Market Size in 2032 (USD Billion)	USD 287.02 Billion
CAGR (2023-2032)	5.55 %
Base Year	2022
By Type	Active Diodes Integrated Circuits MOSFETs Passive Capacitors Inductors Resistors Filters Electro Mechanic Capacitors Inductors Resistors Filters
By End-User	Automotive, Communication, Computing Application, Industrial, and Others
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	Vishay Intertechnology, Inc., STMicroelectronics, Texas Instruments Incorporated, TOSHIBA CORPORATION, NXP Semiconductors, Panasonic Corporation, Renesas Electronics Corporation, Hitachi, Ltd., Infineon Technologies, Advanced Micro Devices, Inc, TDK Electronics AG, Framatome, KYOCERA Corporation, Molex, LLC, AVX Corporation

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Market Dynamics:

Driver:

The increasing demand for consumer electronics is the major driver of the electronic components market. The growing popularity of smartphones, laptops, tablets, and other consumer electronics devices has led to a surge in demand for electronic components. Electronic devices require high-performance and low-power consumption components that are driving innovation in the electronic components market. For instance, in November 2022, Sony Semiconductor Solutions announced the launch of LYTIA, a new image sensor product for mobile devices. Therefore, the increasing availability of high-speed internet, and the growing trend towards smart appliances is contributing to the growth of the market.

Restraint:

The performance of electronic components is limited by a number of factors, such as heat dissipation, noise, and interference from other components. For instance, Heat dissipation is a critical issue in electronic components, as excess heat damage components and degrade their performance. Moreover, the noise of such components interferes with the performance of electronic components, particularly in high-frequency applications. Therefore, factors such as heat dissipation, noise, and interference from other components is hindering the growth of the electronic components market.

Opportunities:

Data centers require a lot of energy to power the servers and cooling systems. Electronic components such as power electronics and inverters are expected to reduce energy consumption and improve efficiency, leading to cost savings and reduced carbon footprints. For instance, in November 2021, Fuji Electric Co. Ltd. launched a second-generation discrete SiC-SBD Series, contributing to energy savings in data centers and communication base stations. Therefore, the application of electronic components in data centers is expected to create lucrative opportunities for market growth.

Electronic Components Market Competitive Landscape:

The electronic components market is highly competitive and characterized by the presence of numerous players. The companies are focusing on research & development, product development, and providing services to remain competitive in the market. Crucial players are:-

• Vishay Intertechnology, Inc.
• STMicroelectronics
• Texas Instruments Incorporated
• TOSHIBA CORPORATION
• NXP Semiconductors
• Panasonic Corporation
• Renesas Electronics Corporation
• Hitachi, Ltd.
• Infineon Technologies
• Advanced Micro Devices, Inc.
• TDK Electronics AG
• Framatome
• KYOCERA Corporation
• Molex, LLC
• AVX Corporation

Recent Developments:

• In January 2023, Wolfspeed, Inc. announced it to provide SiC power devices for future Mercedes-Benz electric vehicle (EV) platforms.

• In April 2021, Socomec launched a new range of Automatic Transfer Switching Equipment (ATSE) designed to provide reliable and efficient power switching between two independent sources, ensuring uninterrupted power supply to critical loads.

Electronic Components Market Segmentation:



By Type

Based on the type, the market is trifurcated into active, passive, and electro-mechanic components. The active component accounted for the largest revenue share in the year 2022 due to its ability to amplify and control electrical signals. Active components require an external source of power to function. Active components include transistors, diodes, integrated circuits (ICs), operational amplifiers and have the ability to amplify signals or switch them on and off according to the requirements. Therefore, the increasing demand for electronic devices such as smartphones, laptops, and tablets is contributing to the growth of this segment.
The passive segment is expected to emerge as the fastest-growing segment during the forecast period. Advances in technology have led to the development of smaller, lighter, and more efficient passive components. Passive components such as resistors, capacitors, inductors, and transformers do not require an external source of power to function, thereby contributing to the growth of this segment.

By End-User

Based on the end-user, the market is segmented into automotive, communication, computing application, industrial, and others. The automotive segment accounted for the largest revenue share in the year 2022. Advanced safety features such as collision avoidance systems, blind-spot detection, and lane departure warning systems are becoming increasingly common in vehicles. Electronic components such as sensors and microcontrollers are essential to offer these features thereby driving the growth of the automotive segment. Moreover, the automotive industry is shifting towards electric and hybrid vehicles that rely heavily on electronic components such as power management systems, battery management systems, and electric motors, further contributing to the growth of the market.
The industrial segment is expected to witness the fastest CAGR growth during the forecast period. The use of automation is increasing in many industries, including manufacturing, agriculture, and logistics. Automation requires a wide range of electronic components such as sensors, control systems, and microcontrollers, thereby driving the growth of the industrial segment. For instance, in August 2022, Toshiba launched its third-generation silicon carbide (SiC) MOSFETs designed to improve the efficiency and reliability of power electronics systems in industrial applications. The new MOSFETs have a 650V rating and offer low on-resistance and low switching losses, which translates to higher power density and improved system reliability. Therefore, the ability to provide high power density is driving the growth of electronic components market.

By Region:

North America dominates the global market and accounted for the largest revenue share in the year 2022. North America has a high demand for electronic devices, including smartphones, laptops, and gaming consoles, thereby driving the growth of the regional market. North America is the center for technological innovation, with many of the worlds leading companies such as Texas Instruments, ON Semiconductors, and TE Connectivity based in the region, further contributing to the growth of the regional market.



Asia-Pacific is expected to register the fastest CAGR growth during the forecast period due to the increasing adoption of electric vehicles in the region. Many cities in the Asia-Pacific region suffer from high levels of air pollution leading to increasing awareness among individuals. Furthermore, many governments in the Asia-Pacific region have implemented policies aimed at promoting the adoption of electric vehicles. For instance, the Chinese government offers subsidies to consumers who purchase electric vehicles ranging from a few thousand to tens of thousands of Chinese yuan, depending on the type of vehicle and its range.