The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Electrical And Electronics Components Global Market Report 2024 offers crucial insights into the electrical and electronics components market help businesses analyse and build stronger strategies.

The electrical and electronics components market has witnessed significant growth in recent years, with the market size increasing from $60.34 billion in 2023 to $67.54 billion in 2024, representing a compound annual growth rate (CAGR) of 11.9%. This growth can be attributed to various factors such as the consumer electronics boom, automotive electronics expansion, industrial automation, increased data storage needs, and the demand for energy-efficient devices.

Future Growth Projections

The market is poised for further expansion, with forecasts suggesting a growth to $104.99 billion by 2028, at a CAGR of 11.7%. Anticipated factors contributing to this growth include the rise of electric vehicles and charging infrastructure, expansion of edge computing, flexible and printed electronics, cybersecurity demands, smart cities initiatives, and the shift towards sustainable and green electronics.

Read The Full Electrical And Electronics Components Market Report Here:
https://www.thebusinessresearchcompany.com/report/electrical-and-electronics-components-global-market-report

Rising Adoption Of Smartphones To Drive Market Growth

Impact of Smartphone Penetration

The increasing penetration of smartphones is expected to be a significant driver for the growth of the electrical and electronics components market. As smartphones become ubiquitous, the demand for electronic components used in these devices rises substantially. Recent data indicates a high ownership rate of smartphones globally, with 96.1% of consumers owning a mobile phone in 2022, according to Obrelo. This trend reflects the growing reliance on portable handheld devices for various functions.

Market Impact

The surge in smartphone ownership directly impacts the electrical and electronics components market, fueling demand for components such as processors, memory chips, sensors, and displays. This heightened demand presents lucrative opportunities for major companies operating in the market, including Infineon Technologies AG, NXP Semiconductors NV, Texas Instruments Inc., and others.

Technological Advancements Driving Innovation In Electrical And Electronic Components Market

Focus on Technological Advancement

Technological advancement stands out as a key trend shaping the electrical and electronic components market. Market players are heavily investing in research and development to introduce innovative solutions that enhance performance and efficiency. For instance, Odyssey Semiconductor Technologies, Inc. developed advanced vertical GaN power field-effect transistors (FETs) in March 2022, offering groundbreaking performance for demanding applications.

Market Dynamics

Such technological innovations drive market growth by catering to evolving consumer demands and industry requirements. Companies that successfully integrate advanced technologies into their product offerings gain a competitive edge and establish themselves as industry leaders.

Yageo Group Strengthens Portfolio Through Acquisition Of Chilisin Electronics Corp.

Strategic Acquisition

In January 2022, YAGEO GROUP acquired Chilisin Electronics Corp., a move aimed at expanding its portfolio of electrical and electronic components. Chilisin, a Taiwan-based manufacturer, specializes in inductors, power transformers, RF components, and ethernet transformer products. This strategic acquisition enhances Yageo Group’s market presence and product offerings, positioning it for further growth and expansion.

Segmentation and Regional Analysis

The electrical and electronics components market is segmented by type (passive, active, electro mechanics) and end-user (consumer electronics, networking and telecommunication, automotive, manufacturing, aerospace and defense, healthcare, and others). North America emerged as the largest region in 2023, while Asia-Pacific is projected to witness the fastest growth during the forecast period.

Conclusion

The electrical and electronics components market is experiencing robust growth driven by technological advancements, rising smartphone penetration, and strategic acquisitions. As consumer demands evolve and industries embrace digital transformation, the market is poised for continued expansion, presenting lucrative opportunities for companies operating in this sector. With a focus on innovation and market diversification, industry players can capitalize on emerging trends and secure their position in the dynamic landscape of electrical and electronics components.

Get A Free Sample On The Global Electrical And Electronics Components Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=9221&type=smp

The Electrical And Electronics Components Global Market Report 2024  provides a comprehensive outlook of the electrical and electronics components market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electrical and electronics components market forecast offers a thorough analysis on electrical and electronics components market size, electrical and electronics components market share, prominent players and their strategies.

The Table Of Content For The Electrical And Electronics Components Market Include:
1. Electrical And Electronics Components Market Executive Summary
2. Electrical And Electronics Components Market Segments
3. Electrical And Electronics Components Market Size And Electrical And Electronics Components Market Growth Rate
4. Key Electrical And Electronics Components Market Trends
5. Major Electrical And Electronics Components Market Drivers
……
25. Key Mergers And Acquisitions In The Electrical And Electronics Components Market
26. Top Electrical And Electronics Components Companies
27. Electrical And Electronics Components Market Opportunities And Strategies
28. Electrical And Electronics Components Market, Conclusions And Recommendations
29. Appendix

Explore Similar Reports From The Business Research Company:

Electronic Flight Bag Global Market Report 2024

Electronic Equipment Repair Service Global Market Report 2024

Electrical And Electronics Materials Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: