Electrical and Electronics Components Global Market Report 2024

The electrical and electronics components market size has grown rapidly in recent years. It will grow from $60.34 billion in 2023 to $67.54 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The expansion observed in the historical period can be credited to the surge in consumer electronics, the growth of automotive electronics, advancements in industrial automation, escalating requirements for data storage, and the increasing demand for energy-efficient devices.

The electrical and electronics components market size is expected to see rapid growth in the next few years. It will grow to $104.99 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The anticipated growth in the forecast period is driven by factors such as the proliferation of electric vehicles and charging infrastructure, the expansion of edge computing, the adoption of flexible and printed electronics, increasing cybersecurity demands, and the implementation of smart cities initiatives with a focus on sustainable and green electronics. Noteworthy trends expected in this period comprise advancements in semiconductor technologies, a trend towards customization in component design, the integration of artificial intelligence in component development, a heightened emphasis on supply chain resilience and digitalization, and the deployment of 5G technology.

The increasing proliferation of smartphones is poised to drive the growth of the electrical and electronics components market in the coming years. Smartphones, portable handheld devices utilized for multifarious functions, have contributed to a surge in consumer access to a diverse array of gadgets for entertainment and shopping, thereby escalating the demand for smartphones and subsequently propelling the need for electronic components used in these devices. Notably, recent data published by Obrelo, a Lithuania-based e-commerce platform, revealed that 96.1% of consumers globally own a mobile phone, making it the most prevalent electronic gadget. Tablets rank as the third most common gadget, owned by 34% of individuals worldwide, followed by laptops and desktop computers, possessed by 59% of global consumers. This pervasive adoption of smartphones significantly drives the demand within the electrical and electronics components market.

The burgeoning expansion of the automobile industry is anticipated to fuel the growth of the electrical and electronic components market. The automotive sector encompasses the design, manufacturing, and sale of motor vehicles, including cars, trucks, motorcycles, and other variants. As the automotive industry continues to grow, there's a parallel surge in the demand for electronic components utilized in vehicles, spanning safety features, emission reduction technologies, and sophisticated systems for electric and hybrid vehicles. The integration of connected vehicle technologies, IoT (Internet of Things) integration, and advancements in autonomous driving further amplifies the need for sensors, control units, and communication modules. For instance, data from the European Automobile Manufacturers Association reported a production of 85.4 million motor vehicles globally in 2022, reflecting a 5.7% increase compared to 2021. Consequently, the escalating expansion of the automobile industry is a primary driver catalyzing the growth of the electrical and electronic components market.

Technological advancement emerges as a prominent trend driving innovation within the electrical and electronic components market. Leading companies in this sector are actively engaged in developing cutting-edge technological solutions to fortify their market standing. An exemplar of this trend is Odyssey Semiconductor Technologies, Inc., a New York-based semiconductor manufacturer, which introduced advanced vertical GaN power field-effect transistors (FETs) in March 2022. These transistors integrate SiC's higher voltage rating with GaN's superior conversion efficiency, promising groundbreaking performance for demanding applications. The incorporation of a 700 V rating demonstrates low gate leakage and operational capability in a normally-off mode, showcasing industry-leading efficiency validated through this innovative approach.

Prominent companies within the electrical and electronics market are dedicatedly innovating by developing novel modular capacitors equipped with high switching frequencies to attain a competitive edge. Capacitors, fundamental electronic components responsible for storing electrical energy in an electric field, consist of two conductive plates separated by an insulating dielectric material. Notably, in December 2022, TDK Corporation, a renowned Japanese electronics company, introduced the ModCap HF series - a modular capacitor series tailored for DC link applications at elevated switching frequencies. The B25647A series incorporates six newly developed power capacitors ranging from 900 V to 1600 V in voltage and 640 µF to 1850 µF in capacitance. These capacitors showcase ultra-low Equivalent Series Inductance (ESL) and maintain flat Equivalent Series Resistance (ESR) across different frequencies, making them ideal for fast-switching SiC-based inverters. Their cubic design enhances compatibility with modern power modules, ensuring compactness and achieving high power density. Notably, ModCap HF complies with fire and smoke safety standards and finds application in traction, renewable energy, and industrial systems necessitating high switching frequencies.

In January 2022, YAGEO GROUP, a prominent electronics firm based in Taiwan, executed the acquisition of Chilisin Electronics Corp. for an undisclosed sum. This strategic acquisition served to expand Chilisin's product portfolio encompassing inductors, power transformers, RF components, and ethernet transformer products. Chilisin Electronics Corp., operating as a Taiwan-based manufacturer specializing in electrical and electronic components, further broadened its offerings in the industry through this acquisition, positioning itself to provide an extensive array of essential electronic components to cater to diverse market demands.

Major companies operating in the electrical and electronics components market report are 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 Kōgyō 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.

North America was the largest region in the electrical and electronics components market in 2023. 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. The countries covered in the electrical and electronics components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of electrical and electronic components include passive, active, and electro-mechanic. Active components comprise semiconductor devices, including integrated circuits, diodes, and transistors. These elements play a crucial role in various sectors such as consumer electronics, networking and telecommunications, automotive, manufacturing, aerospace and defense, healthcare, and other end-user segments.

The electrical and electronic components market research report is one of a series of new reports that provides electrical and electronic components market statistics, including electrical and electronic components industry global market size, regional shares, competitors with electrical and electronic components market share, detailed electrical and electronic components market segments, market trends and opportunities, and any further data you may need to thrive in the electrical and electronic components industry. This electrical and electronic components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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