The global electronic components market is expected to witness growth with a CAGR of 6% during the forecast period. An electronic component is the physical entity in an electronic device that is used to affect the electronic field. Active electronic components are used to produce energy in the form of voltage, whereas passive electronic components are used in storing energy in the form of current.
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The increasing use of internet of things and automotive technologies in electronic devices is expected to drive the overall growth of the market in recent years. In addition to this, an increase in the use of internet of things in factories, homes, telecommunication, and domestic and industrial electronics are some of the factors that are driving the demand for electronic components. Further, the increasing demand for electronic components by original equipment manufacturers in order to fit the smaller components to their circuit board assemblies, is creating opportunity for the market during the forecast period.
However, the overall market for electronic components is expected to be hampered due to the changing global economic, banking, and political outlook. The global economic scenario is expected to be affected by changing political environments across the globe. Policies such as mammoth tax cuts, increasing tariffs, and others are some of the factors that are affecting the global economic conditions.
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Based on application, the automotive segment dominated the market in 2018, owing to a rise in the use of electronic components in new standard cars. At the same time, advanced technology and innovative electronic components will boost the electronic components industry, along with the electronics industry in coming years.
Asia Pacific dominated the market in 2018 and is expected to show a similar trend in the coming years. China is leading the Asia Pacific region, as the country is home to various manufacturers of integrated components such as semiconductors, PCBs, microcontrollers, and others. In addition to this, China also exports integrated parts to other Asia-Pacific countries.
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