The electronic components market has been forecast to reach an industry value of $214 billion by 2018, driven by technological advancements and the growing demand for electronic devices, such as PCs, ultrabooks and smartphones.
Growing popularity of digital entertainment and the increasing demand for digital cameras, gaming devices, and music players will contribute to the growth of this market. Technological advancement in electronic components will also boost the demand in industrial and non-industrial applications.
Prices of electronic components are continuously declining, which increases the competition among industry players, which can benefit the consumer but requires quality finished products for manufacturers to succeed.
An electronic component is any basic discrete device or physical entity in an electronic system used to affect electrons or their associated fields. Electronic components are mostly industrial products, available in a singular form and are not to be confused with electrical elements, which are conceptual abstractions representing idealised electronic components.
Electronic components have played a significant role in the evolution of several path-breaking technologies that have changed the world in the 21st century. For instance, telephones and computers have revolutionised the world of communications and information technology respectively.
The role of electronic components in driving this technology driven world is significant, given their extensive use in a wide range of electronic applications right from traditional computers, telephones, televisions and audio players to more advanced electronic gadgets such as mobile computing devices, mobile phones, LCDs, LEDs, DVD/Blu-Ray players, portable media players, video game consoles, home-theater systems, microwaves and printers.
Electronic component manufacturing continues to become increasingly complex, intricate and dynamic due to the ever-changing technology trends in intelligent electronics.
According to a recent report, 'Electronic Components: A Global Strategic Business Report,' Asia-Pacific represents the largest and the fastest growing market worldwide with a projected compound annual growth rate (CAGR) of approximately 6.6% through to 2018. Growth in the region is led by rapid industrialisation, booming economies, urbanisation, growing employment opportunities, and rising spending power among the growing base of middle class population.
Long-term growth in the market particularly depends on incremental technology developments and customisation based on unique application requirements.
For more information on the electronic components market, see the latest research: Electronic Components Market Research
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