The global Electronic Components market is projected to reach US$214 billion by 2018, driven by technology advancements and growing demand for electronic devices, such as PCs, ultrabooks and smartphones.
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 revolutionized 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 among others. As key building blocks of electronic circuitry used in a range of electronic devices, electronic components represent the backbone of the electronics sector.
The market continues to be driven by demand from major downstream industry segments such as telecommunications, computing and consumer appliances, which are the most prolific users of these components. However in recent years, newer application areas such as automotive electronics, medical device electronics, defence and aerospace electronics, including state-of-the-art weaponry and industrial equipment, among others, have emerged to spearhead growth. Product and service innovations and developments in end-use markets create significant opportunities for growth. Digitalization of consumer entertainment has led to rapid proliferation of digital media devices such as MP3 players, media servers, DVD and Blu-Ray players, manufacturing of which necessitates the use of electronic components. Electronic component manufacturing continues to become increasingly complex, intricate and dynamic due to the ever-changing technology trends in intelligent electronics. Long-term growth in the market particularly depends on incremental technology developments and customization based on unique application requirements.
Asia-Pacific represents the largest and the fastest growing market worldwide with a projected CAGR of about 6.6% over the analysis period. Growth in the region is led by rapid industrialization, booming economies, urbanization, growing employment opportunities, and rising spending power among the growing base of middle class population. Increased production of electronic devices in response to growing consumer demand is providing a major boost to market opportunities in this region.
For more information on the electronic components market, see the latest research: Electronic Components Market Research
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