General Electronic Components Global Market To Reach Value Of About $519.6 Billion By 2023
The general electronic components market consists of sales of general electronic components and related services used in a wide range of applications in areas such as aerospace, communication, automotive and other industries. General electronic components are the devices that works within an electronic system to have an effect on their associated fields. These components have a number of electrical terminals which are connected to form an electronic circuit with a particular function such as amplifier or oscillator.
Global General Electronic Components Market Size And Drivers:
The global general electronic components market was worth $373.73 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 8.59% and reach $519.65 billion by 2023.
Increasing demand for microwave tubes, cathode-ray tubes, X-ray tubes, photoelectric tubes and triodes in display devices is expected to drive the general electronic components market in the forecast period.
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Trends In The Global General Electronic Components Market
Adaption of the internet of things (IoT) acts as a key trend driving the growth of the general electronic components market. In the past few years, IoT is experiencing a massive boom. IoT provides communication and connection between various devices such as fitness watches, smartphones, and smart meters. General electronic components such as resistors, transistors, capacitors, and diodes are used in making smart devices, sensors, and actuators that can interconnect with each other.
Global General Electronic Components Market Segments:
The global general electronic components market is further segmented based on product type, end use industry and geography.
By Product Type: Passive, Active, Electromechanical components, Others.
By End Use Industry: Aerospace, Communication, Automotive, Others.
By Geography: The global general electronic components market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific was the largest region in the general electronic components market.
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General Electronic Components Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides general electronic components market overviews, analyzes and forecasts market size and growth for the global general electronic components market, general electronic components market share, general electronic components market players, general electronic components market segments and geographies, general electronic components market’s leading competitors’ revenues, profiles and market shares. The general electronic components market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.