The global electronic components market is expected to grow with a CAGR of 5.9% during the forecast period. Electronic components such as resistors, capacitors, diodes, and others are used to drive electrons in an electronic system. The growing demand for products with increased functionality and a rise in need for smaller and thinner components are some of the factors that are fueling the growth of the market in recent years. Further, the rising adoption of combined modules such as system-on-chip and multichip is driving the growth of the electronic components market.

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Based on type, active electronic components segment dominated the market in 2018 and is expected to show similar trends in coming years. Active electronic components include display devices, semiconductors devices, and others. Further, the increasing demand for display devices such as cathode ray tubes, microwave tubes, X-ray tubes, and others is fueling the growth for active component segment in recent years. Additionally, the rising demand for miniaturized electronic components in smartphones, personal digital assistant (PDA), and tablets is driving the demand for the segment.

Increasing use of components in applications such as satellite and space technology, military applications, and others is creating opportunities for the electronic components market during the forecast period. However, the lack of suppliers of electronic components is hampering the growth of the market in recent years.

The Asia Pacific dominated the market in 2018 and is expected to show a similar trend during the forecast period. China is leading the Asia-Pacific market, as it is the home to the world’s largest chip designers, chipmakers, and suppliers of routers, camera lenses, and other critical components that are used in laptops, smartphones, and another internet of things applications.

At the same time, North America is witnessing rapid growth owing to the rise in technological advancements in electronic products, which has increased the demand for more sophisticated electronic components in the region. The rising sale of modernized and luxury vehicles, an increasing number of smart cities, and the growing adoption of IoT and connected devices are driving the demand for electronic components in the region.

The key players in the market are Panasonic Corporation, Renesas Electric Corporation, API Technologies, Eaton Corp., NXP Semiconductors N.V., AVX Corporation, Datronix Holdings, Fujitsu Component, Hitachi AIC, FCI Electronics, and others. Companies operating in this market are concentrating on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share. Nowadays, manufacturers are opting for more eco-friendly materials such as plastic that is easy to recycle with less content of halogen in it, which is changing the market scenarios for electronic components.