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Electronic Products Market Value is Expected to Reach $1,713.6 Billion by 2030 | TBRC Reports
Electronic Products Market
The global electronic products market reached a value of nearly $1,097.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 4.6% since 2015. The market is expected to decline from $1,097.7 billion in 2019 to $1,042.7 billion in 2020 at a rate of – 5%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is expected to grow from $1,078.3 billion in 2021 to $1,201.1 in 2023 at a CAGR of 5.5%. The market is expected to stabilize and reach $1,333.2 billion in 2025 and $1,713.6 billion in 2030.
The key drivers of the electronic products market include:-
The rapid pace of innovations in electronics technology is stimulating consistent demand for newer and faster electronic products and applications. Technological development is key for attracting both consumers and business users for either replacing or upgrading the older products with advanced versions. Digital technologies such as the internet of things (IoT) and latest communication technologies such as 5G are expected to aid in the development of innovative electronic products. This is expected to increase the demand for electronic products which will ultimately drive the market for electronic products during the forecast period.
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Electronic Products Market Segmentation:-
By Type -
a) Audio and Video Equipment
b) Semiconductor and Other Electronic Components
The semiconductor and other electronic components was the largest segment of the electronic products market by type, accounting for 86.0% of the total market in 2019. Going forward, the semiconductor and other electronic components segment is expected to be the fastest growing segment in the electronic products market, at a CAGR of 2.9%.
By End-Use –
a) Business to Business (B2B)
b) Business to Customer (B2C)
The B2B was the largest segment of the electronic products market by end-use, accounting for 87.3% of the total market in 2019. Going forward, the B2B segment is expected to be the fastest growing segment in the electronic products market, at a CAGR of 2.6%.
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By Geography - The electronic products market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa
Some of the major key players involved in the electronic products market are
• Samsung Electronics Co ltd
• Intel
• Taiwan Semiconductor Mfg. Co ltd
• Micron Technology Inc
• SK Hynix Inc.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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