According to a report by The Business Research Company, the global electronic components market was worth $373.7 billion in 2019. It is expected to grow at a compound annual growth rate (“CAGR”) of 8.6% and reach $519.7 billion by 2023.
The increasing use of the internet of things (“IoT”) and automotive technologies in electronic devices is expected to drive the overall growth of the market in the coming years. In addition to this, an increase in the use of IoT in factories, homes, telecommunication, and domestic and industrial electronics are some of the factors that are driving the demand for electronic components. Further, the increasing demand for electronic components by original equipment manufacturers in order to fit the smaller components to their circuit board assemblies is expected to create opportunities for market growth over the forecast period.