Electronic Component Services Market by Service Type (Design & Engineering Services, Integration & Assembly Services, Manufacturing Services), Component Type (Active Components, Connectors & Interconnect Solutions, Passive Components), End-Use Industry, D

Electronic Component Services Market by Service Type (Design & Engineering Services, Integration & Assembly Services, Manufacturing Services), Component Type (Active Components, Connectors & Interconnect Solutions, Passive Components), End-Use Industry, D

The Electronic Component Services Market size was estimated at USD 850.37 billion in 2023 and expected to reach USD 908.62 billion in 2024, at a CAGR 6.92% to reach USD 1,358.50 billion by 2030.

Electronic component services encompass a wide range of activities designed to support the lifecycle of electronic components, from design and manufacturing to testing, distribution, and after-sales support. These services have a crucial role in ensuring the seamless operation and longevity of electronic devices across various industries, including consumer electronics, automotive, and healthcare. The increasing complexity of electronic components, driven by advances in technology and the higher demand for high-performance, miniaturized devices, stands as a major factor propelling the expansion of electronic component services. Furthermore, the rapidly evolving tech landscape necessitates constant updates and maintenance, elevating the importance of such services. Despite the evident advantages, the heightened risks of supply chain disruptions, difficulties in maintaining quality standards across global markets, and the need for continuous innovation to keep pace with technological advancements present significant challenges for market growth. Despite these challenges, the proliferation of the Internet of Things (IoT), artificial intelligence (AI), and 5G technologies is expected to drive further demand for such services. Additionally, the shift towards sustainability and the circular economy presents an opportunity for service providers to offer solutions focused on the recycling and repurposing of electronic components.

Regional Insights

In the Americas, the market for electronic component services is experiencing steady growth, which is largely driven by the robust demand from the consumer electronics, automotive, and aerospace sectors. The region's strong emphasis on innovation and the rapid adoption of IoT (Internet of Things) technologies further fuel the demand for sophisticated electronic component services. Europe shows moderate growth owing to technological advancements and a widespread automotive industry. In contrast, the Middle East and Africa are witnessing faster growth rates, albeit from a smaller base, attributed to increasing investments in infrastructure development and the digital transformation of economies. The market's dynamics in EMEA are also shaped by regulatory policies focusing on electronic waste management and energy-efficient products, influencing the demand for sustainable and compliant electronic component services. Asia-Pacific is currently the most dynamic and fastest-growing region for electronic component services, propelled by the massive consumer electronics industry, aggressive digitalization efforts, and governmental policies promoting technological advancements. Additionally, the region has become a hub for manufacturing and exportation of electronic components and products, further driving the demand for associated services.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Electronic Component Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing demand for consumer electronics products
Incorporation of electronic components in automobiles

Market Restraints

Quality and counterfeit concerns with the electronic component services

Market Opportunities

Continuous improvements in the offering of electronic component services
Rise of industrial automation with Industry 4.0 initiatives

Market Challenges

Concerns over the increasing complexity of electronic components

Market Segmentation Analysis

Service Type: Presence of comprehensive services from design to delivery to navigate the lifecycle of electronic components
End-Use Industry: The critical role of electronic components across the healthcare sector for reliability

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electronic Component Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electronic Component Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Bureau Veritas Bolsters Electrical and Electronics Certification Services in Asia

Bureau Veritas has strategically acquired ONETECH Corp., KOSTEC Co., Ltd in Korea, and Hi Physix Laboratory India Pvt. Ltd, to broaden its sphere in the electrical and electronics consumer products testing and certification services across South and North-East Asia. These acquisitions, with a cumulative revenue projection of approximately EUR 20 million for 2023, not only mark Bureau Veritas' significant stride into the dynamic and regulatory-demanding markets of Korea and India but also amplify its capacities and offerings in these regions.

Strategic Merger by eXponential Elevates Global Reach and Capabilities in the Electronics Sector

The eXponential Technology Group (XTG) has announced a significant strategic integration within its network, merging Symmetry Electronics, renowned for its distribution expertise in wireless, IoT, and Pro AV solutions, with Braemac, an Australian-based powerhouse in product design, development, and testing, along with electronic component supply. This amalgamation aims to foster profitable growth in the Americas and paves the way for further global expansion by combining the strengths and specialties of both companies.

Prosemi Pte Ltd Achieves Prestigious Global Accreditation for Electronic Components Testing

Prosemi Pte Ltd has garnered the esteemed ISO/IEC 17025:2017 and AS6171 accreditation from the ANSI National Accreditation Board (ANAB), marking a significant milestone in its pursuit of excellence in detecting Suspect/Counterfeit (SC) Electrical, Electronic, and Electromechanical (EEE) parts. This achievement underscores Prosemi's dedication to quality, demonstrating its technical proficiency, impartial operations, and adherence to rigorous international standards for the aerospace sector and beyond.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electronic Component Services Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Electronic Component Services Market, highlighting leading vendors and their innovative profiles. These include ACDC Dynamics, Alfa Laval AB, Altron Limited, Ashdan Electronics, ASIC Design Services, Avnet, Inc., CZ Electronics, Electek, Electrocomp (Pty) Ltd., Emerson Electric Co., Firmlogik (Pty) Ltd., Flex Ltd., ICORP Technologies, Intel Corporation, Intertek Group PLC, iSERT (Pty) Ltd., Jabil Inc., Janca Electronics CC, Jemstech (Pty) Ltd., Liebherr Group, Mantech Electronics (Pty) Ltd., Microtronix Manufacturing, Omnigo (Pty) Ltd. by Reutech Pty (Ltd)., Phoenix Contact Group, Production Logix (Pty) Ltd., Projects Concern (Pty) Ltd, Robert Bosch GmbH, RS Group PLC, Samsung Electronics Co., Ltd., Sanmina Corporation, Siemens AG, Sony Group Corporation, Thales Group, and ZYTEQ Technologies (Pty) Ltd..

Market Segmentation & Coverage

This research report categorizes the Electronic Component Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Service Type
Design & Engineering Services
Integration & Assembly Services
Manufacturing Services
Repair & Refurbishment Services
Testing & Certification Services
Value-added Engineering Capabilities
Component Type
Active Components
Batteries
Diodes
Display Devices
Integrated Circuits
Optoelectronics
Connectors & Interconnect Solutions
Passive Components
Capacitor
Inductor
Resistor
Power Supplies
End-Use Industry
Aerospace & Defense
Automotive
Consumer Electronics
Energy & Utilities
Healthcare
Telecommunications
Distribution Channel
Original Equipment Manufacturer
Third-Party
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

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