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active electronic components market to Exhibit a Decent CAGR of 9.2 % by 2032
The global active electronic components market was valued at USD 298.8 billion in 2021. It is expected to increase at a CAGR of 9.2% between 2022 to 2032.
There is a growing demand for many electronic devices in the automotive sector, including driver assistance systems, DC-to AC converters, and controllers. These include power-integrated devices, telematics, GPS, and Global Positioning Systems (GPS). These devices are commonly used in Electric Vehicles (EVs) and autonomous vehicles. The forecast period will see a rise in electric car sales. Manufacturing is rapidly changing due to the rapid advancement of connected technologies.
Demand for electronic components is on the rise in all sectors
Only printed circuit boards and consumer electronics used active electronic components in the past. These gadgets are now used in various applications, including military, space, satellite technologies, and vehicle applications. Due to the growing use of renewable energy, and a rising trend toward electric and hybrid cars, the market for active electronic parts is expanding. Many types of equipment or fixtures can be used to generate renewable energy. These include investors, solar turbines, panels, and UPS. Examples of active electronic components include photodiodes or photo-transistors.
The market for active electronic components is expected to grow due to rapid digitization in industries, growing consumer electronics adoption, including smartphones, laptops, and wearables, rising electrification and development of autonomous vehicles, and the increasing use of electronic components. The market for active electronic components is expected to grow due to the increasing use of advanced technologies such as IoT, next-generation 5G networks, and automation. The market will also benefit from the increasing awareness about energy-efficient electronic systems and the trend towards miniaturization.
Restraints in the Active Electronic Components Market
The high maintenance cost and purchase of semiconductor devices will impede the market's growth. The COVID-19 pandemic, which caused disruptions in the supply chain and manufacturing process, has negatively impacted the export of electronic components. This will likely limit the growth of active electronic components markets.
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