Electronics

The electronics market is supported by advances and installations associated with IoT, and 5G, and consumer demand for smart connected devices for consumer, automotive, and industrial uses all showing steady and strong growth.

The display market was valued at USD 136.5 billion in 2023 and is expected to grow at a 5% CAGR through 2032. The consumer electronics packaging market generated USD 26.2 billion in 2023 and is expected to continue growing at an 18.4% CAGR through 2032, with a focus on sustainable materials. Electronic ceramics reached USD 10.9 billion in 2023 and is projected to grow at a 7.2% CAGR through 2032, powered by 5G, IoT, and AI technology. The consumer electronics electric motors market reached USD 14 billion in 2023 and is expected to witness 5.4% CAGR through 2032, driven by the demand for energy-efficient consumer electronic appliances. The global consumer electronics market was valued at USD 949.7 billion in 2024 and is projected to grow to USD 1250 billion by 2034 at a CAGR of 2.8%. The passive and interconnecting electronic components market was valued at USD 180.2 billion in 2024, growing at a CAGR of 6.9% through 2034 driven by IoT manufacturers.

With advanced semiconductor integration, electronics will undergo tremendous transformation with AI-enabled processing, edge computing capabilities, and enhanced connectivity solutions for connected devices. Because of the proliferation of IoT devices, the component types used will shift and lead to the need for smaller components with specialized purposes, such as sensors, microcontrollers, and interface Integrated Circuits (ICs) that allow devices to communicate with one another in the same system. The convergence of automotive electrical integration (i.e., electric cars), home automation and control (smart home), and industrial IoT will lead to demand for power electronics capable of performing effectively under extreme environments, while consuming as little energy as possible.