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Experts are calling 2024 a reset year for the electronics manufacturing and electronics components distribution industries. 

2024 has inherited most of the previous years’ challenges: geopolitical tensions, shifts in technological advancements, and global fluctuations are just a few examples of what the EMS and electronics components industries have had to contend with. With the impacts of these reverberating throughout the supply chain, how has the industry responded? 

(Also Read: Entering Industry 5.0)

According to a study conducted by Precedence Research, Asia Pacific is expected to dominate the electronic components market until 2032. With a market size estimated at 190.28B USD in 2022, it is expected to reach 368.4B USD by 2032. 

Drivers of growth are shown to come from a marked demand for automation and robots in various industries, especially in manufacturing. 

Let’s take a look at the seven segments strengthening the electronic components industry this year (and possibly beyond). 

Automotive

When it comes to opportunities, the automotive industry presents many for the electronic components industry. As OEMs and automakers adopt new technology for safety such as advanced driver assistance systems (ADAS), and keep their focus on developing autonomous vehicles, the demand for electronic components rises exponentially. 

Powertrains for EVs, as well as battery charging technology, will rely heavily on electronic components, and as we make the shift to driving electronic vehicles, the demand for more capable, more powerful, and more energy-efficient batteries will only increase. 

Aerospace

Following electric vehicles on land, aircraft are not far behind. As engineers start to rethink what airplanes will look like in the digital and autonomous age, new designs demand electronic components that will make these new machines fly. As with electric land vehicles, energy efficiency is a major consideration in developing new aircraft. 

Commercial airplanes as well as those for military purposes require sophisticated electronic components for communication and safety. The rising potential for flying cars, which crosses over from the automotive space to aeronautics provides even more potential for growth in the market. 

Contractual Manufacturing

Offshoring will continue to drive industries in 2024 and beyond. Experts from Fusion Worldwide are calling this a mainstay of the industry, bringing with it growth for the electronic components market. 

ICT and Telecom

Another major driver in the electronic component industry is in the ICT and telecom space. IoT, cloud computing, and big data will not be possible without a solid ICT and telecom foundation. As the world continues to be digitized, telecom and networking become titans that keep most industries connected and afloat. 

Gaming

Heavily reliant on graphics and sound cards and GPUs, the landscape of gaming is now experiencing more advances not just in how a game looks, but how it is experienced. Consoles are morphing into serious gadgets from their humble beginnings as plastic-encased controllers. With gaming becoming a large industry all its own and spanning a demographic that cuts across sex, age, and region, gamers all over the world are turning more sophisticated and looking into more advanced methods of playing. Augmented reality and AI are players that have entered the arena, promising bigger and better for the average gamer. 

Enterprise Computing

POS, big data, automation, and robots are just some of the newer fixtures of running an enterprise today. Business leaders stress that failure to adapt to these new technologies and automation means risking obsolescence. Business practices are doing away with slow, inefficient operational frameworks and learning how enterprise computing can help usher their businesses into the new age. 

Medicine and Healthcare

Advanced diagnostic devices are leveling up hospitals and clinics all over the globe. Improving diagnostic devices with sophisticated technology can add years to a patient’s life, save them unnecessary procedures, and remove the guesswork from the prescribed care. This has been evident in areas of medicine such as radiology and oncology, as well as in soft technology for patients with dementia. Surgical robots allow doctors more precision during operations, especially for difficult-to-reach areas such as inside bloodstreams and for the removal of tumors. 

As one of the Top 20 EMS companies in the world, IMI has over 40 years of experience in providing electronics manufacturing and technology solutions. 

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