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Electronic Systems and Devices Market Research Reports

"Driving Innovation: Deep Dive into the Global Electronic Systems Market (2024 Market Size: USD 1.2 trillion)"!

Electronic Systems and Devices Industry Overview

The growth and evolution of the electronic systems and devices market have been remarkable as a result of the integration of electronics into various industries, increased consumer demand, and technological advancements. According to Cognitive Market Research, the global electronics market size was USD 1.1 trillion in 2023, and USD 1.2 trillion in 2024. By 2031, the market size will be USD 1.7 trillion, with a compound annual growth rate of 4.50%. The growing demand for telecommunications equipment, industrial automation systems, automotive electronics, and consumer electronics drives this expansion. The consumer electronics segment continues to be a significant contributor, with wearable devices, tablets, laptops, and smartphones holding the lead. Global smartphone shipments exceeded 1.35 billion units in 2023, and a moderate increase in 2024, partially due to the implementation of 5G technology. 

In 2023, the wearables market, which encompasses fitness monitors and smartwatches, experienced a 20% increase in growth, with a market size of 70 billion in 2024. The automotive electronics market is experiencing accelerated growth as a result of the advancements in autonomous driving technology and electric vehicles (EVs). The automotive electronics market size was USD 275 billion in 2023 and USD 315 billion in 2024. Advanced driver-assistance systems (ADAS), infotainment systems, and battery management systems are among the most critical components. The industrial automation market is experiencing an increase in the adoption of IoT devices and robotics. The global market for industrial automation electronics was valued at USD 175 billion in 2023, and USD 200 billion in 2024. 

The necessity of reducing operational costs, precision, and efficiency in manufacturing processes is the driving force behind this growth. Electronic systems are founded upon semiconductors. In 2023, the global semiconductor market size was USD 600 billion, and USD 640 billion in 2024. The primary reason for this expansion is the development of advanced technologies such as AI, IoT, and 5G, which necessitate sophisticated and potent semiconductor solutions. Telecommunications industry is being transformed by 5G technology. There were more than 1.5 billion 5G subscriptions worldwide in 2023, and will exceed 2 billion by the end of 2024. This technology is indispensable for contemporary electronic systems, as it facilitates increased connectivity, reduced latency, and quicker data speeds.

Top Countries Contributing in Electronic Systems and Devices Market

China (2024 Market Size: USD 690 billion)

China continues to be the global leader in the electronic systems and devices market, with a market size of USD 650 billion in 2023 and USD 690 billion in 2024. The nation is a dominant force in the production and export of a diverse array of electronic products, including industrial equipment, automotive electronics, and consumer electronics such as laptops and smartphones. Consumer electronics, industrial automation represents 25% share, telecommunications represents 20%, and automotive electronics holds a 15% share, are the primary sectors that employ these products, accounting for 35% of the markets output. The electronic systems and devices market is dominated by China, with a market share of 30%. This is the result of its substantial investments in technology and innovation, extensive supply chain networks, and vast manufacturing infrastructure. In 2023, China manufactured more than 1.4 billion smartphones, which accounted for more than 60% of the global production. The country is also a leader in the 5G market, with an increase in 5G subscriptions to over 700 million by the end of 2024. China's semiconductor industry is indispensable to its electronics market, in addition to consumer electronics. In 2023, the domestic semiconductor market size was USD 190 billion, and USD 210 billion in 2024.

United States (2024 Market Size: USD 420 billion)

According to CMR, The US electronic systems and devices market holds a 15% market share of the total revenue generated and its market size was USD 400 billion in 2023 and USD 420 billion in 2024. The United States is internationally recognized for its high-tech research and innovation, which have made substantial contributions to the development of semiconductor technologies, industrial automation, and consumer electronics. Consumer electronics represents 30% share, healthcare with 20%, industrial automation accounts for 25%, and defense and aerospace accounts for 15% share, are the primary sectors that employ these products. In the electronic systems and devices market, the United States holds a global market share of 15%. This is supported by its prominence in semiconductor manufacturing, which is exemplified by companies such as Intel, Qualcomm, and NVIDIA. The U.S. semiconductor market was valued at USD 200 billion in 2023 and USD 220 billion in 2024, primarily due to the demand for AI, IoT, and 5G applications. The United States remains a significant market for consumer electronics, including smartphones, laptops, and wearables. In 2023, the United States experienced a substantial increase in the proliferation of 5G devices, resulting in the sale of more than 150 million smartphones. In 2023, the wearables market, which encompasses fitness monitors and smartwatches, was worth USD 15 billion and USD 18 billion in 2024.

Japan (2024 Market Size: USD 265 billion)

The electronic systems and devices market in Japan is a critical component of its economy, with a market size of USD 250 billion in 2023 and USD 265 billion in 2024. Japan is recognized for its exceptional manufacturing quality and precision, particularly in the fields of automotive electronics, industrial automation, and consumer electronics. Consumer electronics represents 30% share, automotive accounts for 25%, industrial automation represents 20%, and healthcare holds 15% share, are the primary sectors that employ these products. In the electronic systems and devices market, Japan holds a market share of 8%. The nation is home to prominent corporations such as Sony, Panasonic, and Toshiba, which are responsible for driving innovation in a variety of electronics markets. Japan's consumer electronics market experienced substantial sales in 2023, with the sale of more than 50 million smartphones, which was indicative of robust domestic demand. The automotive electronics market in Japan is notably robust due to the country's prominent automobile manufacturers. The automotive electronics market size was USD 60 billion in 2023 and USD 68 billion in 2024. ADAS, infotainment systems, and electric vehicle components are among the most critical components. Japan is also making strides in the field of electric vehicle (EV) technology, with an emphasis on energy-efficient solutions and battery management systems.

South Korea (2024 Market Size: USD 240 billion)

According to cognitive market research, South Korea is a significant player in the electronic systems and devices market, with a market share of 10% of the total revenue generated and its market size was USD 225 billion in 2023 and USD 240 billion in 2024. The nation is renowned for its innovative and sophisticated technology, particularly in the fields of semiconductors and consumer electronics. Consumer electronics represents 35%, telecommunications holds 20%, automotive holds 20% share and industrial automation represents 15% share, are the primary sectors that employ these products. Samsung and LG, global leaders in the consumer electronics industry, are headquartered in the nation. In 2023, the South Korean consumer electronics market sold more than 80 million smartphones, with a substantial portion of the market being attributed to 5G-enabled devices. Driven by South Korea's prominence in 5G technology, the telecommunications market is a substantial user of electronic systems. South Korea had more than 30 million 5G subscriptions in 2023, and in 2024, it increase to 40 million. This expansion facilitates the development of a variety of electronic devices and systems, such as IoT and smart home technologies. South Korea's electronics market is significantly reliant on its semiconductor industry, with a market size USD 110 billion in 2023 and USD 120 billion in 2024.

Germany (2024 Market Size: USD 190 billion)

The germany's electronic systems and devices market holds a revenue share of 7% and its market size was USD 180 billion in 2023 and USD 190 billion in 2024. Germany's automotive electronics, industrial automation, and healthcare electronics are distinguished by their precision engineering and high-quality manufacturing. Automotive with 35% share, industrial automation represents 30% share, healthcare occupies 20%, and consumer electronics holds 10% share, are the primary sectors that employ these products. The nation is home to prominent corporations such as Siemens, Bosch, and Infineon, which are responsible for the advancement of production and innovation. The automotive electronics market in Germany was valued at USD 65 billion in 2023 and USD 70 billion in 2024. The country's foremost automotive industry, which emphasizes ADAS, infotainment systems, and EV components, is the primary factor driving this expansion. In 2023, the Germany's industrial automation market size was USD 55 billion and USD 60 billion in 2024. Germany is a pioneer in automation technology, having made substantial investments in smart manufacturing solutions, IoT, and robotics. Siemens and Bosch are among the leading companies that offer sophisticated automation systems to a variety of industries.

Taiwan (2024 Market Size: USD 160 billion)

Taiwan is a critical participant in the electronic systems and devices market, with a market size of USD 150 billion in 2023 and USD 160 billion in 2024. The nation's semiconductor industry and high-tech manufacturing capabilities are internationally recognized. The following markets are the primary users of these products: automotive with 15% share, telecommunications with 20% share, industrial automation holds 25%, and consumer electronics represents 30% share. In the electronic systems and devices market, Taiwan holds a market share of 6%. The nation is home to prominent corporations such as TSMC, Foxconn, and MediaTek, which are responsible for substantial innovation and production. The Taiwan's semiconductor market size was USD 100 billion in 2023 and USD 110 billion in 2024. The global demand for advanced semiconductor technologies utilized in AI, IoT, and 5G applications is the primary factor driving this growth. Additionally, Taiwan's consumer electronics market is robust, with 40 million smartphones sold in 2023. The production of a diverse array of consumer electronics, such as laptops, tablets, and wearables, is facilitated by the nation's proficiency in high-tech manufacturing. Taiwan's 5G subscriptions surpass 15 million in 2024, making the telecommunications market another significant user of electronic systems. In 2023, the industrial automation market in Taiwan was worth USD 37 billion and USD 40 billion in 2024.

Singapore (2024 Market Size: USD 130 billion)

According to CMR, the electronic systems and devices market holds a market share of 5% and its market size was USD 120 billion in 2023 and USD 130 billion in 2024. Singapore is renowned for its sophisticated manufacturing capabilities and strategic location, which help it excel in the fields of semiconductors, industrial automation, and medical electronics. Industrial automation represents 30% share, consumer electronics holds 25% share, healthcare occupies 20% share, and telecommunications with 15% share, are the primary sectors that employ these products. The nation is home to key corporations such as Broadcom, STMicroelectronics, and GlobalFoundries, which are responsible for substantial innovation and production. The semiconductor market in Singapore was valued at USD 60 billion in 2023 and USD 65 billion in 2024. The global demand for advanced semiconductor technologies utilized in AI, IoT, and 5G applications is the primary factor driving this growth. In 2023, the industrial automation market in Singapore was worth USD 36 billion and USD 40 billion in 2024. The nation is a pioneer in automation technology, having made substantial investments in smart manufacturing solutions, IoT, and robotics. ST Engineering and Venture Corporation are among the leading companies that offer sophisticated automation systems to a variety of industries.

India (2024 Market Size: USD 125 billion)

The India's electronic systems and devices market is expanding at a rapid pace, with a market size of USD 110 billion in 2023 and USD 125 billion in 2024. Consumer electronics, telecommunications, and industrial automation are all areas in which the nation is emerging as a significant player. Consumer electronics with 35% share, telecommunications with 25%, industrial automation with 20%, and automotive with 10% share, are the primary sectors that employ these products. In the electronic systems and devices market, India holds a  global market share of 5%. Reliance, Tata, and Infosys are among the companies that are propelling innovation and production in the country's burgeoning electronics manufacturing industry. The Indian consumer electronics market experienced a robust domestic demand in 2023, as evidenced by the sale of more than 150 million smartphones. India's accelerated adoption of 4G and 5G technologies has driven the telecommunications market to become a substantial user of electronic systems. India had more than 500 million 4G subscriptions and 50 million 5G subscriptions in 2023, with increase to 75 million in 2024. This expansion facilitates the development of a variety of electronic devices and systems, such as IoT and smart home technologies. In 2023, the industrial automation market in India was worth USD 22 billion and USD 28 billion in 2024.

Vietnam (2024 Market Size: USD 100 billion)

The electronic systems and devices market in Vietnam is experiencing accelerated growth, with a market share of 4%, and its market size was USD 90 billion in 2023 and USD 100 billion in 2024. The nation is becoming a substantial participant in the fields of industrial manufacturing and consumer electronics. Consumer electronics holds a 40%, industrial automation holds 25%, telecommunications with 20% and automotive occupies 10% share, are the primary sectors that employ these products. Samsung and LG have established substantial production facilities in the nation, which is home to a burgeoning electronics manufacturing market. Vietnam's consumer electronics market experienced robust domestic and export demand in 2023, as evidenced by the sale of more than 50 million smartphones. In 2023, the industrial automation market in Vietnam was worth USD 22 billion, with a increase to USD 26 billion in 2024. The nation is making substantial investments in automation technology, including robotics, IoT, and smart manufacturing solutions. Vingroup and FPT are among the leading companies that offer sophisticated automation systems to a variety of industries. The demand for sophisticated electronic systems is being driven by the adoption of 4G and 5G technologies, which is resulting in growth in the telecommunications market in Vietnam.

Mexico (2024 Market Size: USD 95 billion)

In 2023, the electronic systems and devices market in Mexico was worth USD 85 billion and USD 95 billion in 2024. This market is a critical component of Mexico's economy. The nation is a substantial participant in the fields of automotive electronics, consumer electronics, and industrial automation. Automotive with 35%, consumer electronics with 30%, industrial automation holds 20% and telecommunications with 10% share, are the primary sectors that employ these products. In the electronic systems and devices market, Mexico holds a global market share of  3%. Flex, Jabil, and Sanmina have established substantial production facilities in the nation, which boasts a robust manufacturing market. Mexico's automotive electronics market size was USD 30 billion in 2023 and USD 35 billion in 2024. The country's robust automotive industry, which emphasizes ADAS, infotainment systems, and EV components, is the primary factor driving this growth. Additionally, Mexico's consumer electronics market is substantial, with 25 million smartphones sold in 2023. The production of a diverse array of consumer electronics, such as laptops, tablets, and wearables, is facilitated by the nation's proficiency in high-tech manufacturing. The industrial automation market in Mexico was worth USD 17 billion in 2023 and USD 20 billion in 2024.

PESTEL Analysis of Electronic Systems and Devices Market

Political

The political landscape significantly influences the electronic systems and devices market. Government policies, international relations, and regulatory frameworks substantially influence the industry's operations and growth. Tariffs and trade policies are particularly influential. For instance, the cost and availability of electronic components can be impacted by trade tensions between key economies such as the United States and China, which can disrupt supply chains. In recent years, the tariffs imposed on Chinese electronics have resulted in a reconfiguration of supply chains and an increase in production costs as companies attempt to diversify their manufacturing bases. Additionally, government regulations concerning intellectual property (IP) protection and technology standards are crucial. Stricter intellectual property laws foster innovation by safeguarding the rights of inventors and companies, whereas negligent enforcement can increase piracy and counterfeiting. Regulatory compliance, such as the General Data Protection Regulation (GDPR) of the European Union, influences the design and functionality of electronic devices by affecting the way companies manage consumer data. Furthermore, innovation within the market may be encouraged by government support in the form of subsidies and incentives for research and development (R&D).

Economical

The economic environment significantly influences the efficacy of the electronic systems and devices market. Economic conditions, such as GDP growth rates, consumer expenditure, and investment levels, directly influence the demand for electronic products. During periods of economic expansion, the demand for consumer electronics, including smartphones, laptops, and wearables, is bolstered by an increase in consumer expenditure. In contrast, the sector is adversely affected by the reduction in consumer discretionary spending that occurs during economic downturns. Additionally, currency exchange rates are crucial. Fluctuations can influence the cost of importing raw materials and exporting finished products in exchange rates, as the electronic systems and devices market is highly globalized. For example, a strong dollar diminishes the competitiveness of U.S. exports abroad. It renders them more costly, whereas a weaker currency can increase exports but also raise the cost of imported components. Inflation rates influence production costs and pricing strategies within the market. Consumers may be subjected to higher prices as a result of the increased costs of basic materials and labor that can result from high inflation. This has the potential to decrease demand if consumers are price-sensitive.

Social

The electronic systems and devices market is significantly influenced by social factors, which impact consumer behavior, market trends, and product development. Demographic changes, cultural trends, and changes in consumer preferences significantly influence the demand for electronic products. Demographic factors, including age, income, and education levels, influence the varieties of electronic devices that consumers purchase. For instance, the demand for the most recent smartphones, gaming consoles, and wearable technology is primarily driven by newer generations, who are generally more technologically adept. Consumers are able to acquire more expensive, high-end electronic devices as their income levels increase, which in turn increases their purchasing power. Cultural trends substantially influence consumer behavior and product demand. A surge in demand for smart devices, IoT products, and home automation systems has resulted from the growing trend toward digitalization and connectivity. The market for ecosystems of connected products, including smart homes and wearable health technology, is being cultivated by consumers who now anticipate seamless integration between their devices. Additionally, consumer preferences are evolving toward ethical consumption and sustainability. There is an increasing level of concern and awareness regarding the environmental consequences of electronic waste and the ethical procurement of materials.

Technological

The electronic systems and devices market is fundamentally influenced by technological advancements, which drive innovation, enhance product performance, and influence industry trends. Continuous research and development (R&D) is essential to remain competitive and satisfy the changing demands of consumers, given the rapid pace of technological change. The advancement of semiconductor technology significantly influences the markets technological advancements. Innovations in semiconductor fabrication, such as the development of smaller and more efficient circuits (e.g., 5nm and 3nm processes), have facilitated the development of more energy-efficient and powerful devices. These developments are indispensable for the functionality of an assortment of electronic devices, including smartphones and supercomputers. Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the electronic systems and devices industry. The integration of AI and ML technologies into a diverse array of devices enhances functionality and facilitates the development of new applications. For instance, smartphones are increasingly equipped with AI-driven features, including improved camera capabilities and voice assistants. AI is enhancing automation, predictive maintenance, and data analysis in industrial environments.

Environmental

The electronic systems and devices market is being increasingly impacted by environmental factors, which is prompting companies to adopt sustainable practices and create eco-friendly products. The market  is confronted with substantial environmental challenges, such as carbon emissions, resource consumption, and electronic refuse management. One of the most urgent environmental concerns in the industry is electronic refuse (e-waste). The substantial generation of e-waste is a consequence of the rapid transition of electronic devices, which is driven by consumer demand for the latest products and technological advancements. Global e-waste attained a 53 million metric tons in 2023, and surpass 57 million metric tons in 2024. The environmental impact can be significantly reduced by ensuring that e-waste is disposed of and recycled properly. Companies are increasingly incorporating take-back programs and designing products with recyclability in mind to confront this challenge. Environmental concerns are raised by resource consumption, particularly the extraction of basic materials such as rare earth metals. Significant environmental degradation, such as habitat destruction, water contamination, and greenhouse gas emissions, can result from the mining and processing of these materials. For instance, the recyclability of electronic components and the reduction of hazardous substances (RoHS compliance) are becoming commonplace.

Legal

The electronic systems and devices market is considerably influenced by the legal landscape, which encompasses a variety of regulations, intellectual property (IP) laws, standards compliance, and international trade agreements. The electronic systems and devices market necessitates compliance with a plethora of regulations that pertain to environmental standards, emissions, and product safety. For example, the Restriction of Hazardous Substances Directive (RoHS) of the European Union limits the use of specific hazardous materials in electrical and electronic apparatus. Compliance with these regulations is indispensable for the establishment of consumer trust and market access. The protection of innovations, designs, and technologies developed by companies in the market is contingent upon the enforcement of intellectual property laws. Intellectual assets are protected from illicit use and infringement by patents, trademarks, and copyrights. Investment in research and development is stimulated by robust intellectual property protection, which in turn promotes growth that is driven by innovation. Companies frequently participate in patent portfolios to establish defensive and offensive positions in competitive markets. 

Key Players of Electronic Systems and Devices Market

Samsung Electronics

Samsung Electronics, a global leader in the electronic systems and devices market, reported revenues of USD 240 billion in 2023 and USD 255 billion in 2024. The company consistently allocates significant resources to research and development (R&D), with a R&D expenditure of USD 20 billion in 2023, which is rise to USD 22 billion in 2024. Consumer Electronics, IT & Mobile Communications, Device Solutions, and Harman comprise Samsung's principal business segments. The electronic systems and devices market is significantly impacted by the Device Solutions division, which encompasses semiconductors and display panels. Samsung's semiconductor division is a critical component of its operations, accounting for more than 40% of its total revenue. The organization is a prominent supplier of logic processors, including system-on-chips (SoCs) and DRAM and NAND flash memory chips. Samsung is also at the vanguard of advanced semiconductor technology, including the implementation of 5nm and 3nm processes, which are essential for the development of mobile devices and high-performance computing. The Device Solutions division's display panel business, which is another critical component, provides OLED and LCD screens for a variety of applications, such as smartphones, televisions, and industrial equipment. Samsung holds a 20% of the global electronic systems and devices market.

Apple Inc.

In 2023, Apple Inc., a significant participant in the electronic systems and devices market, reported revenues of USD 394 billion and USD 410 billion in 2024. Research and development (R&D) is a significant investment for the company, with a R&D expenditure of USD 27 billion in 2023 and USD 30 billion in 2024. iPhone, Mac, iPad, Wearables, Home and Accessories, and Services comprise Apple's principal business segments. The iPhone segment significantly impacts the electronic systems and devices market. The iPhone is the foundation of Apple's product portfolio, contributing 50% of the company's overall revenue. The iPhone segment's dominance emphasizes the significance of electronic systems and devices in Apple's business model. Apple's A-series processors, which are manufactured by partners such as TSMC and are designed in-house, are essential components that underscore the company's sophisticated semiconductor capabilities. Mac computers, iPads, Apple Watch, and AirPods are among the consumer electronics in which Apple is significantly invested, in addition to smartphones. Apple holds a 15% of the global electronic systems and devices market.

Intel Corporation

In 2023, Intel Corporation, a dominant force in the electronic systems and devices market, reported revenues of USD 75 billion and USD 80 billion in 2024. The company allocates substantial resources to research and development (R&D), with a R&D expenditure of USD 15 billion in 2023, which is rise to USD 16 billion in 2024. Intel's principal business segments consist of the Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Non-Volatile Memory Solutions Group (NSG), and Programmable Solutions Group (PSG). The Client Computing Group, which encompasses personal computer products, generates 50% of Intel's total revenue. Intel's significance in the electronic systems and devices market is underscored by this segment, which is primarily characterized by its CPUs and chipsets. Intel's Core and Xeon processors, which are extensively employed in desktops, laptops, and workstations, are indicative of the company's dominance in the personal computer market. Intel holds a 10% of the global electronic systems and devices market. The Internet of Things Group, Non-Volatile Memory Solutions Group, and Programmable Solutions Group collectively account for 20% of Intel's revenue.

Foxconn (Hon Hai Precision Industry Co., Ltd.)

Foxconn, which is officially known as Hon Hai Precision Industry Co., Ltd., is a prominent contract manufacturer in the electronic systems and devices market. The company's revenues in 2023 were USD 210 billion, and USD 220 billion in 2024. In order to improve its manufacturing capabilities, Foxconn will allocate USD 4 billion to research and development (R&D) in 2023, with increase to USD 5 billion in 2024. Consumer electronics, enterprise computing, cloud computing, and component manufacturing comprise Foxconn's principal business segments. Foxconn's consumer electronics segment is the most significant component of its business, contributing 60% of its total revenue. The critical position of Foxconn in the electronic systems and devices market is underscored by its status as the primary assembler of Apple's iPhones. The company's proficiency in high-volume, high-precision manufacturing allows it to manufacture a diverse selection of consumer electronics, such as tablets, smartphones, laptops, and wearables. Foxconn's revenue is 20% derived from its enterprise computing and cloud computing segments. These segments concentrate on the production of networking equipment, storage devices, and servers for key technology companies. Foxconn's significance in the data center and cloud infrastructure markets is underscored by its partnerships with companies such as HP, Dell, and Amazon. Foxconn holds a 12% of the global electronic systems and devices market.

Sony Corporation

Sony Corporation is a significant participant in the electronic systems and devices market, with revenues of USD 90 billion in 2023 and USD 95 billion in 2024. The company allocates a substantial amount of resources to research and development (R&D), with a R&D expenditure of USD 5 billion in 2023 and USD 5.5 billion in 2024. Game & Network Services (G&NS), Music, Pictures, Electronics Products & Solutions (EP&S), and Imaging & Sensing Solutions (I&SS) comprise Sony's principal business segments. Particularly significant to the electronic systems and devices market is the Electronics Products & Solutions segment, which encompasses products such as smartphones, audio equipment, cameras, and televisions. Around 30% of Sony's total revenue is generated by this segment. Sony's significance in the market is based on its proficiency in high-quality consumer electronics, particularly in audio and visual technologies. Sony generates 25% of its revenue from the Game & Network Services segment, which encompasses the PlayStation gaming console and associated services. The PlayStation 5's success and the expansion of network services such as PlayStation Plus underscore Sony's dominant position in the gaming industry, which is heavily reliant on sophisticated electronic systems. Sony's global market share of electronic systems and devices is  8%.

Recent developments in Electronic Systems and Devices Market

  • January 2024: Synopsys' Chip Design Centre in Noida, which is home to approximately 6,000 engineers from India and accounts for 27% of the company's global design personnel, was inaugurated by Union Minister Rajeev Chandrasekhar. (Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1998873)

Conclusion

Amidst adversity, the electronic systems and devices industry has grown and thrived in recent times. The worldwide market size USD 1.1 trillion in 2023, and USD 1.2 trillion in 2024. By 2031, the market size will be USD 1.7 trillion, with a CAGR of 4.20%. The expansion of smart devices, improvements in semiconductor technology, and the rising popularity of IoT applications are the main forces propelling the industry forward. Due to increased demand for memory chips, processors, and integrated circuits, the semiconductor industry reach USD 600 billion in 2024, up from USD 550 billion in 2023.

The consumer electronics market was at 1.4 billion units in 2023 and reach 1.5 billion units in 2024, firmly establishing itself as a major category. Additionally, there has been a meteoric rise in the demand for 5G-enabled devices, smart home gadgets, and wearables. With the increasing popularity of electric vehicles and autonomous driving technology, the automotive electronics market is experiencing  significant growth, going from a value of USD 300 billion in 2023 to USD 350 billion in 2024. A significant portion of electronic systems were used for industrial automation, which was valued at USD 180 billion in 2023 and USD 200 billion in 2024. The incorporation of AI, robotics, and new manufacturing techniques is the primary force behind this expansion. The worldwide deployment of 5G networks is also contributing to the thriving telecoms industry by improving connection and fueling innovation across a range of electronic gadgets.