When discussing electronic components, a topic that always arises is how the electronics industry has evolved over the years. We regularly hear the term ‘technology was so different when I was younger’ or ‘we never had this back in our day’ thrown around. However, we are so focussed on the past and what we have already accomplished, that we’ve never really thought what the future of electronics holds. So, ask yourself this, where will the electronics industry be in 10 years’ time?
As you know, the electronic component market is one of the fastest growing market sectors globally. Quoted from Global Web Index, 48% of digital consumers say having the latest technological products is very important to them. The demand for the latest electronic devices has been trending for many years and will grow for many more. According to Market Watch, the electronic component sector is expected to grow roughly 5.6% over the next five years and will reach 499,600 million US$ in 2024. Not only electronic sales are predicted to increase within the next five years, so is the sophistication of the components themselves.
In recent years we’ve seen advanced technology such as facial recognition, swipe less cards and virtual reality. However, looking to the future, companies such as Bosch are paving the way for 3D displays in vehicles. If they pull this off, it could be the future of automotive technology. In ten years’, time you may expect many vehicles to have 3D display screens to improve driving techniques and create a more luxury feel. Following the trend of exciting new automotive prospects, Renesas Electronics claimed Nissan Motor have adopted their automotive technology. Renesas quote ‘the driver assistance system combines navigated highway driving with hands-off, single-lane driving capabilities.’ Perhaps in ten years’ time many vehicles will have ‘hands-off’ technology and it won’t be compulsory to physically drive yourself?
On the other hand, in 10 years’ time this may not be the case as some people would not enjoy the idea of having a car drive itself and therefore the feature would be in low demand. As well as this, 3D displays in vehicles may be distracting for drivers and a hazard to road users.
In my opinion, I believe that the electronics industry in 10 years’ time will be so advanced that there will be less demand for jobs compared to 2019. I believe this because robotics is a huge market right now. According to EETimes, Global spending on robotics (including drones) and related services will grow at a compound annual growth rate (CAGR) of 22.8%. At the demand rate which robotics are growing and the new technology which will be implemented by 2029 – robots will be so advanced that they will be able to complete jobs more efficiently than humans. For example, robotics could potentially take over manual jobs such as stacking bricks, cleaning, constructing kitchens etc.
However, I also believe that this may not be the case as this would result in higher rates of unemployment which the Government would disapprove of and implement restrictions of robotics. In ten years’ time, I believe that the electronics industry will be thriving as it is very likely that there will be excellent technological facilities which may be in high demand to improve easy living.
How Do Companies within the Industry Expect the Electronic Component Market to Change In 10 Years?
A quote from Radka Pachinger, Technical Sales & Marketing Engineer at Rhopoint Components:
‘We are definitely expecting a shift in the industries we serve. Some of the traditional ones we offer expertise in now will slow down, but the emerging markets such as renewable energy, robotics, 3D printing, or vertical aerospace will grow. We must work hard to make sure we stay up-to-date with new technologies and markets.’
A quote from Kevin Hess, Senior Vice President of Marketing at Mouser Electronics: 
“In 10 years, we will see technology continue to take huge leaps forward as the digital revolution spreads to every corner of the world. IoT will be in full effect, with more electronic devices and appliances operating with a simple tap on a mobile app. Robotics and AI will also have a larger role in our world, making systems smarter, faster and more efficient.”
What Can You Do to Keep Up with The Electronics Industry within The Next 10 Years?
In my opinion, the best way to keep with electronics is always researching the latest components, electronic devices and trends. If you are a supplier within the electronics industry, my advice would be to regularly research what consumers want and the latest trends. This can be done by surveys online which is free and easy to set up. If you are a manufacturer within the electronics industry, my advice would be to ensure that you are manufacturing electronics in the most environmentally friendly way as that is a big topic now and will continue to thrive in the future. I would also recommend ensuring your products you are manufacturing are for the latest electronic devices.
Overall, the electronics industry will grow and thrive for many years to come. It is such a big market which we have only dipped into. In 10 years’ time the electronics industry will be so advanced that our day to day lifestyles such as cooking, cleaning, driving, and working will be so much more efficient and smarter.
By Amy Leary
