Europe Semiconductor Device In Consumer Industry Market Size

Europe Semiconductor Device in Consumer Market Analysis

The Europe Semiconductor Device In Consumer Industry is expected to grow from USD 6.85 billion in 2024 to USD 9.15 billion by 2029, at a CAGR of 5.97% during the forecast period (2024-2029).

• Europe is home to an established consumer electronic sector supported by a robust high-tech interconnectivity environment. Demand for consumer electronic products is changing due to technological advances and trends in smart offices and homes, which is anticipated to excel in the market growth during the forecast period.
• The bulk of consumer electronic devices contain semiconductors. Semiconductor parts, including integrated circuits, diodes, and transistors, are used in appliances like microwaves, refrigerators, computers, gaming consoles, and mobile phones. The semiconductor materials used in power electronics directly impact the system's efficiency.
• The consumer electronics industry in Europe is expected to expand significantly over the following years due to the region's high internet penetration. The demand for innovative wearable technology and devices will rise as smartphone usage grows.
• In addition, many consumers are switching from semi-automatic to completely automated household appliances to improve their quality of life. With annual increases in per capita income, Germany, the United Kingdom, and France are just a few of the many nations that have increased demand for tiny electric appliances. These trends will be the emerging factors for driving market growth.
• Due to the COVID-19-related spike in demand, primarily caused by increased expenditure on consumer electronics, there was a heightened need for more chips. However, in the post-COVID-19 scenario, the growing demand for consumer electronics goods and rapid adoption of 5G cellular networks will create the opportunity to develop new 5G-enabled smartphones, propelling the market growth in the projected period.
• As a result of the European Chips Act and other subsidy programs, supply chain stability, semiconductor flexibility, and increased innovation will help the industry in the coming years.
• Re-globalizing the supply chain will increase its resilience and reduce the likelihood of future shortages by dispersing it across the EU region. This may give the Consumer Electronics industry access to innovative chipsets with smaller form factors, artificial intelligence (AI) capabilities, and a reliable supply of the semiconductors needed for product roadmaps.