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Home » Purchasing Resource Library » 12 Hot Purchasing Trends for 2024
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12 HOT PURCHASING TRENDS FOR 2024

January 10, 2024

Estimated reading time: 4 minutes, 30 seconds



(Image Source: Kiattisak/Stock.adobe.com)

Published September 29, 2023

As we enter 2024, the electronics industry stands on the precipice of change.
Companies are gearing up to meet the evolving demands of the market, driven by
technologies like the Internet of Things (IoT), 5G, artificial intelligence
(AI), and a push toward sustainability. Navigating these dynamic purchasing
trends will require electronics buyers to be vigilant about market shifts and
respond proactively to optimize their purchasing strategy for 2024.

This article offers scenarios to consider as we begin the new year.


1. HIGHLY SOUGHT-AFTER COMPONENTS

Although inventory shortage levels are beginning to stabilize, they are still
causing a scramble for certain components, mainly within the semiconductor
category. Dubbed a "golden screw" situation, these now-rare components continue
to be highly sought after. As overstock depletes through the year, customers are
likely to focus on replenishing inventory levels on core interconnect, passive,
and electromechanical (IP&E) components.


2. DECLINING DEMAND FOR GENERAL PURPOSE SEMICONDUCTORS

General purpose semiconductors, such as memory and standard logic ICs, are
expected to see a decline in demand and pricing. Given the downturn in new
orders compared to device shipments, lead times will likely decrease as well.


3. EVOLVING TECHNOLOGIES

Technologies such as IoT, 5G, and AI are shifting the landscape of demand for
electronic components. IoT continues to flood the electronics market with new
products, increasing the need for electronic components in traditionally
low-tech products such as home appliances and wearables. This surge in
connectivity also creates a ripe environment for 5G implementation, a technology
fast becoming indispensable. Industries like healthcare, security, and education
are now at the forefront of demand.


4. GROWTH IN INFRASTRUCTURE MARKETS

Passive component manufacturers are anticipating demand growth in late 2023 for
some infrastructure markets, including electric vehicle (EV) charging, energy
storage, and renewable energy sectors. Buyers in these sectors should remain
aware of potential shortages as capacity utilization for some suppliers is
relatively low.


5. DECREASING DEMAND FOR CERTAIN COMPONENTS

While there isn't a marked decrease in the popularity of specific components,
some technologies are witnessing a decline. For instance, projectors, flash
drives, printing presses for catalogs and booklets, and manual movie and music
players are some technologies experiencing a decrease in demand. This change in
consumer preferences is likely to affect the market for components used
predominantly in these technologies.


6. RECOVERY FROM SUPPLY CHAIN DISRUPTIONS

Industries are still managing the aftermath of recent supply chain disruptions,
although inventory levels of affected parts are gradually increasing. Authorized
distributors like Mouser Electronics play a pivotal role in this recovery, as
they've had these components on order for a significant time, ensuring these
parts are in stock for purchase as soon as possible.


7. FACTORS AFFECTING AVAILABILITY AND PRICING

Availability and pricing of components are being influenced by factors such as
customer demand, changing technology needs, delivery logistics, production
costs, and government regulations. Customer orders on backorder take precedence
over new orders, often inflating demands and driving up prices from
manufacturers.


8. INFLUENCE OF GREEN TECH

Advancements in sustainability and "green" tech are not just influencing
purchasing trends but also shaping them. Customers are demanding green
technology and incorporating it into their designs. This may limit vendor
options as these products often require certifications, which can impact the
availability of components and the overall project cost. However, the increased
cost to the end user is generally justified by other forms of cost savings and
the overall positive impact on the environment.


9. SURGE IN DATA CENTER INVESTMENTS

The AI revolution, driven partly by advancements like ChatGPT, is prompting
cloud and enterprise data center operators to invest heavily in AI-accelerated
servers and related equipment. The expected surge in server shipments, following
a double-digit drop earlier, will bolster the semiconductor market, particularly
microprocessors (MPUs), memory, programmable logic, and ASIC markets.


10. HEIGHTENED DEMAND IN THE AUTOMOTIVE AND INDUSTRIAL SEGMENTS

Solid demand for EVs and the increasing incorporation of advanced safety systems
in EVs and traditional autos will continue to draw attention from semiconductor
suppliers. An uptick in industrial demand related to power applications is also
expected. Buyers focusing on these areas can expect supply constraints to
continue, with analog and power management components, microcontrollers (MCUs),
and silicon carbide (SiC) and gallium nitride (GaN) products being particularly
challenging to secure.


11. INCREASES IN PRICE AND LEAD TIME

As electronics demand rises in the second half of 2023, buyers who have enjoyed
favorable pricing and lead-time trends may face increases in both. MPUs and
MCUs, analog signal circuits, and transistors could be affected. As such, buyers
should consider initiating their 2024 purchasing programs as early as possible
to take advantage of current conditions.


12. CHANGING CUSTOMER NEEDS AND PREFERENCES

Customer needs and preferences are evolving rapidly. With shortages looming in
certain commodities, customers are increasingly relying on the latest tools and
resources for risk mitigation and long-term forecasting. They are working
closely with distributor partners to stay on top of rapid market changes and
leveraging partnerships to maintain a steady inventory flow.

In 2024, the electronics components purchasing landscape will be shaped by the
evolving demands of the industry, the pressures of supply chain recovery, and
the relentless march of technological innovation.

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