Have you ever considered launching your business based on your electronics business ideas? If you are looking for a business opportunity, the electronic sector will be your best choice, thanks to its rapid development. Keep reading, and you will find the top 15 trending business ideas for electronics engineers you should launch in 2024.
Let’s look at a glimpse of what this article will transfer:
- Overview of the electronics industry
- 15 popular electronics-related business ideas
Contents
- 1. Overview of the Electronics Industry
- 2. Top 15 Popular Electronics Business Ideas
- 2.1 Mobile Repair
- 2.2 Battery Manufacturing
- 2.3 Computer repair and maintenance
- 2.4 E-waste recycling
- 2.5 Home automation business
- 2.6 Online electronics store
- 2.7 Inverter manufacturing
- 2.8 Security system installation business
- 2.9 Solar installation business
- 2.10 Electronic component retailer
- 2.11 LED light manufacturing
- 2.12 Computer and device training services
- 2.13 Computer assembly business
- 2.14 Air compressor manufacturing
- 2.15 Low-cost chip manufacturing
- 2. Conclusion
- 3. FAQs
1. Overview of the Electronics Industry
So, what is the electronics industry?
The electronics industry includes producing electronic equipment and components. Some popular goods you can see daily are smartphones, televisions, CCTV, etc. Currently, businesses that are related to electronics offer great potential, especially after the COVID-19 pandemic. The rapid development of this sector is due to the high demand for computing devices and peripherals in emerging market economies.
By taking advantage of this opportunity, many electronics businesses are launching in the rising wave of the global electronics industry. With the popularity of online shopping, many online startups were established and had many successes. According to Region And Segment Forecasts, the global e-commerce electronics market’s value was USD 641.2 billion in 2021.
However, before launching, it is necessary to carefully choose the most suitable electronic business ideas, which will be covered below.
2. Top 15 Popular Electronics Business Ideas
Exploring small business ideas for your venture? Consider delving into the electronics industry. Here are 15 ideas for you to refer to:
2.1 Mobile Repair
Imagine that each second, Americans break two smartphone screens each year. It means that within an hour, 5,761 screens were broken, and up to 50 million smartphone screens were cracked within one year. This information was collected from a SquareTrade report.
However, to buy a new phone, not many Americans can afford it as 35 the percentage of smartphone owners choose to use broken smartphones.
Therefore, mobile repair can be a perfect business idea in this field if you focus on repairing mobile devices. In addition, you can also offer additional services such as software download, upgrades, backup data, etc.
2.2 Battery Manufacturing
Are you finding a way to start a battery manufacturing industry? Starting a business in this sector can create significant profit revenue.
According to Precedence Statistics, the worldwide battery market is anticipated to be approximately USD 475.37 billion by 2032, with a compound annual growth rate (CAGR) of 16.03% expected from 2023 to 2032.
Based on the numbers provided by the research, battery manufacturing could be one of the most profitable electrical business ideas in the next ten years.
If you have a degree related to electrical engineering, it will support you in this sector as there will be many technical aspects to implement this idea. But don’t worry, if you haven’t gotten this degree, let us know, and we will discuss details about this electronics business idea.
2.3 Computer repair and maintenance
In the digital age, the demand for computer repair is gradually increasing as everyone owning a computer or laptop can be your potential customer.
According to Allied Market Research, by 2031, the expectation for the global consumer electronics repair and maintenance industry is $21.6 billion by 2031 and a CAGR of 3.6% from 2022 to 2031.
The main problems with computers are that:
- Virus infection
- Sudden shutdown
- Software faults
- Hardware faults
- …
With those mentioned resist faults, it is vital to have the proper repair and maintenance services (cleaning, updating software, virus protection, etc.) to remove any risks from computers affecting the customer’s business. It’s time to start your computer repair and maintenance service.
2.4 E-waste recycling
Every year, the environment receives a significant volume of electronic waste. According to the statistics of earth.org, each year, there will be a generation of 50 to 60 million tons of e-waste. It is equivalent to 2-3% of annual worldwide waste. It can be old computers, printers, TVs, chips, mobiles, electronic equipment, old clocks, batteries, etc.
E-waste recycling removes valuable materials from e-waste after they have been broken up into little bits to be recycled into a new electronic device.
E-waste recycling is a rising topic among developing countries and developed countries alike. And so, start your venture by building an e-waste collection business or an e-waste consolidation business.
Now, let’s move on to the following electronic business ideas.
2.5 Home automation business
It would be a lack of this article if the writer didn’t mention the home automation business – an emerging industry. By taking advantage of technological growth, home automation is gradually gaining popularity worldwide by automatically controlling home devices.
It can make life more convenient, energy-efficient, and secure thanks to controlling lighting, temperature, and automatic security systems via home automation systems.
As we mentioned above, it can be said that the home automation business is one of the best electronics shop business ideas to launch in 2024
2.6 Online electronics store
What do you think about building an online electronics store? In this digital age, online businesses related to electronics offer great potential for start-ups. Via online electronics stores, customers can access various electronic equipment and purchase products whenever and wherever they want.
An online electronics store will be a fantastic start-up idea as the store owner can pay only a few fixed costs, such as rent, equipment, etc, and variable costs, such as electricity. In addition, with an online shop, you can access a broader customer base without limitation (but your customers need a smartphone to process the order).
2.7 Inverter manufacturing
Inverter is an electronic equipment or part of a circuit. It is used to change direct current into alternating current.
The demand for this electronic product is exceptionally high because of the wide variety of machines required to use it: coil winding machines, panel meters, electric drills (½”) (pillar type), etc. However, before starting your electronics business idea, it is essential to discover the inverter manufacturing process.
2.8 Security system installation business
More and more customers are looking for a security system installation service that can provide them with security and safety. According to information from Mordor Intelligence, the managed security services market is estimated to increase by 15.2% between 2021 and 2026.
The appearance of the security system has partly dealt with this problem by identifying theft and burglary by using cameras and security devices.
I am starting a security system installation business by carefully planning, researching the security industry, and building the schedule to operate the store.
2.9 Solar installation business
The world is witnessing the fast growth of the solar power industry. Each year, this sector attracts thousands of new customers. However, many people need more support for solar installation or home improvement projects.
In parallel, the solar industry also receives the government’s concern because of its positive effect on the environment and the decrease in its price in the past decade. To sum up, there’s most likely never been a better moment to launch your own company.
2.10 Electronic component retailer
Electronics component retailer refers to all stores, distributors, or other places of business operating to store and sell electronic components.
It is known as the ready-made market thanks to low operation costs, the ability to widen the customer base, and large profits. Its strengths are also why electronic components can be your selection when starting a business. Instead of establishing an online electronic spare parts business like Amazon, Taobao, or TataCliq, diversify your electronic retail shop, and you will be surprised by the profit this business idea brings you.
2.11 LED light manufacturing
Another impressive electronics business idea is to operate small and medium-scale LED light manufacturers. In 2022, the worldwide LED lighting market size was USD 70.94 billion in 2022. And, this number is expected to reach a compound annual growth rate (CAGR) of 11.0% over the next eight years (2023 – 2030).
LED light is identified as the future of lighting as the demand for LED lighting has gradually increased as its effort to maintain a sustainable future, and the price is relatively cheap. Take these electronic business opportunities and launch your own LED light manufacturing business.
Look further into the next business idea: computer and device training services.
2.12 Computer and device training services
This business idea offers computer training services to support clients by offering several levels of training to their customers and employees. Computer and device training services include PC, laptop, software, and networking training.
Providing computer and device training services is the most efficient way to take advantage of the investment. In the digital age, everyone should learn how to use technology products effectively. Therefore, there will be an emerging demand for computer and device training services shortly.
💡Tips: Once you have a good business idea, it’s time to think about building an online store! Find out the best Shopify electronic stores to learn from will be a good start. Note down everything you need to prepare in order to lauch the store successfully!
2.13 Computer assembly business
Computer assembly will be the next business idea this article will share. Due to the high cost of branded computers, many customers choose high-configuration assembled computers. If you’re interested in a laptop manufacturing business, you can think of importing computer spare parts from China to start a small business.
And then, you can gradually scale your business. In addition, you can quickly learn how to assemble computer systems in a week, even if you don’t know how to produce computer parts.
2.14 Air compressor manufacturing
Do you want to start an air compressor manufacturing business?
Manufacturing air compressors is to rotary screw air compressors for industrial purposes. It has been considered for various industrial applications since the early of 20th century. It will also be a promised sector in 2024 due to its significant development.
We can use air compressors for productivity activities at factories and pressing plants in many different aspects: furnishing, HVAC systems, glass-making, pneumatic tools, and metal-fabrication industries.
Build up your business idea with immense potential, and eComStart believes that you will receive tremendous profits from this sector.
2.15 Low-cost chip manufacturing
One more emerging sector attracting more players is low-cost chip manufacturing. The low-cost chip manufacturing industry is witnessing a rapid growth rate as it is necessary for most modern audio devices, both simple and complex, to employ amplifiers.
If you are specialized in this industry, you have already been given a potential opportunity. Spending more time to think about the topic of business ideas and eComStart believes that you will find many things interesting with this business idea.
To top it off, there are many electronics business ideas for you to launch in 2024. However, conducting profound research about your business idea is essential before selecting. Discover more about your new business ideas in the electronics field and build a plan for it. Careful preparation is needed for your business’s success, and if you have any concerns related to implementing and managing a business, eComStart will be here to support you!
2. Conclusion
We hope that this article about electronics business ideas will be useful for you to learn basic information to achieve business ideas in the electronics field. For further information and consultation, read more articles on the website of eComStart.io and contact us to have a deep understanding of your business ideas.
3. FAQs
