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Global Distributors Enjoy Double-Digit Growth in 2018

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Global Distributors Enjoy Double-Digit Growth in 2018 -- / -- Was 2018 the 'Good Old Days'? In the electronics industry, fortunes can turn on a dime. After two years of component shortages and soaring demand, the supply chain hit “pause” in 2019. The market dramatically softened at the beginning of the year and has been trending downward since. Electronics distributors enjoyed a robust 2018. Among leaders in North America, 27 distributors posted double-digit sales growth. In the global market, some did even better. Expectations of more electronics content in cars finally reached fruition, and latest- generation consumer devices gobbled up resistors, capacitors and other commonly-used components. Fast forward to 2019. Avnet Inc., North America’s No. 2 distributor, reported its fiscal Q4 sales declined 7.5 percent from the prior year; No. 1 Arrow Electronics Inc.’s calendar Q2 sales declined 1 percent. Distributors cited margin pressure, softening demand and global trade tensions as headwinds. But 2018 saw strong growth over multiple industry sectors: military/aerospace, industrial, medical and transportation. Automakers’ demand for capacitors contributed to MLCC shortages in 2018, although distributors said they were able to support customers’ demand. Capacitors may be the bright spot in an otherwise soft 2019 market: TTI’s Jeff Ray, in a September TTI Insights article, said MLCCs “appear” to be more readily available than they were in 2018. “Given these supplies, one could almost assume that the risk to manufacturers’ supply chains has subsided,” Ray said. “That simply isn’t the case.” MLCC makers, in 2018, began to shift capacity away from certain case sizes and capacitance ranges. This pressured supply during the year. “As we entered Q3 2019, the MLCC market was in ‘the eye of the storm,’” said Ray. ”Between a wave of products going through end-of-life and leaving production and increasing need for components in high-consumption applications such as mobile devices, vehicles and Internet of things devices, the MLCC market will tighten once more.” Interconnect sales also drove distribution growth in 2018 as interconnect distributors outpaced their peers. Interconnect sales grew by 37 percent in 2018, reaching $3.4 billion, compared with five percent growth in 2017. The top 10 interconnect distributors reported $3.1 billion in connector sales, up from $2.2 billion in 2017. Distributors’ 2018 chip sales grew 9.6 percent. The top 10 semiconductor distributors posted $5.6 billion in chip sales, compared with $4.9 billion in 2017. Although the current global electronics market is at best unsettled, distributors did well internationally in 2018. The top North American distributors increased their global sales by 13.1 percent in 2018, up from 10 percent growth in 2017. Top distributors’ global revenue reached $70.3 billion in 2018, up from $62.1 billion in 2017. North American distributors derive the majority – 45 percent -- of their global sales from the Americas, down from 49 percent in 2017. A September survey by Technology Partners Consultants indicated distributors may see some market improvement in the third quarter. “The quarter over quarter (q/q) demand outlook for calendar Q3 improved, while calendar 4Q’s outlook stayed generally the same,” TPC said. “Both quarters are viewed as sub seasonal compared with last year.” TPC surveys more than 25,000 electronics industry professionals. For Q3, 24 percent of respondents expect weaker q/q growth compared with 30 percent previously; 47 percent see better growth. Twenty-two percent view Q3 as sub seasonal vs. 21 percent who see it above seasonal. This remains weaker than in the previous two years, reported TPC. Calendar Q4 survey data shows generally in-line q/q demand growth expectations compared with the previous two years. However, bookings expectations are slightly improved vs. the previous two years. Pricing continues to erode into Q3, TPC said, where a third of the respondents see Q3 pricing decreasing by two percent q/q and getting worse in Q4. EPSNews’ annual distribution survey found resellers continue to add services to offset eroding prices. Assisting customers with product designs is a leading strategy. Broadline distributors – which carry multiple product lines – focus on “soup to nuts” solutions in a variety of applications. IoT is particularly lucrative as many designers have not established a supply chain to support their products. Distributors are also able to assist in network security through software integration. However, given that Americas sales declined from 49 percent in 2017 to 45 percent in 2018 for the Top 50, distributors may have to look globally to increase future sales. Expanding into new markets was the second most popular growth strategy in 2018. Barbara Jorgensen, editor-in-chief, EPSNews / -- Table of Contents 2 Editor's Note Is 2018 already the 'good old days?' After two years of growth, the market is taking a turn . 5 Distribution Market Takes Sharp Turn After Robust 2018 In 2018, the top NA franchised distributors increased revenues by nearly 11 percent. 16 Top 50 North American Franchised Distributors Ranking Franchised distribution leaders 17 Global Distributors Enjoy Double-Digit Growth in 2018 As good as 2018 was for North American distributors, it was better for global distributors. 20 TTI Resilient in the Face of Mercurial Market Cycles TTI has weathered a lot of market cycles since its founding in 1971 by Paul Andrews Jr. 22 Top Global Distributors Ranking Global distribution leaders 24 Independents & Hybrids Raise Their Global Profile Suppliers have found independents can promote their products to an extensive, global customer base. 28 Independents Benefit From Shortages Fusion Worldwide is now a billion-dollar global distributo r. 30 The Playing Field is Leveling for Franchised, Hybrid and Independent Distributors The global flexibility of independent distributors has made them attractive to many customers. 32 Sourcing Guide / -- / - Distribution Market Takes Sharp Turn After Robust 2018 By Gina Roos The North American (NA) franchised distribution industry in 2018 posted strong growth for the second year in a row. The clear winners during any allocation period are distributors. In 2018, the top NA franchised distributors increased revenues by nearly 11 percent. As the industry awaits the end of Q3 2019, the prospects aren’t so good. Sales at publicly traded distributors declined in Q2 and are expected to remain soft. The U.S. manufacturing industry contracted for the first time in three years. 2018 already looks like the good old days. These are the key findings of EPSNews' exclusive electronics distributors survey. North American revenue for the top franchised electronics distributors increased by 10.9 percent to $30 billion in 2018, up from $27.1 billion in 2017, according to EPSNews’ annual survey. In 2017, the industry grew by 8 percent. Increased demand across several sectors and extended lead times for several product types fueled growth as component manufacturers hesitated to ramp up production capacity. Average selling prices (ASPs) increased, particularly for memory ICs. 2018 was another example of a robust year that was compounded by buyers exhibiting scarcity concerns and building inventory beyond the real supply constraints in a finite number of areas such as MLCC capacitors and certain discrete and linear families. --Dave Doherty, president, Digi-Key Distributors added to their head count in 2018. Of the 44 distributors that provided employee data, 31 added to their head count; eight maintained employee levels and five cut their workforce. Semiconductor sales accounted for 59 percent of the total NA distribution sales in 2018, up from 57 percent in 2017. Passives/electromechanical sales remained level at 23 percent. / Fifteen percent of sales came from interconnects in 2018, and the balance from computer and other component sales. Interconnect sales grow the fastest Interconnect distributors outpaced their peers. Interconnect sales grew by 37 percent in 2018, reaching $3.4 billion, compared to five percent growth in 2017. The top 10 interconnect distributors reported $3.1 billion in connector sales, up from $2.2 billion in 2017. Computer product sales dropped significantly in 2018, indicating that fewer distributors are selling these products. Computer-related sales dropped from $6.3 billion in 2016 to $1.5 billion in 2017 to only $186.7 million in 2018. Sales of “other” components rebounded in 2018. Sales grew by 23.7 percent in 2018, reaching $598.5 million, after dropping 3.5 percent in 2017. Other components include batteries, power, thermal products, filter components, chemicals, automation & control, test & measurement, and hardware. Semiconductors registered 9.6 percent sales growth in 2018, reaching $13.9 billion, compared to six percent growth in 2017. The top 10 semiconductor distributors posted $5.6 billion in chip sales, compared to $4.9 billion in 2017. Despite continued supply constraints for some resistors and capacitors, passives/electromechanical component sales grew by 8.8 percent in 2018, reaching $5.3 billion, compared to 11 percent growth in 2017. The top 10 passive/EM distributors posted $2.7 billion in sales in 2018, the same as the previous year. Together, the interconnect, passive and electromechanical (IP&E) segment grew by 18.3 percent in 2018. IP&E components typically make up 80 percent of a printed circuit board. Although these devices are relatively low priced, the sheer volume demand for these components continues to keep the IP&E market lucrative. These products are also becoming smaller and designers can fit more on a board. However, many IP&E suppliers have been conservative in adding capacity and were caught short-handed last year. Component sales are based on responses from 43 distributors-- several of the top 10 distributors did not break out sales by component type. / Last year’s shortages were as much about market behavior as they were about products, . suggests Dave Doherty, president of Digi-Key. “Despite the fact that we think we are getting smarter, emotion continues to play a role in the supply chain,” he said.
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