The best replacement for component video is hdmi.

The best alternatives to component video are rated as following:
★★★★★  hdmi
★★★  s-video
★★★  composite video
★★  dvi
★  rca
★  scart
★  s video
★  composite
★  vga
★  rgb
★  av
  coaxial cable
  hdmi cable
  hdmi resolution
  coaxial
  dvi which is better
  hdmi video
  hdmi cables
  s-video cable

Your alternative for component video is not listed? Suggest!
Speaking about component video, one probably shouldn't forget about blue ray.

Other search terms related to component video and their ratings are:
★★★★★ blue ray
You have in mind a companion for component video and it is not yet here? Propose!



Google Trends

Scale is based on the average worldwide traffic of component video in all years. Click on graph for more.
component video
hdmi
s-video