The Global Passive Electronic Components Market is estimated to be valued at US$ 36.16 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Passive electronic components include resistors, capacitors, inductors which are used in various electronic devices and equipment for voltage regulation, signal filtering, impedance matching etc. They provide path for electric signals to flow while blocking DC current and attenuating signals of unwanted frequencies.
Market key trends:
The growth of passive electronic components market is driven by increasing demand for consumer electronics products such as smartphones, laptops, tablets etc. Moreover, increasing penetration of Internet of Things (IoT) devices across various industry verticals is augmenting the market growth. IoT devices heavily rely on passive electronic components as sensors and connectivity modules which require components like resistors, capacitors, inductors etc. Continuous reduction in size and increasing miniaturization of electronic components is another factor fueling the market growth over the forecast period.
SWOT Analysis
Strength: The passive electronic components market has a wide range of applications in various industries such as automotive, consumer electronics, healthcare etc. This wide application base ensures stable demand.
Weakness: Being a fragmented market with presence of large number of players, the market is highly competitive on the pricing front which exerts pressure on margins.
Opportunity: Growth of industries like automotive, consumer electronics is expected to drive demand for passive components. Also, emerging technologies like IoT and EV are opening new areas of growth.
Threats: Trade disputes can impact supply chain and alter import/export costs. Raw material price volatility also poses a threat.
Key Takeaways
The Global Passive Electronic Components Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from automotive and consumer electronics industries. The automotive industry in particular is demanding more electronic components per vehicle owing to increasing electrification and connectivity.
Regional analysis
Asia Pacific region currently dominates the passive electronic components market holding over 50% share, led by China, Taiwan and other East Asian countries. This is due to presence of large electronics manufacturing base as well as raw material supply in the region. Europe and North America are other major markets driven by demand from industries such as automotive, telecom, healthcare etc. Latin America and Middle East & Africa are expected to grow at higher CAGR over the forecast period.
Key players
Key players operating in the passive electronic components market are Honeywell International Inc., KEMET Corporation (Yageo Company), Arcol UK Limited, Panasonic Corporation, Susumu Co. Ltd., TDK Corporation, Ohmite Manufacturing Company, Vishay Intertechnology Inc., TE Connectivity Ltd., Murata Manufacturing Co. Ltd., KOA Speer Electronics Inc., AVX Corporation (Kyocera Corp.), TT Electronics PLC, Taiyo Yuden Co. Ltd., Coilcraft Inc., Sagami Elec Co. Ltd., Eaton Corporation, WIMA GmbH & Co. KG, API Delevan (Fortive Corporation), Cornell Dubilier Electronics Inc., Wurth Elektronik Group, Yageo Corporation, Bourns Inc., Lelon Electronics Corp., and United Chemi-Con (Nippon Chemi- con Corporation).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
