Market Overview:
The global Passive Electronic Components Market is estimated to be valued at US$32.8 million in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Passive electronic components refer to those electronic components that do not require an external source of energy for their operation. These components are widely used in various electronic devices such as smartphones, television sets, computers, and automotive electronics. They serve as important building blocks in the construction of electronic circuits and help in the smooth flow of electric currents. The need for reliable and efficient electronic devices is driving the demand for passive electronic components in the market.
Market Key Trends:
One of the key trends in the passive electronic components market is the increasing demand for miniaturized components. With the advancements in technology, there is a growing need for electronic devices that are smaller in size, yet more powerful in performance. This has led to the development of miniaturized passive electronic components that offer higher capacitance and resistance values in a compact form factor. These miniaturized components are highly sought after in industries such as consumer electronics, automotive, and aerospace, where space constraints are a major concern. The trend towards miniaturization is expected to continue in the future, driving the growth of the passive electronic components market. Key players in the market include Honeywell International Inc., KEMET Corporation, Arcol UK Limited, Panasonic Corporation, TDK Corporation, and more.
Segment Analysis:
The passive electronic components market can be segmented based on component type, end-use industry, and region. Based on component type, resistors dominate the market and are expected to continue their dominance over the forecast period. Resistors are widely used in various electronic devices and systems to control electric current. They find applications in consumer electronics, automotive industry, telecommunications, and industrial automation, among others. The increasing demand for electronic devices, coupled with advancements in technology, is driving the growth of the resistors segment.
Key Takeaways:
The Global Passive Electronic Components Market Demand is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. This growth can be attributed to several factors, including the increasing adoption of electronic devices in various industries, the growing demand for advanced telecommunications systems, and the rapid development of the automotive sector.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the passive electronic components market. The region has a significant presence of key players and is witnessing substantial investments in research and development activities. The increasing demand for consumer electronics, coupled with the presence of a large consumer base, is driving the growth of the market in this region.
Key players operating in the passive electronic components market include 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). These key players are focusing on strategic partnerships, product launches, and mergers and acquisitions to strengthen their market presence and gain a competitive edge.
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