Passive Electronic Components: Fastest Growing Segment Fueling Growth in Passive Electronic Components Market

 

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 are basic building blocks for any electronic circuit design. They include resistors, capacitors, inductors, and transformers. These components regulate signal strength in circuits and prevent failures of electronic devices.

Market key trends:
One of the key trends driving the growth of the passive electronic components market is the increasing demand for miniaturized electronic components owing to the need for compactness in modern electronic devices and components. With rising demand for portable and hand-held electronic devices, there is a need to reduce the form factor of electronic components. Miniaturization allows integration of multiple electronic circuits and components into small footprints without compromising on performance. This is being achieved by development of thinner and compact surface-mount technology (SMT) type passive components.

Segment Analysis
The passive electronic components market is segmented into capacitors, resistors, inductors, and others such as crystals, filters, transformers etc. Capacitors hold a major share of over 25% in the global market currently owing to their wide usage across various applications such as consumer electronics, automotive, industrial, telecommunication, and others. Within capacitors, ceramic capacitors dominate with over 60% share due to their miniature size, high reliability, and cost-effectiveness.

Key Takeaways
The Global Passive Electronic Components Market Size is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand for portable electronic devices.

Regional analysis: North America dominates the global passive electronic components market with over 30% share currently. Asia Pacific exhibits fastest growth in the market with over 10% CAGR driven by massive production of consumer electronics in countries like China, India, Japan, South Korea.

Market size: The global passive electronic components market size was valued at US$ 36.16 Mn in 2023 and is projected grow at a CAGR of 5.0% 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).

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