The global Passive Electronic Components Market is estimated to be valued at US$ 36.16 Bn 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 electronic components that do not require external power to operate. They are used to regulate voltage and current and filter signals in electronic circuits. Common passive components include resistors, capacitors, inductors and transformers. Passive components play a vital role in optimizing circuit performance.
Market key trends:
One of the key trends driving the growth of the passive electronic components market is the increasing adoption of MLCC (Multi-layer Ceramic Capacitors) across various end use industries like automotive, consumer electronics, telecommunication etc. MLCC capacitors are preferred over traditional capacitors owing to their small size, stability and reliability. They are an integral part of electronic circuits found in various devices. The demand for MLCC capacitors is expected to rise with growing electronics industry.
Segment Analysis
The passive electronic components market is segmented into capacitors, resistors, inductors, and others. Among these, the capacitors segment accounts for the largest share owing to wide use of capacitors in applications such as consumer electronics devices, industrial machinery, and automotive electronics. Capacitors find use in power supplies, frequency control circuits, smoothing DC ripples, filtering harmonics, timers, and coupling circuits. They hold strong positions in circuits requiring storage or transfer of electric energy.
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 adoption of consumer electronics devices and advancements in autonomous & electric vehicles.
Regional analysis: Regionally, Asia Pacific dominated the global passive electronic components market in 2022, and is expected to exhibit highest CAGR over the forecast period. The dominance of Asia Pacific is attributed to presence of leading players and growing electronics manufacturing industry in countries such as China, Taiwan, Japan, and South Korea.
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).
