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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Passive electronic components are essential elements in electronic circuits that do not require a power source to perform their functions. These components include resistors, capacitors, inductors, and transformers. The growing demand for technologically advanced devices such as smartphones, tablets, wearables, and automotive electronics is driving the market. These components play a crucial role in enhancing the performance and efficiency of these devices. Additionally, the increasing adoption of Internet of Things (IoT) devices and the rising trend of automation in various industries are further fueling market growth. The need for smaller, lighter, and more energy-efficient components is also propelling the demand for passive electronic components.

Market key trends:
The key trend in the passive electronic components market is miniaturization. With the increasing demand for compact and portable devices, manufacturers are focusing on reducing the size and weight of electronic components. This trend is driven by the need for smaller, more powerful, and energy-efficient devices. Advancements in technology have led to the development of miniaturized passive components that offer high performance in a small form factor. These miniaturized components are widely used in applications such as smartphones, smartwatches, medical devices, and automotive electronics. The miniaturization trend is expected to continue as the demand for smaller and more efficient devices grows.


PEST Analysis:
Political: The political factors impacting the passive electronic components market include government regulations and policies related to the electronics industry. This includes trade policies, import-export regulations, and government initiatives to promote local manufacturing. For example, the imposition of tariffs on imported electronic components can affect the market dynamics.

Economic: The economic factors influencing the market include overall economic growth, disposable income levels, and consumer spending patterns. The demand for passive electronic components is closely tied to the performance of the electronics industry, which in turn is influenced by economic factors. For instance, a booming consumer electronics market can drive the demand for passive electronic components.

Social: Social factors such as changing consumer preferences, lifestyle trends, and technological awareness can impact the passive electronic components market. With the increasing adoption of smart devices and the internet of things (IoT), there is a growing demand for passive electronic components to support these technologies.

Technological: Technological advancements play a crucial role in shaping the passive electronic components market. The development of new materials, miniaturization of components, and advancements in manufacturing processes all contribute to the growth of the market. For instance, the demand for smaller, more efficient components is driving the development of new technologies in the market.

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 the increasing demand for electronic devices and the rapid advancements in technology. The market size is projected to reach USD 32.8 million in 2023.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the passive electronic components market. This can be attributed to the presence of major electronic component manufacturers in countries like China, Japan, and South Korea. The growing consumer electronics industry in the region also contributes to the market growth.

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 have a significant market presence and contribute to the growth and innovation in the industry.

Read more: https://www.ukwebwire.com/passive-electronic-components-market-trends-size/