The 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 such as capacitors, resistors, inductors, transformers, and filters are key electronic components used in various applications across industries such as automotive, consumer electronics, telecom, industrial etc. They are used to regulate voltage and current, store charge, block DC while passing AC, tune circuit performance and provide physical support in electronic circuit boards and devices.
Market Dynamics:
The passive electronic components market is witnessing robust growth owing to increasing demand from automotive and consumer electronics industries. The growing adoption of electric vehicles has surged the demand for passive components needed in car infotainment systems, battery management systems and other electrical systems. Additionally, the proliferation of consumer electronic devices such as smartphones, smart watches, LED TVs, home appliances etc. is fueling the market growth. However, availability of low cost alternatives and strong competition from Chinese manufacturers are restricting the market growth.
SWOT Analysis
Strengths: The passive electronic components market benefits from the growing demand for consumer electronics globally. Passive components simplify circuit design and reduce costs. They offer benefits like compact size, durability, and stability.
Weaknesses: Components like capacitors, resistors, and inductors have low profit margins for manufacturers. Counterfeiting of passive components is also an issue affecting the market. Dependence on raw material price volatility further raises component costs.
Opportunities: The integration of passive components in automotive electronics and medical devices will provide new avenues for market growth. Advancements in materials will improve properties of passive devices and spur greater adoption across industries.
Threats: Geopolitical issues affecting trade between countries create uncertainties in the supply chain. Localization policies in some regions challenge global manufacturers.
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 for portable consumer electronics and growing adoption of battery-powered devices. Miniaturization of electronics and focus on power efficiency will further drive the need for passive components in electronics. The market size is estimated to reach US$ 49.21 Mn by 2030 from US$ 36.16 Mn in 2023.
Asia Pacific dominates the global passive electronic components market and is expected to continue its dominance, growing at a CAGR of 5.5% during the forecast period. This can be attributed to the large production bases and consumer electronic manufacturing hubs in China, Taiwan, South Korea, and other Southeast Asian countries.
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
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