The global Passive Electronic Components Market is estimated to be valued at US$32.8 million in 2023 and is expected to reach US$ Mn by 2023, growing at a CAGR of 5.0% during the forecast period 2023-2030, according to a report by Coherent Market Insights
Market Overview:
Passive electronic components are essential elements in various electronic devices, such as smartphones, laptops, televisions, and automotive systems. These components include resistors, capacitors, inductors, and transformers, among others. They are used to store, regulate, and control electrical energy in electronic circuits. The demand for electronic devices is increasing due to technological advancements and changing consumer preferences. Consequently, the market for passive electronic components is expected to witness significant growth.
Market Key Trends:
One key trend in the passive electronic components market is the miniaturization of electronic devices. With the constant drive towards making devices smaller, lighter, and more portable, there is a growing demand for miniaturized passive electronic components that can fit into compact electronic devices. This trend is driven by the need for sleeker and more efficient devices, especially in industries like consumer electronics and automotive, where space is a constraint. Miniaturized passive electronic components not only conserve space but also improve overall device performance and functionality.
Porter’s Analysis:
Threat of New Entrants: The threat of new entrants in the passive electronic components market is low. The market is highly specialized and requires significant investments in research and development, manufacturing capabilities, and distribution networks. Established players have already gained economies of scale and have strong brand recognition, making it difficult for new entrants to compete.
Bargaining Power of Buyers: The bargaining power of buyers in the passive electronic components market is moderate. Buyers have the ability to choose from a wide range of suppliers and technologies available in the market. However, the market is highly consolidated with a few major players dominating the industry. This gives these players some negotiating power over buyers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the passive electronic components market is moderate to high. Suppliers have the ability to dictate prices and terms, as they provide critical components that are essential for the manufacturing of various electronic devices. However, manufacturers have the option to switch suppliers if they do not meet their requirements.
Threat of New Substitutes: The threat of new substitutes in the passive electronic components market is low. Passive electronic components, such as resistors, capacitors, and inductors, are essential for the functionality of electronic devices. There are no viable substitutes that can perform the same functions as passive electronic components.
Competitive Rivalry: The competitive rivalry in the passive electronic components market is high. The market is dominated by a few major players who compete fiercely in terms of pricing, product quality, and technological advancements. The industry is characterized by rapid technological advancements and evolving customer demands, which intensify the competition among players.
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 in various industries, including consumer electronics, automotive, telecommunications, and healthcare.
The Asia Pacific region 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 industry players in countries like China, Japan, and South Korea, as well as the increasing adoption of electronic devices in emerging economies like India and Southeast Asian countries.
Key players operating in the passive electronic components market include Honeywell International Inc., KEMET Corporation, 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, TT Electronics PLC, Taiyo Yuden Co. Ltd., Coilcraft Inc., Sagami Elec Co. Ltd., Eaton Corporation, WIMA GmbH & Co. KG, API Delevan, Cornell Dubilier Electronics Inc., Wurth Elektronik Group, Yageo Corporation, Bourns Inc., Lelon Electronics Corp., and United Chemi-Con.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
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