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 devices or components that do not require external power to operate. They mainly include resistors, capacitors, inductors and transformers. Passive electronic components play an important role in optimizing circuit performance and efficiency while maintaining proper signal strength in electronic circuits.
Market key trends:
One of the key trends in the passive electronic components market is the growing demand for miniaturized components. With advancements in technology, there is an increasing demand for smaller electronic devices with enhanced performance. This has led to a rising demand for miniaturized electronic components that occupy less space without compromising on functionality. Miniaturized passive components allow fitting more components in limited space and make devices more compact. They also help in reducing manufacturing costs. Continued innovations to miniaturize passive components without deteriorating their electrical properties will be a major trend in the coming years.
SWOT Analysis
Strength: Passive electronic components have wide applications in various industries such as consumer electronics, automotive, industrial and healthcare. This creates a steady demand for passive components.
Weakness: Passive electronic components have lower profit margins compared to active components. They also face intense competition from local players offering cheap alternatives.
Opportunity: Growing electronics and automotive industries fueled by emerging technologies such as autonomous vehicles, connected devices offer immense opportunities for passive component manufacturers. Rapid industrialization in developing nations also boosts demand.
Threats: Economic slowdowns impact the demand for end-use products negatively affecting the passive components market. Additionally, trade wars and geo-political issues pose threats to global supply chains of key players.
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 consumer electronics and emergence of electric vehicles. Advancing technologies require increased passive component integration thus driving the market size which is projected to reach US$ 36.16 Mn by 2023.
Regional analysis: Asia Pacific dominates the passive electronic components market and is expected to grow the fastest during the forecast period. Presence of mature electronics manufacturing industries and low production costs in countries such as China and Taiwan fuels market growth in the region.
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).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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