The 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.
Passive electronic components are widely used in various industries such as automotive, telecommunications, consumer electronics, and healthcare. These components do not require an external source of energy and are essential for electrical circuits. The market is driven by the increasing adoption of IoT devices, which require passive electronic components for their functioning. Additionally, the growing demand for automotive electronics, such as infotainment systems and advanced driver assistance systems, is further fueling the market growth. The market offers a wide range of passive electronic components, including resistors, capacitors, inductors, transformers, and connectors, among others. These components find applications in various industries for signal processing, energy storage, filtering, and circuit protection.
The passive electronic components market is driven by two main factors, namely the rising adoption of IoT devices and increasing demand for automotive electronics. The proliferation of IoT devices across industries, including healthcare, automotive, and industrial sectors, is creating a significant demand for passive electronic components. These components are essential for connecting and transmitting data from these devices, facilitating seamless communication and functioning. Moreover, the automotive industry is witnessing a rapid transformation with the integration of advanced electronics in vehicles. The demand for infotainment systems, navigation systems, and advanced safety features is increasing, requiring a wide range of passive electronic components. The market dynamics are expected to be further influenced by factors such as technological advancements, miniaturization of electronic devices, and the development of smart cities. Overall, the passive electronic components market is poised for significant growth in the coming years.
The passive electronic components market can be segmented based on product type, end-use industry, and region. In terms of product type, resistors dominate the market segment. This is because resistors are widely used in various applications such as power supplies, motor controls, and lighting systems. The increasing demand for energy-efficient electronic devices and the growing adoption of renewable energy sources are driving the demand for resistors.
In terms of end-use industry, the consumer electronics segment is dominating the market. This is attributed to the increasing consumer preference for technologically advanced electronic devices such as smartphones, tablets, and wearable devices. The demand for passive electronic components in the automotive industry is also growing rapidly due to the increasing deployment of advanced driver-assistance systems and electric vehicles.
Political: The political environment plays a crucial role in the passive electronic components market. Government regulations and trade policies can affect the import and export of these components. The stability of political conditions in key manufacturing countries can also impact the market.
Economic: The economic factors influencing the market include GDP growth, exchange rates, and disposable income levels. The increasing per capita income and technological advancements are contributing to the market growth.
Social: The growing adoption of electronic devices and the increasing demand for energy-efficient solutions are the major social factors driving the market. Changing consumer preferences and lifestyle patterns also influence the demand for passive electronic components.
Technological: Technological advancements such as the miniaturization of electronic devices and the emergence of IoT (Internet of Things) are driving the demand for advanced passive electronic components. The evolution of 5G technology and the development of smart cities also create opportunities for market growth.
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 energy-efficient electronic devices and the growing adoption of renewable energy sources. The consumer electronics segment dominates the market, driven by the increasing consumer preference for advanced electronic devices.
Regionally, Asia Pacific is the fastest-growing and dominating region in the passive electronic components market. This can be attributed to the presence of major electronics manufacturing hubs in countries like China, Japan, and South Korea. The rapid industrialization and urbanization in this region also contribute to the market growth.
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,