New York, USA, Aug. 17, 2021 (GLOBE NEWSWIRE) -- A new report on the global chip resistor market has been added by Research Dive to its repository. As per the report, the market is expected to garner $3,330.3 million by 2028, growing at a CAGR of 6.9% from 2021 to 2028. This report provides thorough insights into the present condition sand future outlook of the global industry. The report is drafted by professional market analysts and assures to be a reliable source of data and detailed market insights for new players, investors, prevailing market players, stakeholders, shareholders, etc.
For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/5107
Factors Impacting the Market Growth
Growing demand for consumer electronics products such as smartphones by people worldwide is boosting the growth of the global chip resistor market. Furthermore, rising use of technologies like AI in electronics products, and accelerated growth of the automotive and electronics sector are projected to give rise to profitable opportunities for the market growth during the forecast period. However, fluctuations in the cost of raw materials used in chip resistors is expected to hinder the market growth.
COVID-19 Pandemic Impact on the Market
The abrupt rise of the COVID-19 pandemic has impacted the growth of the global chip resistor industry negatively. The pandemic has led to lockdown of industries and cessation of transportation activities, which has further resulted in disruptions in the manufacturing of chip resistors and their supply chains. However, the growing need for chip resistors mainly from electronics and automotive sectors after the relaxation of lockdown restrictions is likely to drive the market growth in the upcoming years.
The report segments the global chip resistor market into technology, end use, and region.
Thick Film Chip Resistor Sub-Segment to Dominate the Market Growth
Among technology segment, the thick film chip resistor sub-segment is projected to dominate the market by garnering $1,563.0 million by 2028. The growth of this sub-segment is mainly because of the rising demand for electronics and electrical products and upsurge in the need for innovative miniature tools in numerous industries.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/5107
Consumer Electronic Sub-Segment to Hold a Major Market Share
Among end use segment, the consumer electronic sub-segment is expected to experience accelerated growth and garner $444.7 million during the forecast period. The growth of this sub-segment is mostly due to the growing requirement for chip resistors from the consumer electronics sector for manufacturing various electronic devices like tablets, smartphone, and computers.
Asia-Pacific Region to Dominate the Global Market
The report analyzes the global chip resistor market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to lead the global market by garnering a revenue of $1,434.1 million during the estimated timeframe. The growth of this region market is mainly owing to the increasing adoption of advanced electronic devices and growing advancements in electronic products in this region.
Major Players in the Market
The report lists some of the leading players functioning in the global chip resistor industry including -
- Bourns Inc.
- Vishay Intertechnology Inc.
- TE Connectivity
- Koa Corporation
- Tzai Yuan Enterprise Co.
- Susumu Co. Ltd.
- International Manufacturing Services
- Yageo Corporation
- Rohm Semiconductor
- AVX Corporation
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in May 2021, Vishay Intertechnology, Inc., an American manufacturer of discrete semiconductors and passive electronic components, launched a high precision thin film chip resistor for medical, industrial, aerospace, and military applications.
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