New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the global Passive Components Market revenues are set to total US$ 15.8 billion in 2022. Overall passive component sales are forecast to rise at 4.8% CAGR during the assessment period. taking the overall market size to US$ 25.3 billion by the end of 2033.
Demand in the market remains particularly high for capacitors due to increasing applications in diverse industries. A steady CAGR of 4.7% has been predicted by PMR for the capacitors segment during the forecast period (2022 to 2023)
The ever increasing demand for consumer electronics worldwide is a prominent factor expected to drive the global passive components market during the forecast period.
Passive components are the components that require no external power supply and can operate on their own except for the external alternating current being applied. Capacitors, inductors, diodes, inductors, resistors, and transformers are few examples of passive components.
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These passive components are used in video gaming consoles, televisions, computers, microprocessors, smart watches, smartphones and smart gadgets, and numerous other electronic devices. Hence, growing production and sales of these electronic devices will continue to boost passive component sales during the projection period.
Similarly, rising usage of passive electronics across the thriving automotive industry coupled with growing popularity of electric autonomous vehicles will boost the market during the assessment period.
Key Takeaways from Passive Components Market Report:
- Global sales of passive components are forecast to increase at 4.8% CAGR through 2033.
- Based on product, demand for capacitors is projected to surge at 4.7% CAGR between 2023 and 2033.
- By end users, automotive segment is anticipated to expand at 4.6% CAGR during the forecast period.
- The USA passive components market is forecast to reach a valuation of US$ 4.0 billion by 2033.
- China’s passive components market size is projected to reach US$ 6.4 billion in 2033.
- The United Kingdom passive components market is likely to create an absolute dollar opportunity of US$ 178.0 million by 2033.
“The burgeoning demand for consumer electronics such as smartphones, laptops, televisions, refrigerators, etc. across the world will continue to play a key role in boosting the expansion of passive components market during the projection period,” says a lead analyst at Persistence Market Research.
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Who is Winning?
- KEMET Corp.
- KYOCERA AVX Components Corp
- Murata Manufacturing Co. Ltd.
- NICHICON Corp
- Nippon Chemi Con Corp
- Panasonic Corp
- Ryosan Co
- Samsung Electro Mechanics Co. Ltd
- TAIYO YUDEN CO. LTD.
- Yageo Corp are key manufacturers of passive components.
The worldwide passive components market is highly competitive due to presence of numerous domestic and regional players. To increase their sales and revenues shares are using tactics such as new product launches, partnerships, acquisitions, and facility expansions.
For instance,
- In October 2022, KEMET opened its second factory in North Macedonia which is expected to produce capacitors for the automotive industry and other applications.
Get More Valuable Insights into Passive Components Market
Persistence Market Research, in its new offering, provides an unbiased analysis of the passive components market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
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The study incorporates compelling insights on the passive components market based on
- product (capacitors, resistors, inductors, diodes, transformers)
- end user (consumer electronics, IT & telecommunication, automotive, industrial machinery)
- across several regions.
About the Semiconductor and Electronics Division at Persistence Market Research
Persistence Market Research's highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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