Austin, July 19, 2024 (GLOBE NEWSWIRE) -- The Passive and Interconnecting Electronic Components Market Size reached USD 187.65 Billion in 2023 growing at a CAGR of 5.28% from 2024-2032 to achieve a market size of USD 297.42 Billion by 2032.
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The development of smaller and more efficient passive components, such as multilayer ceramic capacitors and chip inductors, is expected to drive market growth. In the automotive sector, the shift towards electric vehicles (EVs) and the integration of advanced driver assistance systems (ADAS) and automated driving systems (ADS) are driving the demand for high-reliability passive components. According to the Governor’s Highway Safety Association, to recover the initial investment, over 95% of all new models sold would have to feature at least one ADAS. Currently, over 90% of vehicles on sale in the U.S. offer at least one advanced system, and there is a commitment to making Automatic Emergency Braking standard by 2022.
The industrial sector is also witnessing a surge in demand for passive and interconnecting components due to the increasing adoption of automation and advanced manufacturing technologies. The need for reliable and efficient components in industrial automation and robotics applications is driving market growth. Electrical and electronic industries are major contributors to the robotics market, and it is projected to provide a revenue of USD 2.62 billion by 2024. Even though the growth would be at a modest CAGR of 1.31% over the next four years, the market is well on its way to generating a revenue of USD 2.76 billion by 2028. In this industry, China will be in the lead and will be generating a significant share of the global revenue, i.e., USD 761.3 million by 2024.
Passive and Interconnecting Electronic Components Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 187.65 billion |
| Market Size by 2032 | USD 297.42 billion |
| CAGR | 5.28% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis:
By Components:
Interconnecting: The interconnecting segment held the largest revenue share of 55.0% in 2023. The segment's growth is credited to the need for a reliable and secure method of connecting different electronic components in an electronic circuit. Connectors allow manufacturers to easily assemble, repair, or upgrade various components of an electronic system. As such, their versatility is critical in the modern technologically advancing world where adaptability decreases costs and shortens the time to market for new products.
Passive: The passive segment captured the fastest CAGR during the forecast period 2024-2032. Advancements in smaller passive electronic components that can fit in all devices are the major reason for the market growth. The increasing demand for miniaturized and efficient components in consumer electronics and automotive applications is driving the growth of this segment.
By Application:
Consumer Electronics: With a market share of 35.0% in 2023, the consumer electronics segment captured a leading position in the market. The increased growth of consumer electronics, such as smartphones and home appliances, comprises one of the major factors contributing to the dominance of the market rise by the segment.
Automotive segment is growing with a fastest CAGR during the forecast period. The rise of the segment is attributed to the increased application of vehicle electrification, the improved sales of ADAS technologies, and the growing integration of connected car technologies in vehicles. For example, Murata Manufacturing Co., Ltd., has developed a new series of high capacitance of the compact type of high-capacitance capacitors for the automotive market, comprising of improved reliability.
Key Regional Developments:
Asia Pacific region is dominating with a market share revenue of 47.15% in 2023. The growth of the electronics manufacturing base and technical advancements of 5G technology boost the market in the region. There is a wide range of electronic products manufacturing and exporting companies in the region, which significantly raises the target market’s growth rate. China is a worldwide leader in the manufacturing of electronic components. Although a wide range of the industry’s companies document-producing large firms already exists, the market growth in the country is tremendously driven by the well-developed base of electronics manufacturing.
The North American market is expected to grow at a CAGR of 5.68% from 2024 to 2032. The rising demand for advanced technologies as well as increasing industrial automation is mainly increasing the market. The U.S. and Canadian governments and businesses invest in such technological advancements as AI, IoT, etc. These technologies require a wide range of passive and interconnecting electronic components as well as increasing industrial automation, which significantly boosts the target market’s growth rate. The anticipated rise of the 5G network infrastructure significantly boosts the market demand for new installation of networks and telecom devices.
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Recent Developments:
- In July 2024, Toshiba introduced a series of eight high-voltage compact electronic fuses. The TCKE9 Series provides multiple functions for power supply operation. The first two products, TCKE903NL and TCKE905ANA, are now being shipped. Others will be available shortly. Due to their reliability and efficiency, these fuses can be effectively employed in CE and automotive applications.
- In July 2024, a series of 20 new devices for the KAM Series of MLCCs was launched by Kyocera. These components are primarily intended for small vehicle circuits and feature high capacitance to reduce component quantities. The new components will assist automotive engineers in optimizing, among other things, their EV, ADAS, and ADS designs.
Key Takeaways:
- Analyzing the passive and interconnecting electronics components market drivers, opportunities, and growth factors.
- Get knowledge about the competitive landscape and the recent events in the passive and interconnecting electronic components market to most effectively position your business.
- Track product launches and technological advances that are driving the passive and interconnecting electronic components by the key market players.
- Regional marketing analysis covers this market area to identify the current trends and potential for growth custom-tailored by products and geography.
- Plan and be aware of future potential market changes to learn and improve your business solution.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Passive and Interconnecting Electronic Components Market Segmentation, By Components
8. Passive and Interconnecting Electronic Components Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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