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.
Passive electronic components are electronic components that do not require a power source to operate but can affect signal flow in a circuit, like resistors, capacitors, inductors etc. They are an integral part of electronic devices as they play major roles including voltage regulation, filtering, timing and signal processing. With rapid innovations and development in consumer electronics such as smartphones, laptops, wearable devices etc., demand for passive components remain robust. Their small size, simplicity and cost effectiveness makes them optimal for mass production of electronic devices.
Market key trends:
One of the key trends in the passive electronic components market is the rising demand for compact and miniaturized components. With consumer electronics continuing to shrink in size while adding more functionality, there is an increased focus on developing passive components that occupy minimal real estate without compromising on performance. Miniaturization allows for higher device density and weight reduction. Nanotechnology plays a vital role in enabling miniaturization through developments such as carbon nanotubes, graphene and quantum dots. Another major trend is the rising adoption of passive components in automotive electronics. Advancements in electric vehicles, autonomous driving technologies and infotainment systems are fueling demand for reliable passive components that can function reliably under harsh automotive conditions.
Threat of new entrants: Low due to high manufacturing costs and need for well-established distribution channels. New companies will face significant challenges to compete with existing key players.
Bargaining power of buyers: High due to availability of alternatives and standardized products from different manufacturers. Buyers can negotiate on price and demand better deal.
Bargaining power of suppliers: Moderate as suppliers have varying capacities and capabilities. Switching costs for buyers are low.
Threat of new substitutes: Low as passive components have highly specialized functionalities and applications in diverse industries. Not easy to develop close substitutes.
Competitive rivalry: Intense among key global players to gain market share and improve customer base through product innovation, partnerships and mergers.
The Global Passive Electronic Components Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period 2023-2030, due to increasing demand for consumer electronics and growth of automotive industry.
The Asia Pacific region dominates the market and is expected to continue its dominance during the forecast period. This is attributed to presence of electronic assembly sites of global brands and flourishing automotive and consumer electronics industries in countries like China and India.
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, Bourns Inc., Lelon Electronics Corp., and United Chemi-Con.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it