Passive Electronic Component Devices Market Size, Share, Opportunities And Trends By Type (Capacitors, Resistors, Inductors, Others), By End-user (Automotive, Industrial, Aerospace And Defense, Energy, Communications/Servers/Data Storage, Consumer Electronics, Medical), And By Geography - Forecasts From 2023 To 2028

The Passive Electronic Component Devices Market is projected to grow at a CAGR of 7.40% to reach US$12.446 billion in 2028 from US$7.551 billion in 2021.

The passive electronic component does not require any kind of electrical power to operate. Although they cannot produce energy, passive components can store or release energy and are made up of coils, inductors, transformers and capacitors. The market for passive electronics has expanded dramatically in recent years because of increasing digitalization of many industries and excess use of consumer electronics. The complexity of electrical items has also increased as a result of these improvements. Use of passive electronic components has also increased in telecom and automotive industries. The constant growth of inductors is currently due to a number of factors including an increase in product releases, developments in the consumer electronics sector, an increase in the use of inductors in automotive electronics and a rise in smart grid adoption. Passive components with premium voltage, capacity and reliability have a strong demand in the EV charging stations. The market is expanding favorably as a result of the increased miniaturization of passive electrical components that can be employed in consumer devices like speakers, cameras, and smartphones.

The rising demand for passive electronic components will boost the market

Electronic gadgets are growing more complex as a result of technological breakthroughs, largely as a result of consumers rising need for compact or thin equipment. Different types of electronic devices including computers, mobile phones, laptops, industrial and medical equipment use passive electronic components. The huge expansion of the global vehicle sector is producing a positive outlook for the market. In specialized and high-performing components like infotainment and emergency braking assistance systems, passive electronic components are frequently used. Accordingly, the market expansion is being aided by the rising demand for electric vehicles (EVs) brought on by worries about emissions and the environment. According to the International Energy Agency (IEA), about 1.8 million electric vehicles (EVs) were registered in the United States in 2020, more than three times as many as in 2016. According to IEA data, Europe experienced the largest rise in EV sales from 2016 to 2020, with a compound annual growth rate of 60%, compared to gains of 36% in China and 17% in the United States. Smaller package designs with the same capacitance or resistance as earlier, bulkier versions are becoming more and more necessary for 5G chip manufacturers. To meet this need, producers of passive components provide larger choices in smaller size designs. Extreme temperatures, vibration ratings, requirements for dust and liquid resistance, and other harsher environments all place demands on passive components to perform. The oil and gas, aerospace, and automotive sectors are where this technology is most commonly used. Demand is expected to rise as a result of a number of developments in the healthcare sector, including the creation of larger hospital equipment, medical wearable devices. The market for passive components is anticipated to continue to be dominated by Asia Pacific region. A significant element driving demand for passive components in the Asia Pacific market is the swift expansion of the consumer electronics and automotive industries across nations like China, India, and Japan.

The Asia Pacific area is anticipated to rule the market over the forecast period.

India, China, Japan, and South Korea are the leading nations with promising growth possibilities due to the presence of various market participants in the Asia-Pacific region, which is predicted to dominate the market. Factors such as technological enhancements, exponential growth of smartphones in regional countries and smart city initiatives boosting the digitalization growth are expected to boost the growth of the regional market over the forecast period. According to Groupe Speciale Mobile Association (GSMA), the Asian-Pacific region is on the path to becoming the global largest 5G region by 2025 which will also fuel the growth of passive electronic components market.

Key Developments

• May 2022: A new high precision thin film circuit chip resistor for industrial, military, and aerospace applications was unveiled by Vishay Intertechnology Inc. The Vishay Sfernice PEP could give higher power ratings in smaller case sizes than rival devices in addition to having the broadest resistance value range on the market. This allowed for miniaturisation and improved reliability by lowering the mechanical stress on solder joints.
• April 2022: A joint venture between Amperex Technology Limited and Contemporary Amperex Technology Co., Limited has been announced by TDK Corporation as having a finalised agreement. announcement on April 28, 2021, on a business partnership and the creation of a joint venture with CATL. TDK Corporation now offers a new series of EPCOS MKP-Y2 capacitors for the suppression of interference. The new capacitors have a maximum allowed working temperature of 125 °C. Automotive applications are typical domains of application for the new Y2 capacitors.

Segmentation:

• By Type
  • Capacitors
    • Ceramic Capacitors
    • Tantalum Capacitors
    • Aluminum Electrolytic Capacitors
    • Paper and Plastic Film Capacitors
    • Supercapacitors
  • Resistors
    • Surface-mounted Chips
    • Network
    • Wirewound
    • Film/Oxide/Foil
    • Carbon
  • Inductors
    • Power
    • Frequency
    • Others
• By End-User
  • Automotive
  • Industrial
  • Aerospace and Defense
  • Energy
  • Communications/Servers/Data Storage
  • Consumer Electronics
  • Medical
• By Geography
  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • South America
    • Brazil
    • Others
  • Middle East and Africa