The 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.
Market Overview:
Passive electronic components such as capacitors, resistors, inductors, transformers, and filters are key electronic components used in various applications across industries such as automotive, consumer electronics, telecom, industrial etc. They are used to regulate voltage and current, store charge, block DC while passing AC, tune circuit performance and provide physical support in electronic circuit boards and devices.
Market Dynamics:
The passive electronic components market is witnessing robust growth owing to increasing demand from automotive and consumer electronics industries. The growing adoption of electric vehicles has surged the demand for passive components needed in car infotainment systems, battery management systems and other electrical systems. Additionally, the proliferation of consumer electronic devices such as smartphones, smart watches, LED TVs, home appliances etc. is fueling the market growth. However, availability of low cost alternatives and strong competition from Chinese manufacturers are restricting the market growth.
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