Passive Electronic Components Market Anticipated to Witness High Growth Owing to Rising Demand for Consumer Electronic Devices
The passive electronic components market has been gaining massive traction in recent years. Passive electronic components such as resistors, capacitors, and inductors are widely used in consumer electronic devices such as smartphones, laptops, wearables, and home appliances. The soaring popularity of smart and connected devices has significantly bolstered the demand for passive components in circuit boards and semiconductors. Advancements in technology have enabled manufacturers to design compact devices with more powerful performance using a smaller number of passive components.
The global passive electronic components market is estimated to be valued at US$ 41.66 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period of 2024 to 2031.
Emerging technologies such as Internet of Things (IoT), artificial intelligence (AI), and 5G have opened up new opportunities for applications of passive components in areas of smart homes, autonomous vehicles, and medical devices.
Key Takeaways
Key players operating in the passive electronic components market are ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc. These leading manufacturers are investing heavily in research and development to develop innovative and miniaturized passive component solutions.
There is a rising Passive Electronic Components Market Demand for energy efficient and compact consumer devices which has opened up opportunities for passive component manufacturers to collaborate with OEMs and ODMs in the design and development of next-generation circuit boards. Many players are also focusing on expanding their global footprint by establishing manufacturing facilities in developing Asian and European countries to cater to the growing local demand.
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