Passive Electronic Components Market Size, Share, Industry Trends and Forecast to 2030

Passive Electronic Components Market Size & CAGR in 2021

The global passive electronic components market is expected to have a growth rate of 4.25% CAGR from 2021 to 2028. By the end of 2021, the market size is projected to reach USD 42.56 billion. The increasing demand for electronic devices across various industries is one of the primary factors driving the growth of the passive electronic components market.

COVID-19 Impact on the Passive Electronic Components Market

The COVID-19 pandemic had a significant impact on the passive electronic components market in 2020 and 2021. With disruptions in the global supply chain and manufacturing processes, there was a temporary slowdown in the production and distribution of passive electronic components. However, as the world gradually recovers from the effects of the pandemic, the market is expected to bounce back and witness steady growth in the coming years.

Passive Electronic Components Dynamics

The passive electronic components market is driven by the increasing adoption of electronic devices in various sectors such as healthcare, automotive, telecommunications, and consumer electronics. With the rise in IoT devices and the growing trend of digitalization, the demand for passive electronic components such as resistors, capacitors, and inductors continues to grow. Additionally, advancements in technology are leading to the development of more compact and efficient passive electronic components, further fueling market growth.

Segments and Related Analysis

1. Resistors

Resistors are one of the key segments in the passive electronic components market. The increasing demand for resistors in electronic circuits for limiting current flow and voltage division is driving the growth of this segment.

2. Capacitors

Capacitors are essential components for storing and releasing electrical energy in electronic devices. The growing adoption of capacitors in smartphones, laptops, and other consumer electronics is boosting the demand for this segment.

3. Inductors

Inductors play a crucial role in electronic circuits by storing and releasing energy in the form of magnetic fields. With the increasing use of inductors in power supplies, RF circuits, and filters, the market for inductors is witnessing significant growth.

By Region Analysis

1. North America

North America is a key region in the passive electronic components market, with the presence of major players and a strong focus on technological advancements. The increasing demand for electronic devices in sectors such as healthcare and defense is driving market growth in this region.

2. Europe

Europe is another significant market for passive electronic components, with a well-established electronics industry and growing investments in research and development. The increasing adoption of electric vehicles and renewable energy technologies is driving the demand for passive electronic components in this region.

3. Asia Pacific

Asia Pacific is a rapidly growing market for passive electronic components, driven by the presence of manufacturing hubs in countries like China, Japan, and South Korea. The increasing investments in infrastructure development and the growing consumer electronics industry are propelling market growth in this region.

Key Market Players and Competitive Landscape

Some of the key players in the passive electronic components market include Murata Manufacturing Co., Ltd., TDK Corporation, AVX Corporation, Vishay Intertechnology, Inc., and KEMET Corporation. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.

Recent Happenings in the Passive Electronic Components Market

In recent years, the passive electronic components market has witnessed several developments, including the launch of new products, collaborations between industry players, and advancements in manufacturing processes. For example, Murata Manufacturing Co., Ltd. introduced a new series of ceramic capacitors with enhanced reliability and performance for automotive applications. These developments are expected to drive further growth and innovation in the passive electronic components market.