Passive Electronic Components Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 39.17 Billion |
| Market Size (2028) | USD 48.91 Billion |
| CAGR (2023 - 2028) | 4.54 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Passive Electronic Components Market Analysis
The Passive Electronic Components Market size is expected to grow from USD 39.17 billion in 2023 to USD 48.91 billion by 2028, at a CAGR of 4.54% during the forecast period (2023-2028).
- The passive electronics component market witnessed significant growth over the past few years, primarily due to the increasing digitalization of various sectors. This has resulted in the rising adoption of consumer electronics across these sectors and the growing demand for connectivity and mobility. With these advancements, the complexity of electronic products is also increasing. This accelerates the demand for passive components in the electronics and automotive industries.
- Apart from consumer electronics, the automotive industry may witness an augmented demand for electronic components, owing to the expected growth in the demand for electric vehicles, connected cars, and autonomous-driving vehicles over the coming years. Owing to this, the vendors in the market are focusing on offering solutions specific to the industry.
- Passive components also need to perform in harsher environments, with specifications for extreme temperatures, vibration ratings, dust and liquid resistance, etc. High-temperature capacitor technology is a growing trend, especially for ruggedized components that can withstand temperatures exceeding 392°F. Primary applications for this technology include automotive, aerospace, and oil and gas.
- However, passive electronic component manufacturers have been witnessing growing costs in feedstock metals for the last few years. The higher metal prices are largely impacting the mass-produced electronic components consumed in the consumer electronics and automotive sectors.
- With the outbreak of the COVID-19 pandemic and restrictive measures taken to contain the spread of the virus, the supply chain of the electronic components industry was disrupted significantly, impacting the production capabilities of various companies. Although the number of covid infected patients has decreased considerably, salient issues with materials supply for these components persist, challenging the growth of the market studied.
Passive Electronic Components Market Trends
Automotive Industry Expected to Show Significant Adoption
- The increase in hybrids and electric vehicles is rapidly reducing the environmental burden and increasing the number of ECUs (electronic control units), thereby leading to stronger demand for electronic components whose miniaturization and further performance improvements have been rising. The growing market for these vehicles will offer additional growth opportunities to power inductor manufacturers.
- The trend of moving toward electrification places extreme pressure on DC/DC converters to provide stable power over a wide temperature range and deliver high reliability and energy efficiency within tight space constraints, such as the electronic control unit (ECU), owing to the demand for power inductors that can deliver superior characteristics to the industry.
- The new automotive features and functionality due to autonomous vehicle technologies, vehicle-to-vehicle (V2V) communications, advanced driver-assistance systems (ADAS), and other safety and sensing systems, like backup cameras and lane-departure detectors, are driving the demand for electronic components in automotive applications. Passive components, like capacitors, are required to ensure stability and interference-free designs.
- There is also a significant demand for automotive multilayer ceramic capacitors (MLCCs) that combine smaller size, higher capacitance, improved high-frequency characteristics, and a low equivalent series inductance (ESL) to help automakers save space by reducing the part count and increasing reliability.
- Moreover, resistors are finding several applications in the automotive sector, including body areas, cabin/comfort controls, entertainment systems, drive train applications (including alternator systems/starter and a 42V bus), and engine management systems, including sensors and ignition/injection control.
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Asia-Pacific to Witness Highest Growth in the Market
- The Asian-Pacific region is one of the most important markets for capacitors. The automotive industry is proliferating in China, which plays an increasingly important role in the global automotive market. The government views its automotive industry, including the auto parts sector, as one of its country's pillar industries. The Government of China estimates that China's automobile output is expected to reach 35 million units by 2025. This is expected to drive the demand for different passive electronic components.
- Over the past decade, Asia-Pacific has been the prime destination for the manufacture of goods for many countries due to cheap labor, transport, and raw materials. Because of these factors, the manufacturing facilities of many firms are located in the Asia-Pacific region. These companies have been undergoing many changes, like the introduction of trends, such as Industry 4.0, which have been increasing the level of automation in the production processes, thereby leading to increased use of passive electronic components like inductors, owing to their presence in many electronic assemblies.
- Moreover, China has the largest manufacturing industry in the world, offering several opportunities for the market in the region. Moreover, China's industrial output grew by 3.6% in 2022 from the previous year, as per MIIT, despite production and logistics disruptions from COVID-19 curbs. The output of the manufacturing sector was estimated to have risen by 3.1% in 2022, accounting for 28% of China's gross domestic product (GDP), according to the MIIT.
- Additionally, the Asian-Pacific region is on the path to becoming the largest global 5G region by 2025, led by pioneering 5G markets, such as Australia, China, Japan, and South Korea, according to a report by GSMA. The number of launches of commercial 5G networks in these markets is expected to reach 675 million by 2025, which is more than half of the total global 5G launches.
- The growth of smartphones in the region has been exponential, and the number of smartphone users in these countries has been growing rapidly over the past few years. This trend is further expected to increase, owing to the low penetration in developing countries. According to GSMA, for the Asia-Pacific region, the adoption rate of smartphones reached 73% in 2021, and it is projected to increase to 83% by 2025. Passive electronic components like capacitors are crucial components in smartphone antenna systems.
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Passive Electronic Components Industry Overview
The competitive landscape of the global passive electronic components market is fragmented due to several market players globally. The market players are making several product developments and innovations to capture the maximum market share. Moreover, the market players are considering strategic partnerships and investments to gain maximum market traction. Some of the prominent vendors in the market include Panasonic Corporation, TDK Corporation, Vishay Intertechnology Inc., Murata Manufacturing Co. Ltd, etc.
In May 2022, Vishay Intertechnology Inc. introduced a new high-precision thin film wraparound chip resistor for industrial, military, and aerospace applications. In addition to offering the widest resistance value range in the market, the Vishay Sfernice PEP could deliver higher power ratings in smaller case sizes than competing devices, enabling miniaturization and increasing reliability by reducing the mechanical stress on solder joints. These resistors are available in four case sizes from 0402 to 1206 and feature a high-power rating of 1 W in the 1206 case size.
In April 2022, TAIYO YUDEN CO. LTD announced the launch of the AEC-Q200 (reliability qualification test standard for automotive passive components) qualified wire-wound ferrite power inductors LCXH series, which consists of 64 items in 6 sizes, including LCXHF3030QK. These power inductors are designed for use as choke coils or noise filters in power supply circuits for automotive body systems and information systems such as infotainment ECUs.
Passive Electronic Components Market Leaders
KEMET Corporation ( Yageo company)
Panasonic Corporation
TDK Corporation
Vishay Intertechnology Inc.
Murata Manufacturing Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Passive Electronic Components Market News
- Feb 2023: CAP-XX launched its DMV750 ultra-thin 2.2mm prismatic 3V supercapacitor to provide high performance for IoT, medical, and other space-constrained and mission-critical electronic devices. Packing 23% more energy than a 2.7-volt supercapacitor in the same size package, the new supercapacitor provides high peak pulse power to enable either batteryless or more battery-efficient applications.
- Feb 2023: Würth Elektronik introduced an AEC-Q200 certified SMD power inductor, WE-XHMA, particularly suitable for use in DC/DC converters for high current supply and field programmable gate arrays (FPGA), as well as filter applications. It features a current capability of up to 50.6 A saturation current and the ability to handle high current transient peaks.
Passive Electronic Components Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the industry
4.5 Demand and Supply of Palladium and Ruthenium till 2021 and Forecast for 2022
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Complexity of Electronics
5.1.2 Increasing Miniaturized Design Preferences
5.2 Market Challenges
5.2.1 Rising Metal Prices Impacting Component Production Costs
6. MARKET SEGMENTATION
6.1 Capacitors
6.1.1 By Type
6.1.1.1 Ceramic Capacitors
6.1.1.2 Tantalum Capacitors
6.1.1.3 Aluminum Electrolytic Capacitors
6.1.1.4 Paper and Plastic Film Capacitors
6.1.1.5 Supercapacitors
6.1.2 By End-user Industry
6.1.2.1 Automotive
6.1.2.2 Industrial
6.1.2.3 Aerospace and Defense
6.1.2.4 Energy
6.1.2.5 Communications/Servers/Data Storage
6.1.2.6 Consumer Electronics
6.1.2.7 Medical
6.1.3 By Geography
6.1.3.1 Americas
6.1.3.2 Europe, Middle-East and Africa
6.1.3.3 Asia-Pacific (Excl. Japan and Korea)
6.1.3.4 Japan and South Korea
6.2 Inductors
6.2.1 By Type
6.2.1.1 Power
6.2.1.2 Frequency
6.2.2 By End-user Industry
6.2.2.1 Automotive
6.2.2.2 Aerospace and Defense
6.2.2.3 Communications
6.2.2.4 Consumer Electronics and Computing
6.2.2.5 Other End-user Industries
6.2.3 By Geography
6.2.3.1 North America
6.2.3.2 Europe
6.2.3.3 Asia-Pacific
6.2.3.4 Rest of the World
6.3 Resistors
6.3.1 By Type
6.3.1.1 Surface-mounted Chips
6.3.1.2 Network
6.3.1.3 Wirewound
6.3.1.4 Film/Oxide/Foil
6.3.1.5 Carbon
6.3.2 By End-user Industry
6.3.2.1 Automotive
6.3.2.2 Aerospace and Defense
6.3.2.3 Communications
6.3.2.4 Consumer Electronics and Computing
6.3.2.5 Other End-user Industries
6.3.3 By Geography
6.3.3.1 North America
6.3.3.2 Europe
6.3.3.3 Asia-Pacific
6.3.3.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 KEMET Corporation (Yageo Company)
7.1.2 Panasonic Corporation
7.1.3 TDK Corporation
7.1.4 Vishay Intertechnology Inc.
7.1.5 Murata Manufacturing Co. Ltd
7.1.6 AVX Corporation (Kyocera Corporation)
7.1.7 Taiyo Yuden Co. Ltd
7.1.8 Sagami Elec Co. Ltd
7.1.9 WIMA GmbH & Co. KG
7.1.10 Cornell Dubilier Electronics Inc.
7.1.11 Yageo Corporation
7.1.12 Lelon Electronics Corp.
7.1.13 United Chemi-Con (Nippon Chemi-con Corporation)
7.1.14 Bourns Inc.
7.1.15 Wurth Elektronik Group
7.1.16 API Delevan (Fortive Corporation)
7.1.17 Eaton Corporation
7.1.18 Coilcraft Inc.
7.1.19 TT Electronics PLC
7.1.20 KOA Speer Electronics Inc.
7.1.21 TE Connectivity Ltd
7.1.22 Ohmite Manufacturing Company
7.1.23 Susumu Co. Ltd
7.1.24 Arcol UK Limited
7.1.25 Honeywell International Inc.
- *List Not Exhaustive
8. LIST OF CHINESE MANUFACTURERS
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
Passive Electronic Components Industry Segmentation
Passive electronic components are components that consume energy. They do not produce energy and are incapable of power gain. They require no electrical power to operate, and they simply absorb energy.
The Passive Electronic Components Market is Segmented by Capacitors, Inductors, and Resistors.
Capacitors are further segmented into Type (Ceramic Capacitors, Tantalum Capacitors, Aluminum Electrolytic Capacitors, Paper and Plastic Film Capacitors, and Supercapacitors), End-user Industry (Automotive, Consumer Electronics, Aerospace and Defense, Energy, Communications/Servers/Data Storage, Industrial, and Medical), and Geography (Americas, Europe, Middle-East and Africa, Asia-Pacific (Excl. Japan and Korea), and Japan and South Korea).
Inductors are further segmented into Type (Power and Frequency), End-user Industry (Automotive, Consumer Electronics and Computing, Aerospace and Defense, and Communications), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World).
Resistors are further segmented into Type (Surface-mounted Chips, Networks, Wirewound, Film/Oxide/Foil, Carbon), End-user Industry (Automotive, Consumer Electronics and Computing, Aerospace and Defense, and Communications), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
The report offers the market size in value terms in USD for all the abovementioned segments.
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Passive Electronic Components Market Research FAQs
How big is the Global Passive Electronic Components Market?
The Global Passive Electronic Components Market size is expected to reach USD 39.17 billion in 2023 and grow at a CAGR of 4.54% to reach USD 48.91 billion by 2028.
What is the current Global Passive Electronic Components Market size?
In 2023, the Global Passive Electronic Components Market size is expected to reach USD 39.17 billion.
Who are the key players in Global Passive Electronic Components Market?
KEMET Corporation ( Yageo company), Panasonic Corporation, TDK Corporation, Vishay Intertechnology Inc. and Murata Manufacturing Co. Ltd are the major companies operating in the Global Passive Electronic Components Market.
Which is the fastest growing region in Global Passive Electronic Components Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global Passive Electronic Components Market?
In 2023, the Asia-Pacific accounts for the largest market share in Global Passive Electronic Components Market.
Passive Electronic Components Industry Report
Statistics for the 2023 Passive Electronic Components market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Passive Electronic Components analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Passive Electronic Components Market Report Snapshots
