Global Passive Electronic Components Market Report and Forecast 2024-2032

Global Passive Electronic Components Market Outlook

The global market for passive electronic components reached a value of about USD 35.43 billion in 2023. The market is further expected to grow at a CAGR of about 4.80% in the forecast period of 2024-2032 to reach a value of around USD 53.97 billion by 2032, owing to the growth in the automotive industry.

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Asia Pacific to be a Significant Regional Market for Passive Electronic Components

The Asia Pacific region is a significant market for capacitors due to considerable growth in China and India. China's automotive industry is rapidly expanding, and the country is becoming increasingly important in the global automotive market. The government considers the automobile industry, especially the auto components sector, a core industry for the country. This is expected to accelerate the demand for capacitors in the forecast period, propelling the passive electronic components market growth. The expanding electronics industry is driving several multinational corporations to establish production operations in Asian countries, independently or through joint ventures with other regional enterprises. This includes large global organisations such as Tyco Electronics, FCI OEN, Vishay, and EPCOS. This is further anticipated to drive the local manufacturing activity of resistors in Asia Pacific. The Asia Pacific region has the highest demand for inductors, with numerous countries such as Japan, China, South Korea, and Taiwan holding enormous factories and foundries for several key passive electronic powerhouses. Due to its fast-increasing semiconductor industry and industrial automation, China is one of the largest sources of demand for inductor components in the current market scenario. Such factors are anticipated to augment the market for passive electronic components in Asia Pacific.

Automotive Industry Expected to Drive the Market Growth

Significant growth in the automotive industry across the globe is expected to create a positive outlook for the market. Passive electronic components are widely used in specialised and high-performing components, such as emergency brake assistance systems and infotainment. Consequently, the rising demand for electric cars (EVs) due to environmental and pollution concerns is propelling the market growth. The increased use of hybrids and electric vehicles (EVs) is significantly reducing the environmental load and increasing the number of electronic control units (ECUs), resulting in increased demand for electronic components, whose miniaturisation and performance improvements have been increasing. The demand for electronic components in automotive applications is driven by new automotive features and functionality such as autonomous vehicle technologies, vehicle-to-vehicle (V2V) communications, advanced driver-assistance systems (ADAS), and other safety and sensing systems such as backup cameras and lane-departure detectors. Passive components such as capacitors are necessary to ensure design stability and interference-free operation.

Market Segmentations

Passive electronic components are electrical parts that do not generate electricity and cannot gain power. They consist of resistors, capacitors, transformers, inductors, and coils. Tantalum, ceramic, aluminium electrolytic, paper, and plastic films are used in their production. These components absorb energy and do not need electricity to function. They are dependable, simple to design, inexpensive, and capable of handling high voltage currents and power without needing a power source or amplifying elements.

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Based on type, the market is divided into:

• Capacitor
  • Ceramic Capacitors
  • Tantalum Capacitors
  • Aluminium Electrolytic Capacitors
  • Paper and Plastic Film Capacitors
  • Supercapacitors
• Inductor
  • Power
  • Frequency
• Resistor
  • Surface-Mounted Chips
  • Network
  • Wire Wound
  • Film/Oxide/Foil
  • Carbon

The end-uses of the components are as follows:

• Automotive
• Consumer Electronics and Computing
• Aerospace and Defence
• Communications
• Others

The regional markets for passive electronic components can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Increasing Digitalisation of Various Sectors Propelling the Market Growth

The passive electronic components market is expected to grow significantly during the forecast period, owing primarily to the increasing digitalisation of various sectors. This will result in increased adoption of consumer electronics across these sectors and increased demand for connectivity and mobility. With these advancements, the complexity of electronic products is also increasing. This is accelerating the demand for passive components in the electronics and automotive industries. The increasing number of product launches, innovations in the consumer electronics sector, the expanding use of inductors in automotive electronics, and the increasing acceptance of smart grids are also contributing to the continuous rise of inductors. The key element driving demand for inductors is the increased need for consumer electronics, such as smartphones, tablets, laptops, set-top boxes, and portable gaming consoles. Apart from this, the increasing use of inductors in medical devices linked with sensors to collect data about patients, significant research and development (RD&D), and the introduction of diverse shapes and geometries of inductors are expected to propel the market forward.

Key Players in the Global Market for Passive Electronic Components

The report gives a detailed analysis of the following key players in the global passive electronic components market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• YAGEO Group
• TDK Corporation
• KYOCERA Corporation
• Murata Manufacturing Co., Ltd.
• Ohmite Mfg Co.
• Nippon Chemi-Con Corporation
• WIMA GmbH & Co. KG
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report