Passive Electronic Components Market set to Witness High Growth owing to Rising Demand for Consumer Electronics

 
Passive Electronic Components Market Demand 

The passive electronic components market is estimated to grow significantly over the forecast period. Passive components such as resistors, capacitors, and inductors play a crucial role in regulating voltage and current flow in various electronic devices. The growth can be attributed to the rising demand for smartphones, laptops, televisions, and other consumer electronic appliances.

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 2024 To 2031.

Key Takeaways

Key players: Key players operating in the passive electronic components are ABB Ltd., LG Chem, Ltd., Samsung SDI Co., Ltd, General Electric Company, and Tesla Inc.

Key opportunities: Growth in applications of  Passive Electronic Components Market Demand and connectivity of devices is expected to offer lucrative opportunities for market players. Moreover, emergence of new technologies such as 5G networks will further propel the demand.

Global expansion: North America dominates the global market owing to established electronics industry and early adoption of advanced technologies. However, Asia Pacific is expected to witness fastest growth on back of rapidly expanding consumer durables sector in China and India.

Market Drivers

Rising demand for consumer electronics is the key driver augmenting the growth of passive electronic components market. Devices such as smartphones have become an integral part of people's lives which has significantly fueled the sales of various electronic components over the years. According to estimates, over 6 billion smartphones will be in use by 2023 which will continue to drive volume demand. Furthermore, proliferation of internet of things (IoT) devices and advancing technologies such as artificial intelligence and 5G networks will remain crucial enablers.

PEST Analysis

Political: Regulations around emissions and push for sustainable energy will drive the Electronic Components Market Size and Trends. Governments are providing subsidies for adoption of EVs.

Economic: Global economy recovering post pandemic and investments in infrastructure will support market growth. Rising disposable incomes will increase demand for consumer electronics and automotive.

Social: Rising environmental concerns and demand for greener alternatives in transportation sector. Increasing health awareness is driving wearable technology adoption.

Technological: Advanced components are enabling fast charging, longer battery life and new form factors. IoT and connectivity in devices is major trend. Further developments in renewable energy and energy storage.

Geographical Regions for Market Concentration

Asia Pacific accounts for majority share in terms of value due to presence of manufacturing hubs and large consumer electronics and automobile industry. China dominates the regional market owing to presence of leading manufacturers. North America and Europe are other major regions driven by demand from industrial, telecom and automotive sectors.
Fastest Growing Region

South America market is projected to grow at fastest pace during the forecast period. This can be attributed to increasing government investments in energy projects, rapid urbanization and rising living standards. Growing automotive and industrial automation sectors will augment regional demand.

Get More Insights on- Passive Electronic Components Market

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

 


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