New Passive Component Market Research 2020-2024 | Market Impact Analysis for the New Normal | Technavio

LONDON--()--The new passive component market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the growth in demand for communication equipment,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the passive component market size to grow by USD 11.68 billion during the period 2020-2024.

Passive Component Market Segment Highlights for 2020

  • The passive component market is expected to post a year-over-year growth rate of 6.38%.
  • Based on the product, the capacitors segment saw maximum growth in 2019. The growth in demand for communication equipment is driving the market.
  • The growth of the segment will be significant during the forecast period.

Regional Analysis

  • 58% of the growth will originate from the APAC region.
  • The rising demand for smart automotive electronic devices will increase passive component market growth in the APAC region.
  • China, Taiwan, and Japan are the key markets for the passive components in APAC.

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Notes:

  • The passive component market size is expected to accelerate at a CAGR of about 7% during the forecast period.
  • The passive component market is segmented by the product (Capacitors, Resistors, and Inductors), end-user (Telecom industry, Consumer electronics, Industrial machinery, and Automotive industry), and geography (APAC, Europe, MEA, North America, and South America).
  • The market is concentrated due to the presence of a few established vendors holding significant market share.
  • The research report offers information on several market vendors, including AVX Corp., KEMET Electronics Corp., Murata Manufacturing Co. Ltd., Nichicon Corp., Nippon Chemi-Con Corp., Panasonic Corp., Ryosan Company Ltd., Samsung Electro-Mechanics Co. Ltd., Taiyo Yuden Co. Ltd., and YAGEO Corp.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Release Summary

The Passive Component Market will grow by USD 11.68 bn during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/