Lucintel Forecasts Passive Component Market to Reach $40.6 Billion by 2027

According to the recent study the passive component market is projected to reach an estimated $40.6 billion by 2027 from $33 billion in 2021, at a CAGR of 3.5% from 2021 to 2027. Growth in this market is primarily driven by growing demand for communication equipment, rise in demand for smaller, cheaper, and higher quality parts along with better performance, and increasing demand for small and compact electronic devices with enhanced features drives the market.

Browse 107 figures / charts and 68 tables in this 205 -page report to understand trends, opportunities and forecast in passive component market by end use (telecom, consumer electronics, industrial machinery, and automotive), product type (capacitors, resistors, and inductors), and region (North America, Europe, Asia Pacific, and the Rest of the World).

Download sample report by clicking on below link https://www.lucintel.com/passive-component-market.aspx

“Telecom market is expected to remain the largest segment during the forecast period.”

Based on end use, the passive component market is segmented into telecom, consumer electronics, industrial machinery, and automotive. Lucintel forecasts that the telecom market is expected to remain the largest segment due to increasing demand for consumer electronics products, growing demand for premium smartphones, and increasing production of electric vehicles.

“Within the passive component market, the capacitor segment is expected to remain the largest product type”

Based on product type the capacitor segment is expected to witness the highest growth over the forecast period due to the increasing demand for capacitors in tablets and smartphones.

“Asia pacific will dominate the passive component market in near future”

Asia Pacific is expected to witness the highest growth over the forecast period due to growing demand for smart automotive electronics devices.

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Major players of passive component market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. KYOCERA AVX Corporation, Kemet Electronics, Murata Manufacturing, Nichicon, Nippon Chemi-Con, Panasonic, Ryosan, Samsung Electro-Mechanics, Taiyo Yuden are among the major passive component providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/passive-component-market.aspx  or [email protected]

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