Passive Electronic Components Market Outlook 2023-2028 According to the latest research report, the global passive electronic components market size reached US$ 36.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 49.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
Global Passive Electronic Components Market Trends and Drivers:
The global market for passive electronic components is being primarily driven by the expanding automotive industry worldwide. This expansion is fueled by the increasing demand for electric vehicles (EVs) in response to growing environmental and emission concerns.
Digitalization across various sectors and the surging need for connectivity and mobility represent another major growth-inducing factor. Passive electronic components are widely utilized in specialized and high-performing components, such as infotainment and emergency brake assistance systems. Additionally, the rising adoption of internet of things (IoT) devices, such as process automation and motion control, is further propelling market growth.
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Various technological advancements are also providing a positive thrust to the market's growth trajectory. The introduction of wire wounds and metal oxide high-power resistors, which help to monitor circuits and diagnose and test sensors, are notable examples. These advancements enhance the efficiency and performance of passive electronic components, driving demand.
Extensive research and development (R&D) activities and the growing popularity of miniaturized passive electrical components are also creating a favorable market outlook. These miniaturized components can be easily used in consumer electronics, such as cameras, smartphones, and speakers, expanding the applications and market reach for passive electronic components.