LONDON–(BUSINESS WIRE)–Dec 23, 2020–
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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Technavio has announced its latest market research report titled Global Passive Component Market 2020-2024 (Graphic: Business Wire)
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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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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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INDUSTRY KEYWORD: TECHNOLOGY HARDWARE CONSUMER ELECTRONICS
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 12/23/2020 10:34 AM/DISC: 12/23/2020 10:34 AM
Copyright Business Wire 2020.
