LONDON--(BUSINESS WIRE)--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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