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Passive Components Market

Market Study on Passive Components: Skyrocketing Demand for Consumer Electronics and Penetration of Electrification in Automotive Industry Aiding Market Expansion!

Passive Components Market by Product (Capacitors, Resistors, Inductors, Diodes, Transformers), Capacitors segment to expand at a steady CAGR of 4.7% during the forecast period (2023 to 2033).

Passive Components Market Outlook (2023 to 2033)

The Global Passive Components Market size reached US$ 15.8 billion in 2022 and sales worldwide are forecast to increase at 4.8% CAGR from 2023 to 2033. As per the study, the demand in the market is expected to surpass a valuation of US$ 25.3 billion by the end of 2033.

Capacitors are expected to remain the top revenue-generating product category exhibiting a CAGR of over 4.7% during the projection period from 2023 to 2033. Rising applications across industries such as consumer electronics, automotive, industrial machinery, solar energy, and medical devices is providing impetus to the development of passive components industry.

Electrical components that store, dissipate, or release power instead of generating it are called passive components. These components only influence the flow of power. They do not require any external power source for their functioning.

Passive components include inductors, capacitors, transformers, resistors, etc. These components have become essential components of electronic devices for proper functioning.

Burgeoning demand for consumer electronic devices such as smartphones and laptops is expected to boost the global passive components industry during the forecast period.

In recent years, there has been a rapid increase in the adoption of consumer devices worldwide due to digitalization. This in turn has created enormous demand for both active and passive components, and the trend is expected to continue during the projection period.

Similarly, growing production and sales of medical devices, solar panels, industrial machines, etc. is positively influencing passive components demand globally.

Another prominent factor that is expected to boost passive component sales is the expansion of automotive industry coupled with growing popularity of electric and autonomous vehicles.

Growing environmental concerns and higher fuel costs have promoted automotive manufacturers as well as customers to shift towards electric vehicles. As electric vehicles require numerous electronic products, rising sales and adoption of these devices will create lucrative growth opportunities for passive component manufacturers over the next ten years.


Key Insights

Global Passive Components Market Estimated Value (2022)

US$ 15.8 billion

Projected Market Value (2033)

US$ 25.3 billion

Value-based CAGR (2023 to 2033)


USA Market CAGR (2023 to 2033)


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2018 to 2022 Passive Components Sales Outlook Compared to Demand Forecast from 2023 to 2033

As per the passive components market research by Persistence Market Research (PMR), passive component sales surged at 5.7% CAGR during the historical period from 2018 to 2022. However, for the assessment period of 2023 and 2033, passive components demand is set to rise at 4.8% CAGR.

Growing demand for passive components across industries such as electronics, automotive, power generation, and telecommunication is a key factor driving the global market forward.

Increasing penetration of smartphones and several other consumer devices due to rapid digitalization, growing population, and advancements in connectivity are expected to elevate demand for passive components.

Leading passive component manufacturers are constantly innovating to develop highly efficient components to meet end user demand. They are investing large amounts in research and development to incorporate novel materials in their products. This will bode well for the market

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Which are the Key Drivers Affecting Passive Components Demand?

Passive components have become critical components of almost all electronic devices that are being used worldwide. These components include resistors, diodes, capacitors, inductors, and transformers.

Passive components are used in electronic devices such as home appliances, computers, microprocessors, smartphones, telephones, electronic gadgets, and gaming consoles. Almost every product in consumer electronics is made up of such passive components.

In 2021, around 544 million televisions were sold while by 2026, total sales are expected to reach 610 million. All TVs such as LCD, LED and plasma TVs have capacitors, inductors, and diodes embedded in them.

Smartphones usually have several passive components in them. In 2021 a total of 1.51 billion units were sold while by 2026, total 1.66 billion units of smartphone gadgets are expected to be sold worldwide.

Similarly, video game circuits have passive components embedded in them. This massive increase in production and sales of TVs, video games, smartphones, and electronic gadgets will continue to bolster passive component sales during the forecast period.

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Which Region Holds Maximum Growth Potential for Passive Component Industry?

With around US$ 7.32 billion valuation in 2022, Asia Pacific is expected to remain the most dominant market for passive components. Further, PMR estimates Asia Pacific passive components market size to increase from US$ 7.72 billion in 2023 to US$ 12.37 billion by 2033.

Rapid growth of consumer electronics and automotive sectors across countries such as China, India, and Japan is a prominent factor driving demand for passive components in Asia Pacific market.

Over the years, there has been a rapid increase in the production and consumption of consumer electronics products such as TVs, smartphones, and smart gadgets across Asia Pacific countries. This is due to exploding population, rapid penetration of digitalization, and rapid economic growth.

For instance, as per the National Investment promotion and facilitation agency of India, India produced 60 million smartphones in FY 2015 while it was expected to produce 300 million units of mobile phones in FY 2021. Such massive increase in the consumer electronics production will continue to trigger passive component sales as they are the basic building blocks of TVs and smart gadgets.

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Country-wise Insights:

Why is Demand for Passive Components Rising Rapidly Across the United States?

According to Persistence Market Research, the United States passive components market size is forecast to reach US$ 4.0 billion in 2033. Overall passive component sales in the USA are anticipated to surge at 3.7% CAGR between 2023 and 2033, creating an absolute $ opportunity of US$ 1.2 billion.

During the historical period from 2018 to 2022, passive components demand in the United States increased at 2.7% CAGR. Rapid expansion of IT and communication industry, increasing investments in solar projects, and rising export of electronic products are few of the key factors driving passive components demand in the United States.

Similarly, large presence of leading passive component components that are constantly striving to develop highly-efficient products is helping the market to expand. Several USA-based companies launching new products to meet growing demand from end users.

For instance, In August 2020, Kemet Corporation developed new tantalum polymer capacitors for applications that require high capacitance and high voltage. The new TSP series is made to provide high capacitance and high voltage in surface mount devices and is mostly used in naval, airborne, and ground level equipment.

How is the Demand for Passive Components in United Kingdom Shaping?

The United Kingdom passive components market is set to exhibit a CAGR of 3.3% during the projection period, reaching a valuation of US$ 646.3 million. Between 2023 and 2033, the United Kingdom market is anticipated to create an absolute $ opportunity of US$ 178.0 million.

Burgeoning sales of consumer electronics is a key factor propelling passive components demand in the United Kingdom market.

Passive components have become essential components in consumer electronics. They are being extensively used in consumer electronics to perform several functions. Hence, increasing production and sales of consumer electronics will continue to boost the United Kingdom passive components industry during the forecast period.

Why is China Considered the Most Lucrative Market for Passive Components?

China passive components market is expected to attain a massive valuation of US$ 6.4 billion in 2033, making it the most dominant market worldwide. It is likely to create an absolute $ opportunity of US$ 2.9 billion during the forecast period.

Passive component sales in China are forecast to surge at 6.2% CAGR during the projection period in comparison to 7.8% CAGR recorded from 2018 to 2022.

Robust growth of automotive and consumer electronics industries and heavy presence of leading manufacturers are key factors behind the thriving passive components market in China.

Further, due to easy availability of a wide variety of products at cheaper costs, Chinese companies are becoming the new interest of end users. For instance, Shenzhen-based Eyang is receiving big orders from smartphone companies such as Oppo, Vivo, and Xiaomi. The company has increased its production capacities by 30% in 2018.

Also, Apple has started sourcing key parts and components from Chinese companies in order to reduce production costs. This is helping China to become a dominant leader in passive components.

What is the Sales Outlook of Passive Components in Japan?

As per the study, Japan passive components industry is expected to rise at a CAGR of 5.1% between 2023 and 2033. Total passive components sales in Japan are set to total a valuation of US$ 4 billion by 2033.

Growth in the market is driven by rising production and sales of electric vehicles and growing adoption of consumer electronics.

Subsequently, presence of several prominent passive component manufacturing companies such as Murata manufacturing, Nichicon corporations, Nippon chemicon, and Ryosan company ltd is positively influencing market expansion.

Category-wise Insights:

Which is the Top Selling Product for Passive Components?

Based on product, the global market for passive components is segmented into capacitors, resistors, inductors, diodes, and transformers. Among these, capacitors segment holds a significant share of the market.

Further, Persistence Market Research predicts the capacitors segment to expand at a steady CAGR of 4.7% during the forecast period (2023 to 2033). This is attributed to rising usage of capacitors in energy storage, power conditioning, sensors, power factor correction, and several other applications.

Capacitors are devices used for storing electric charge in the form of an electrostatic field. They are mostly used in electronic circuits for blocking direct current while at the same time allowing alternating current to pass.

Growing adoption of capacitors in a wide range of electronic products is expected to play a key role in facilitating the expansion of passive components industry during the forecast period.

Who is the Leading End User for Passive Components?

By end user, the global market has been segmented into automotive, IT and telecommunication, consumer electronics, industrial machinery, and others. Among these, automotive sector is expected to remain the leading end user for passive components during the forecast period.

As per PMR’s latest analysis, the automotive segment will accelerate at a CAGR of 4.6% between 2023 and 2033. The same segment witnessed a growth rate of 5.3% CAGR during the historical period (2018 to 2022).

Rising usage of various passive components such as capacitors, resistors, diodes, and inductors in automotive industry is driving growth of the target segment. Similarly, growing popularity of electric vehicles worldwide will elevate demand for passive components in automotive industry.

Further development of industry-specific passive components by leading companies will help the market to thrive rapidly. For instance, recently, Yageo group announced that their subsidiary, KEMET developed high-performance super capacitors for automotive electronics use.

These super capacitors are useful in situations where main power supply gets cut for ADAS systems and in autonomous vehicles.

Competitive Landscape:

Leading passive component manufacturers profiled in the report include Nippon Chemi Con Corp, Panasonic Corp, KYOCERA AVX Components Corp, Yageo Corp.TAIYO YUDEN CO. LTD., Murata Manufacturing Co. Ltd., KEMET Corp., NICHICON Corp, Ryosan Co, and Samsung Electro Mechanics Co. Ltd.

New product launches, partnerships, acquisitions, joint ventures, mergers, facility expansions, exhibitions, and collaborations are few of the key strategies adopted by passive component companies to strengthen their presence in regional and domestic markets.

Recent Developments:

  • In May 2021, new DC link capacitors with exceptionally low ESL were introduced by TDK Europe.
  • In October 2022, KEMET, Florida, United States-based electronics manufacturer announced that they have opened their second factory in North Macedonia that is expected to produce capacitors for the automotive industry and other applications. The site has received EUR 23 Mn investment and is expected to generate 360 new jobs.
  • In July 2020, KEMET developed three series of film capacitors to be used in the green energy and automotive sectors. These three series are C44U-M, C44P-R, and R75H. They are expected to be used in high power conversion systems.
  • In June 2020, Yageo Corporation completed the acquisition of KEMET to strengthen its position as a leading manufacturer of passive electronic components.

Scope of the Report:



Estimated Market Size (2023)

US$ 15.8 billion

Projected Market Size (2033)

US$ 25.3 billion

Anticipated Growth Rate (2023 to 2033)

4.8% CAGR

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

  • US$ Million for Value
  • MT for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Nordic
  • Russia
  • Poland
  • China
  • India
  • Thailand
  • Indonesia
  • Australia
  • New Zealand
  • Japan
  • GCC countries
  • North Africa
  • South Africa
  • Others

Key Segments Covered

  • Product
  • End User
  • Region

Key Companies Profiled

  • KEMET Corp.
  • KYOCERA AVX Components Corp
  • Murata Manufacturing Co. Ltd.
  • Nippon Chemi Con Corp
  • Panasonic Corp
  • Ryosan Co
  • Samsung Electro Mechanics Co. Ltd
  • Yageo Corp

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • Drivers Restraints Opportunity Trends Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Global Passive Components Industry Segmentation:

By Product:

  • Capacitors
  • Resistors
  • Inductors
  • Diode
  • Transformers

By End User:

  • IT and Telecommunication
  • Consumer Electronics
  • Automotive
  • Industrial Machinery
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • KEMET Corp.
  • KYOCERA AVX Components Corp
  • Murata Manufacturing Co. Ltd.
  • Nippon Chemi Con Corp
  • Panasonic Corp
  • Ryosan Co
  • Samsung Electro Mechanics Co. Ltd
  • Yageo Corp

- Frequently Asked Questions -

The global passive components market size is estimated to be valued at US$ 15.8 billion in 2023.

The global passive components industry is projected to reach US$ 25.3 billion in 2033.

The worldwide passive components industry increased at a CAGR of 5.7% from 2018 to 2022.

Global passive components demand is forecast to surge at 4.8% CAGR between 2023 and 2033.

As per the study, the capacitor segment is expected to be the most lucrative segment over the upcoming decade.

The United States passive components market is projected to expand at 3.7% CAGR, reaching a total valuation of US$ 4.0 billion by 2033.

KEMET Corp., KYOCERA AVX Components Corp, Murata Manufacturing Co. Ltd., NICHICON Corp, Nippon Chemi Con Corp, Panasonic Corp, Ryosan Co, Samsung Electro Mechanics Co. Ltd, TAIYO YUDEN CO. LTD. and Yageo Corp. are the key manufacturers of passive components.

Asia pacific is expected to remain the most lucrative market for passive components with overall market size in the regions set to reach US$ 12.37 billion by 2033.

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