Chip Resistor Market Was Valued at USD 1,498.3 Million in 2021, The Rising Digitization Throughout the World Is Driving

According to Precision Business Insights (PBI), the latest report the global chip resistor market is expected to be worth USD 1,498.3 million in 2021 and projected to grow at a 6.2% CAGR over 2022 to 2028. The rising popularity of consumer electronics such as smartphones, laptops, smart TVs, car logging devices, and speakers is the key driver of market expansion. Furthermore, the developing trend of electronics downsizing and the increasing need for compact devices are boosting the use of chip resistors, which are less expensive and smaller than typical lead resistors. In addition, top manufacturers are substantially spending on research and development (R&D) efforts to produce unique product versions and extend their product lines. For example, they created a high precision thin film chip resistor with the most robust electro-static discharge (ESD) protection to improve accuracy and eliminate ESD dangers in industrial robots and automobile electronic control units (ECUs).

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The Thick Film Resistor Segment is Dominating the Chip Resistor Market: The thick film resistor segment is expected to account for a larger revenue share and the market is expected to grow at double digit growth rate over the forecast years owing thick film resistors are one of the most common electronic components used in electronic and electrical devices. They can reduce the current flow through a circuit and provide varying levels of resistance based on their size, shape, and the components used in their manufacture. They are distinguished by a resistive layer made of a ceramic foundation and formed by burning a specific paste onto the substrate, a blend of glass and metal oxide. Its structure is characterized as a paste of glass and metal oxide on its substrate. The segment value has increased due to increased demand for high-performance electronic and electrical equipment. Furthermore, the high adoption rate for premium/high-end automobiles, together with the increasing acceptance rate for 4G and 5G networking technologies, will pave the way for segment expansion. However, a lack of profit margins because of lower product pricing would further limit the segment's potential for expansion.

Asia Pacific Leads Chip Resistor Market:
Asia Pacific is expected to hold significant market share in the global chip resistor market and is projected to grow at a prominent growth rate over the forecast years owing the government regulations that encourage the expansion of chip resistor production, Asia-Pacific is one of the most critical areas for the chip resistor devices market. In addition, the Chinese government raised between USD 23 and $30 billion to fund the second phase of the National IC Investment Fund. Furthermore, expanding numerous industries, such as telecommunications and consumer electronics, in China and India will likely stimulate demand for thick film devices. Growing urbanization, rising disposable income, FDI policies, and expanding e-commerce activities will likely boost demand for electronic gadgets, resulting in increased demand for chip resistors in this region.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Chip Resistor market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In April 2020, Bourns launhed a New AEC-Q200 thick film resistor series designed for general purpose applications including consumer, industrial, telecom and other applications. The company designed this family of devices in five different versions to support specific application requirements: CRxxxxA-AS AEC-Q200 compliant, CR standard, CR-PF ultra-low lead content, CR-AS sulfur resistant, sulfur resistant, and CRxxxxA AEC-Q200 complian.

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The chip resistor market is segmented based on by type, end use and geography.
By Technology
o Thick Film
o Thin Film
o Others

By End-Use
o Consumer Electronics
o Industrial
o Automotive and Transportation
o Telecommunication
o Aerospace and Defense
o Others

By Geography
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key player's profiles in the Chip Resistor Market report are Bourns Inc., TE Connectivity, Vishay Intertechnology Inc., Koa Corporation, Tzai Yuan Enterprise Co., International Manufacturing Services, Yageo Corporation, Rohm Semiconductor, AVX Corporation, Susu

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