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2024 Resistor Market Report : Market Size, Growth Drivers, And Key Trends
Resistor Global Market Report 2024
According to The Business Research Company's, The resistor market size has grown steadily in recent years. It will grow from $10.18 billion in 2023 to $10.6 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to increased consumer electronics demand, emergence of IoT devices, enhanced energy efficiency, military and aerospace applications, increased interest in augmented reality (AR).
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Market Drivers and Trends:
The increasing demand for wearable devices is expected to propel the growth of the resistor market going forward. Wearable devices refer to electronic devices that can be worn on the body as accessories that are equipped with various sensors and often connect to smartphones or other devices to provide information or perform functions. The resistors are used in wearable devices to provide essential components that enable precise control, miniaturization, and innovation in electronic devices. For instance, according to the National Center for Biotechnology Information, a US-based National Library of Medicine, in 2021, the number of wearable devices in use was approximately 600 million. Further, this number increased to 928 million in 2021 and 1100 million in 2022. Therefore, the increasing demand for wearable devices is driving the growth of the resistor market.
Major companies operating in the resistor market are focusing on developing innovative technology, such as thin-film resistors, to maintain high resistance stability. Thin-film technology is a modern engineering approach that involves the development of very thin layers of material, typically ranging from a nanometer to a few micrometers in thickness. For instance, in October 2022, Yageo Corporation, a China-based company, launched VT Series, an automotive-grade thin film chip resistor. This resistor is designed to meet the high stability and reliability requirements of automotive electronics, telecommunication, industrial or medical equipment, measuring equipment, and power systems. It offers features such as high working voltage, superior resistance against sulfur-containing environments, and compliance with AEC-Q200 standards. The VT Series includes resistors with high precision, stability, and a wide range of resistance values, making them suitable for various applications.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Panasonic Corporation, Honeywell International Inc., Walsin Technology Corporation, TE Connectivity, Murata Manufacturing, OKAYA Electric Industries Co. Ltd., Samsung Electro-Mechanics, Rohm Co. Ltd., Yageo Corporation, Vishay Intertechnology, Bourns Inc., AVX Corporation, CTS Corporation, Ohmite Manufacturing Company, Viking Tech Corporation, Susumu Co. Ltd., Stackpole Electronics Inc., Cyntec Electronics, Caddock Electronics Inc., Cressall Resistors, Arcol, HVR Pentagon, KOA Corporation, Shenzhen Sunlord Electronics Co. Ltd.
Resistor Market 2024 Key Insights:
• The resistor market is expected to grow to $12.3 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%.
• Resistor Market Driven By Surge In Wearable Device Demand
• Innovative Advancements In Resistor Technology Yageo Corporation Introduces High-Stability VT Series Thin Film Chip Resistor For Automotive Applications
• Asia-Pacific was the largest region in the resistor market in 2023
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