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Chip Resistor Market 2024 - Growth by Regional Segments, Upcoming Business Strategies, Industry Revenue And Forecast by 2033
Chip Resistor Market
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According to The Business Research Company's, The chip resistor market size has grown strongly in recent years. It will grow from $1.35 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to the miniaturization of electronic devices, growth in consumer electronics, increased use of automation in manufacturing, rise in automotive electronics, and growth in industrial electronics.
The chip resistor market size is expected to see strong growth in the next few years. It will grow to $1.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rising demand for electric vehicles, growth in renewable energy projects, surge in smart home devices, increased focus on energy efficiency, and increasing adoption of 5g technology. Major trends in the forecast period include the growing adoption of thin film technology, integration of resistors in advanced driver-assistance systems (adas), development of resistor networks for complex circuits, increased use of resistors in renewable energy applications, rising demand for robust resistors in harsh environments.
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Market Drivers and Trends:
The escalating demand for compact devices is expected to drive the chip resistor market going forward. Compact devices are small, portable electronic gadgets designed to provide advanced functionality and convenience, such as smartphones, tablets, and wearable technology. The escalating demand for compact devices is driven by increasing consumer preference for portability, advancements in technology, and the growing need for connectivity and convenience in everyday life. Chip resistors are widely employed in compact devices due to their small size and surface-mount capability, enabling efficient space utilization and integration into electronic circuits without compromising performance. For instance, in February 2022, according to the report The Mobile Economy published by the Global System for Mobile Communications Association (GSMA), a UK-based international association of service providers, smartphone connections, which totaled 6.2 billion and represented 75% of all mobile connections in 2021, are projected to reach nearly 7.5 billion and account for 84% of all connections by 2025. Therefore, escalating demand for compact devices is driving the chip resistor market.
Major companies operating in the chip resistor market are increasing their focus on developing innovative products, such as automotive-grade chip resistors, to manage the high-voltage industrial environment's demand competently. Automotive-grade chip resistors are high-reliability electronic components specifically designed to meet the rigorous performance and durability standards required for automotive applications. For instance, in October 2021, YAGEO Group, a Taiwan-based component manufacturing company, launched its new AH chip resistors designed with anti-sulfurated and high voltage capabilities. These innovative resistors cater to the demands of both automotive and industrial applications, offering enhanced performance and reliability. The anti-sulfurated feature ensures that the resistors remain effective even in harsh environments where sulfuric compounds are present, while the high voltage capabilities enable them to handle demanding operating conditions. This new product line from YAGEO is poised to meet the growing needs of industries that require high-quality, high-performance resistors for their applications.
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Major Key Players of the Market:
Samsung Electronics Co., Panasonic Holdings Corporation, TE Connectivity Ltd., Murata Manufacturing Co. Ltd., YAGEO Corp., Rohm Co. Ltd., Vishay Intertechnology Inc., Bourns Inc., AVX Corporation, Walsin Technology Corp., China Zhenhua Group, Darfon Electronics Corporation, Tt Electronics Plc, Guangdong Fenghua Advanced Technology Holding Co. Ltd., CTS Corporation, HolyStone International, Kyocera AVX, Ta-I Technology Co. Ltd., Ohmite Mfg Co., KOA Speer Electronics Inc., Ever Ohms Technology Co. Ltd., Cyntec Co. Ltd., Stackpole Electronics Inc., Caddock Electronics Inc., Elektronische Bauelemente GmbH, Susumu Co. Ltd., Viking Tech, International Manufacturing Services Inc., Ralec Corp., Token Electronics Industry Co. Ltd., Asj Holdings Limited
Chip Resistor Market 2024 Key Insights:
• The chip resistor market size is expected to see strong growth in the next few years. It will grow to $1.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Escalating Demand For Compact Devices Is Boosting The Chip Resistor Market
• Innovative Product Development In The Chip Resistor Market
• Asia-Pacific was the largest region in the chip resistor market in 2023
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