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Through-Hole Passive Components Global Market Trends 2024: Innovations and Market Forecast
Through-Hole Passive Components Market Drivers
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According to The Business Research Company's, The through-hole passive components market size has grown strongly in recent years. It will grow from $36.26 billion in 2023 to $38.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to electronics manufacturing boom, industrial automation and control systems, consumer electronics adoption, automotive electronics integration, telecommunication infrastructure development.
The through-hole passive components market size is expected to see strong growth in the next few years. It will grow to $50.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to renewable energy systems, smart grid technologies, Internet of things (IoT) expansion, electric vehicles (EVs) market growth, 5G network deployment. Major trends in the forecast period include expansion of application areas in automotive electronics, integration of through-hole components in IoT devices, emphasis on high-temperature and harsh environment components, introduction of low-profile through-hole inductors, increased automation in through-hole component manufacturing.
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Market Drivers and Trends:
Rising demand for consumer electronic devices is expected to propel the growth of the through-hole passive component market going forward. A consumer electronic device is any gadget that contains an electronic circuit board and is intended for use by individuals on a daily basis. The rising adoption of smart home gadgets, wearables, and other connected devices drives up demand for electrical components, thus rising popularity of through-hole passive component. For instance, in January 2023, according to a statistical report published by the U.S. Census Bureau, a US-based agency of the U.S. Federal Statistical System, the monthly retail sales of electronics and appliances in the United States were $7.59 billion in May 2022. This shows an impressive $3.37 billion increase in retail sales of electronics and appliances over the two-year period. Therefore, the rising demand for consumer electronic devices will drive the through-hole passive component market.
Product innovations are a key trend in gaining popularity in the through-hole passive component market. Major companies operating in the through-hole passive component market are focused on developing innovative solutions to strengthen their position in the market. For instance, in January 2023, Diodes Incorporated, a US-based semiconductor manufacturer and supplier, launched its debut line of silicon carbide (SiC) Schottky barrier diodes (SBD). The portfolio consists of eight 1200V products (2A, 5A, and 10A) from the DSCxx120 series and eleven 650V products from the DSCxxA065 series. This product's unique characteristic is its wide bandgap for SBD, which provides the benefits of greatly higher efficiency and high-temperature dependability while also answering market requests for lower system operating costs and minimal maintenance.
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Major Key Players of the Market:
Panasonic Holdings Corporation, Fujitsu Ltd., Texas Instruments Inc., TE Connectivity Ltd., TDK Corporation, Infineon Technologies AG, Murata Manufacturing Co Ltd., NXP Semiconductors NV, Microchip Technology Inc., Rohm Co Ltd., YAGEO Corp, Vishay Intertechnology Inc., Bourns Inc., Taiyo Yuden Co Ltd., Würth Elektronik Group, AVX Corporation, Nichicon Corporation, KEMET Corporation, Nippon Chemi-Con Corporation, KYOCERA AVX Components Corporation, Rubycon Corporation, Holy Stone Enterprise Co Ltd., EPCOS AG, Lelon Electronics Corp, Elna Co Ltd., Sagami Elec Co Ltd., Cornell Dubilier Electronics Inc., KOA Speer Electronics Inc., NIC Components Corporation, WIMA GmbH & Co KG
Through-Hole Passive Components Market 2024 Key Insights:
• The through-hole passive components market size is expected to see strong growth in the next few years. It will grow to $50.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Growing Consumer Electronics Demand Fuels Through-Hole Passive Component Market Surge
• Diodes Incorporated Pioneers The Through-Hole Passive Component Market With Silicon Carbide Schottky Barrier Diodes
• Asia-Pacific was the largest region in the through-hole passive component market in 2023, is expected to be the fastest-growing region in the global through-hole passive component market report during the forecast period
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