Feb 15, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Passive Electronic Components Market.
It was estimated prior to this unanticipated outbreak Passive Electronic Components Market will reach CAGR of 4.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Passive Electronic Components Market Insights
Passive Electronic Components Market is likely to witness a CAGR of 4.0% during the forecast period. Rapid growth in digitalization along with increased connectivity and mobility demand is giving rise to the complexity of electronics, fueling the growth of the passive electronic components market during the forecast period.
Market Share Analysis
Passive Electronic Components Market Share: By Inductors Type
Based on the inductors type, the market is segmented as consumer electronics and automotive. Consumer electronics is estimated to be the larger consumer of inductors in the market during the forecast period, owing to various applications of inductor, such as filters in the circuits to cut off frequencies, for power supply in several complex circuits, and for managing current. Shifting trends toward connected and smart devices are going to lead to an increased circuitry, generating an increased demand for inductors in consumer goods, such as television sets, computing devices, and wearable devices which keep a constant demand for inductors, fueling the segment growth over the forecast period.
Passive Electronic Components Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the dominant region in the market with India, China, Japan, and South Korea being the major countries with lucrative growth opportunities owing to the presence of several market players in the region. Factors, such as technological enhancements, exponential growth of smartphones in the region along with growing number of smartphone users in the regional countries, and smart city initiatives boosting the digitalization growth are expected to fuel the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial; growth opportunities in the market during the forecast period.