Chip Resistor Market size will experience a dynamic growth between 2023 to 2032, on account of the large-scale digitization of various sectors. Data capture, sensors, computing power, connectivity, and robotics are undergoing a wide range of improvements to help organizations enhance their overall performance. This scenario has also enabled them to make enhancements in their raw materials to improve the quality of their supply chain, production, and other services, thereby accelerating the market progress.
However, volatility in the prices of raw materials as well as their shortage may hamper the chip resistor market growth. Nevertheless, the entry of new companies in the market is expected to create multiple business opportunities for chip resistor manufacturers. These organizations are launching upgraded versions of their products to help end-user sectors enhance their performance.
The industry size from the thick-film chip resistor segment is predicted to record a notable CAGR through 2032. Sales of consumer electronic gadgets, such as smartphones and laptops is growing each year attributed to the rising disposable income of the world population. This has augmented the usage of chip resistors as they ensure the smooth performance of these devices. They are also suitable for meeting the challenging requirements of aerospace and medical applications, further spurring chip resistor market expansion.
The automotive & transportation segment is estimated to capture a sizeable market share during the analysis timeframe. One of the major factors contributing to the usage of chip resistors is the rising integration of electronics into automobiles to improve their efficiency and performance.
Electric vehicle sales are increasing at a considerable rate every year to help the automotive sector combat climate change and other environmental threats. In October 2022, Germany registered 67,845 new passenger plug-in electric cars, representing a 25% rise as compared to the previous year. Electric car manufacturers install chip resistors to boost the energy efficiency and reliability of electronic systems deployed in these vehicles. Such developments in the automotive industry will fuel the market trends.
Asia Pacific chip resistor market revenue is anticipated to increase at a notable pace by 2032 as the region’s consumer electronics manufacturing sector is witnessing steady expansion every year. According to India’s National Investment Promotion & Facilitation Agency, in October 2022, the exports of electronic items were valued at USD 1.85 billion, displaying a 37.62% growth from October 2021. The region has also observed robust economic development in recent years due to factors, such as surge in foreign direct investments (FDIs).
Moreover, governments are implementing favorable policies to impact the production of EVs to help them achieve their climate goals. For Instance, in January 2023, the Government of Japan announced plans to relax rules on the installation of fast-charging stations for EVs. Through this, the government aims to strengthen its EV charging infrastructure. This factor has bolstered the demand for these integrated circuits. As hybrid and electric vehicles continue to undergo improvements to achieve greater efficiency, the deployment of efficient resistors with leakage detection properties will increase, thereby creating a positive influence the chip resistor market outlook.
CTS Corporation, Murata Manufacturing Co. Ltd, Panasonic Corporation, Bourns, Inc., Samsung Electro-Mechanics (Samsung Group), Yageo Corporation, Vishay Intertechnology, Inc., and TE Connectivity, among others, are some of the eminent companies functioning in chip resistor industry. These organizations are implementing various strategies, such as collaborations, acquisitions, mergers, and product launches to maintain their competitive edge.
The Russia-Ukraine conflict hampered chip resistor business progress as several consumer electronics manufacturing companies were forced to shut down their operations, leading to severe supply chain disruptions. There was also an acute shortage of raw materials as the war brought export-import activities to a complete standstill, further straining the industry growth.
This chip resistor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032, for the following segments:
Market, By product
Market, By Application
The above information has been provided for the following regions and countries: