WILMINGTON, DE / ACCESSWIRE / July 5, 2023 / Transparency Market Research Inc. - The global chip resistor market stood at US$ 1.3 billion in 2022 and the global market is projected to reach US$ 2.4 billion in 2031. Global chip resistor industry is anticipated to expand at a CAGR of 7.1% between 2023 and 2031.
The trend toward miniaturization and the increase in the use of Internet of Things (IoT) devices are driving demand for smaller and more precise chip resistors that can be used in a wide range of applications.
Manufacturers are investing in research and development to improve the quality and performance of their chip resistors and to develop new products that meet the evolving needs of customers where they are also offering competitive pricing to attract customers, especially in price-sensitive markets.
Rapid growth in automotive and industrial electronics is expected to fortify the growth of the market throughout the forecast period. Continuous development of emerging technologies such as AI in products, IoT, and 5G networks is expected to upsurge the growth of the market over the analysis timeframe.
Volatile price of raw materials may impede the growth of the market during the estimated period. Asia Pacific is said to dominate the market region followed by North America.
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Market Snapshot:
| Report Coverage | Details |
| Market Revenue | US$ 1.3 Bn |
| Estimated Value | US$ 2.4 Bn |
| Growth Rate - CAGR | 7.1% |
| Forecast Period | 2023-2031 |
| No. of Pages | 215 Pages |
| Market Segmentation | By Type, Product Type, Operating Voltage, End-use Industry |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
| Companies Covered | AVX Corporation, Bourns, Inc., CTS Corporation, Hong Kong Resistors Manufactory, Kusum Enterprises Pvt. Ltd., Panasonic Corporation, ROHM Semiconductors, Samsung Electro-Mechanics, Susumu International, Synton-Tech Corporation, TE Connectivity, Tecdia Inc., Vishay Intertechnology, Inc., YAGEO Group |
Key Takeaways of Market Report
- Global chip resistor market to generate absolute dollar opportunity worth US$ 2.4 billion until 2031.
- Global chip resistor market from 2023 to 2031 is 7.1%
- Global chip resistor market is currently valued at US$ 1.3 billion in 2022.
- Global chip resistor market stood at US$ 1.39 billion in 2023.
- Market value of the global atrial fibrillation market management from 2018 to 2022 is 6.3%
- North America is said to have a market share of 16.2%
- Asia Pacific market region is estimated to have a market share of 33%
Chip Resistor Market: Growth Drivers
- Electronic systems and components, such as infotainment systems, Advanced Driver Assistance Systems (ADAS), powertrain control systems, and communication systems, are gaining traction in the automotive sector.
- Integration of these components offers new features and capabilities such as hands-free navigation, traffic and weather updates, collision avoidance systems, and improved fuel efficiency. Upliftment in the integration of electronics in automobiles is projected to boost market expansion in the near future.
- Growth in the consumer electronics sector is projected to augment the demand for chip resistors in the near future. Chip resistors are essential components in manufacturing smartphones, tablets, laptops, cameras, and other electronic components. They are used to regulate the flow of electrical current in various parts of these devices, such as the display, audio system, and charging circuit.
- Miniaturization of consumer electronics is likely to spur the chip resistor market growth in the next few years. Demand for chip resistors that can fit into these smaller spaces while still providing high levels of precision and performance is increasing, as electronic devices continue to become smaller and more compact. Trend toward miniaturization is driven by factors like portability, convenience, and improved functionality.
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Chip Resistor Market: Regional Landscape
- Asia Pacific held largest share of 33.0% in 2022 where the region is anticipated to dominate the industry from 2023 to 2031, as per the latest chip resistor market forecast. Expansion in the consumer electronics sector and rise in digitalization in end-use industries are augmenting market statistics in the region.
- North America is one of the significant regions in the global industry and is driven by growth in demand for automotive electronics. Middle East & Africa is a larger consumer of chip resistors than South America. Industries in South America is estimated to grow at a rapid pace compared to that in Middle East & Africa, in the near future.
Chip Resistor Market: Key Players
- TT Electronics, a provider of engineered technologies for performance-critical applications, launched the TFHP product family, which combines high power and high precision in a single resistor
- YAGEO Group introduced new automotive anti-sulfur and anti-surge - AS series resistors, for high-power and high-pulse applications
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Chip Resistor Market: Market Segmentation
- Type
- Thin Film Resistor
- Thick Film Resistor
- Product Type
- Discrete
- Array
- Operating Voltage
- Up to 50V
- 51V to 200V
- 201V to 400V
- Above 400V
- End-use Industry
- Consumer Electronics
- IT & Telecommunications
- Automotive & Transportation
- Industrial
- Healthcare
- Aerospace & Defense
- Energy & Utility
- Others (Oil & Gas, Media & Entertainment, etc.)
- Regions
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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