Global Chip Resistor Market
As stated in our extensive report; the Global Chip Resistor Market accounted for USD 1.5 Billion in the year 2021.
The consumer electronics and automotive industries are projected to surge in trends and technology, creating chances for the Chip Resistor market. Chip Resistor demand is anticipated to rise due to new electronic and electrical gadgets, including smart TVs, car logging devices, high-end laptops, RGB lighting, and others, and their use in daily life. Additionally, the region’s rapid EV adoption and improvements in electric and hybrid vehicles will probably increase demand for integrated circuits, propelling the Chip Resistor market’s expansion. Furthermore, the worldwide Chip Resistor market is anticipated to benefit from technological developments in the healthcare sector and an increase in applications in the automotive and transportation industries.
Factors Influencing Global Chip Resistor Market Growth
The growth of the global Chip Resistor market can be attributable to the following:
- The main element propelling the Market’s growth is the rising use of consumer electronics, including smartphones, smart TVs, automobile logging devices, laptops, and speakers.
- As Chip Resistors are more affordable and compact than conventional lead resistors, the trend of miniaturizing circuits and the rising demand for small, portable gadgets accelerates their use.
- The rising sales of luxury cars and hybrid electric vehicles are stimulating the demand for products used in automotive components.
- The expanding use of 4G and 5G technology, fast urbanization, and rising disposable incomes among consumers contribute to the Market’s good outlook.
- The top manufacturers are investing significantly in research and development (R&D) initiatives to introduce novel product variants and broaden their product line.
On the other hand, the industry is anticipated to face significant risks due to the high manufacturing costs associated with Chip Resistors.
Asia Pacific region Dominates the Global Market
Geographically, Asia Pacific holds the largest market share in the Chip Resistor market and will likely continue this trend in the coming years. The region has a dominant position in the Chip Resistor market share due to the increased adoption of high-end technology-based gadgets and the low prices of electronics. Due to the growing presence of domestic producers like Yageo Corporation and Tzaiyuan Enterprise Co., Ltd., China currently holds the most significant share of the global Chip Resistor market and is expected to see the highest CAGR in the future years. These companies frequently provide a wide variety of goods at reduced prices in large quantities, which helps the Chip Resistor market in China grow over the forecast period.
The wide-ranging Chip Resistor market has benefited from the emerging trends and technologies in consumer electronics and automotive applications.
The well-known players of the Global Chip Resistor Market include Bourns Inc. (US), TE Connectivity (Switzerland), Vishay Intertechnology Inc. (US), Koa Corporation (Japan), Tzai Yuan Enterprise Co. (Taiwan), International Manufacturing Services (US), Yageo Corporation (Taiwan), Rohm Semiconductor (Japan), AVX Corporation (US) and others.