Market Overview

The global passive electronic components market was valued at USD 39.86 Billion in 2024 and is forecast to reach USD 57.23 Billion by 2033, growing at a CAGR of 3.90% during the period 2025-2033. Driven by strong demand in consumer electronics, electric vehicles, and renewable energy systems, the market is also propelled by advancements in miniaturization and increasing IoT and 5G deployments. North America dominates with over 35.8% market share, supported by industrial and technological leadership. For more details, visit Passive Electronic Components Market

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

Passive Electronic Components Market Key Takeaways

• The global market size was valued at USD 39.86 Billion in 2024.
• The market is expected to grow at a CAGR of 3.90% between 2025 and 2033.
• North America held the largest share with over 35.8% in 2024.
• Consumer electronics led the end-use industry segment with 25.9% market share.
• Capacitors commanded 54.4% market share among types due to their role in energy storage and signal processing.
• Increasing demand for smartphones, wearables, electric vehicles, and renewable energy infrastructure drives market growth.

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Market Growth Factors

The increasing usage of smartphones, laptops, tablets, and wearable devices has led to a surge in demand for passive electronic components. For instance, wearable device shipments grew 8.8% year over year in 1Q24 to 113.1 million units, directly boosting requirements for capacitors, resistors, and inductors. Consumer electronics advancements, including miniaturization and enhanced performance, also amplify demand, supporting a sustained market expansion.

The automotive industry's rapid expansion in electric vehicles (EVs) and advanced driver-assistance systems (ADAS) greatly stimulates the market. Nearly 14 million new EVs were registered globally in 2023, totaling 40 million EVs on the road. Passive components play a critical role in battery management systems and power electronics, thereby intensifying demand for these high-performance components in the automotive sector.

Growing adoption of renewable energy systems also drives market growth. In 2024, wind and solar photovoltaic systems are projected by the IEA to produce more electricity than hydropower for the first time globally. Modern bioenergy accounted for over 50% of global renewable energy use in 2022. Passive components optimize energy conversion, storage, and reliability in solar inverters, wind turbines, and energy storage systems, fostering increasing component adoption with expanding renewable infrastructure.

Market Segmentation

By Type:

• Capacitor: Representing 54.4% market share in 2024, capacitors are vital for energy storage, regulation, and signal processing in consumer electronics, automotive, telecommunications, and industrial applications. Technological advances enhance capacitance, miniaturization, and heat resistance, expanding their use especially in renewable energy and electric mobility sectors.
• Inductor: No detailed data for sub-types was provided. Inductors serve critical roles in power frequency applications.
• Resistor: Includes surface-mounted chips, network, wirewound, film/oxide/foil, carbon types. Precise market shares not specified.

By End Use Industry:

• Consumer Electronics: Leading segment with 25.9% market share in 2024, driven by widespread use in smartphones, laptops, tablets, and smart home appliances. The growing IoT, wearable, and gaming device adoption further boosts the market.
• Aerospace and Defense, Information Technology, Automotive, Industrial, and Others: Listed segments, but specific data on shares or trends was not provided.

Regional Insights

North America dominates the passive electronic components market with over 35.8% share in 2024. This is attributed to the region's strong industrial base, advanced technology infrastructure, and significant investments in R&D. North America benefits from leading aerospace, defense, telecommunications, and automotive sectors, extensive use of capacitors, resistors, and inductors, and growth in electric vehicles and renewable energy markets, supported by supportive government policies and robust supply chains.

Recent Developments & News

In March 2024, KEMET (YAGEO Group) announced T581 capacitors meeting MIL-PRF-32700/2 military specs, optimized for high-efficiency DC/DC converters. February 2024 saw Samtec expand its Edge Rate connector family with ERM6 & ERF6 Series for high-speed applications up to 56 Gbps PAM4. In January 2024, Murata Manufacturing released automotive-grade inductors series DFE2MCPH_JL for advanced automotive safety and infotainment systems. On January 6, 2025, Globe Capacitors partnered with PolyCharge to enhance capacitor energy density and reliability via NanoLam technology for EVs and renewable energy. Bourns, Inc. expanded shunt resistor lineup in August 2024, strengthening US leadership in battery management and solar inverters.

Key Players

• Eaton Corporation PLC
• KOA Corporation
• Kyocera Corporation
• Murata Manufacturing Co. Ltd.
• Panasonic Corporation
• Samsung Electro-Mechanics Co. Ltd.
• Taiyo Yuden Co. Ltd.
• TDK Corporation
• TE Connectivity
• TT Electronics Plc
• Vishay Intertechnology Inc.
• Yageo Corporation

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