The chip resistor market is witnessing significant growth, expected to rise from $1.35 billion in 2023 to $1.44 billion in 2024, with a CAGR of 6.6%. This growth is driven by the miniaturization of electronic devices and the expansion of automotive electronics. By 2028, the market is projected to grow to $1.88 billion, at a CAGR of 6.8%. Future growth will be supported by rising demand for electric vehicles and advancements in 5G technology. Key trends include the integration of resistors in advanced driver-assistance systems and innovations in renewable energy applications.
Major Driver In The Chip Resistor Market
The escalating demand for compact devices is expected to drive the chip resistor market. Compact electronic devices, such as smartphones and tablets, are prized for their portability and functionality, a trend driven by consumer preference for convenient technology and continuous advancements in connectivity. Chip resistors play a crucial role in these devices due to their small size and surface-mount capabilities, optimizing space within electronic circuits. According to the Global System for Mobile Communications Association (GSMA), smartphone connections, which numbered 6.2 billion in 2021, are expected to reach nearly 7.5 billion by 2025, representing 84% of all mobile connections. Thus, the growing demand for compact devices is fueling the chip resistor market.
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Chip Resistor Market Competitive Landscape
Samsung Electronics Co., Panasonic Holdings Corporation, TE Connectivity Ltd., Murata Manufacturing Co. Ltd., YAGEO Corp., Rohm Co. Ltd., Vishay Intertechnology Inc., Bourns Inc., AVX Corporation, Walsin Technology Corp., China Zhenhua Group, Darfon Electronics Corporation, Tt Electronics Plc, Guangdong Fenghua Advanced Technology Holding Co. Ltd., CTS Corporation, HolyStone International, Kyocera AVX, Ta-I Technology Co. Ltd., Ohmite Mfg Co., KOA Speer Electronics Inc., Ever Ohms Technology Co. Ltd., Cyntec Co. Ltd., Stackpole Electronics Inc., Caddock Electronics Inc., Elektronische Bauelemente GmbH, Susumu Co. Ltd., Viking Tech, International Manufacturing Services Inc., Ralec Corp., Token Electronics Industry Co. Ltd., Asj Holdings Limited
Key Chip Resistor Market Trend
Companies in the chip resistor market are developing advanced products such as automotive-grade chip resistors to meet high-voltage industrial demands. Automotive-grade chip resistors are designed for high reliability in automotive applications. For example, in October 2021, YAGEO Group, a Taiwan-based component manufacturer, introduced AH chip resistors with anti-sulfurated and high-voltage capabilities. These resistors cater to automotive and industrial applications, ensuring performance and reliability even in harsh environments and high-voltage conditions.
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Chip Resistor Market Segmentation
The chip resistor market covered in this report is segmented –
1) By Type: Pressure-Sensitive, Thermosensitive, Other Types
2) By Technology: Thick Chip Resistors, Thin Chip Resistors, Other Technologies
3) By Material: Silver, Palladium, Cupronickel, Other Materials
4) By Operating Voltage: Up To 50V, 51V To 200V, 201V To 400V, Above 400V
5) By End-Use Industry: Consumer Electronics, Information Technology And Telecommunications, Automotive And Transportation, Industrial, Healthcare, Aerospace And Defense, Energy And Utility, Other End-Use Industries
By Geography:The regions covered in the chip resistor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the chip resistor market in 2023.
The Chip Resistor Global Market Report 2024 furnishes information about the global chip resistor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
