Wilmington, Delaware, United States , March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global Chip Resistor Market is likely to register a CAGR of 7.1% between 2023 and 2031. A chip resistor is an electronic component that passively restricts the flow of alternating and direct current. Chip resistors are available in circular or rectangular chip packages and can either keep the current constant or reduce the voltage in an electronic circuit. They are primarily used for powering, controlling, or safeguarding circuits.
Chip resistors are widely used in multiple electronic devices such as laptops, smartphones, tablets, and televisions. They are also employed in various automotive electronics. An increase in the usage of chip resistors in multiple electronic devices is likely to create lucrative business growth opportunities during the forecast period.
According to the TMR report, the global chip resistors market value is likely to rise from US$ 1.3 Bn in 2022 and reach US$ 2.4 Bn by the end of 2031. An increase in investments in R&D activities to improve the performance and quality of existing chip resistors and launch new products is projected to fuel market development during the forecast period.
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Key Findings of Study
- Increase in Popularity of Consumer Electronics: Chip resistors are used for regulating the flow of electric current in multiple parts such as the charging circuit, audio system, and display system of electronic devices such as laptops, smartphones, and cameras. Thus, rise in demand for consumer electronics is driving the need for chip resistors. This, in turn, is resulting in market expansion.
- Rise in Adoption of Electronics in Automobiles: Surge in penetration of electronic components and systems such as communication systems, powertrain control systems, advanced driver assistance systems, and infotainment systems is leading to new growth avenues in the automotive industry. Integration of such components requires the installation of chip resistors. This is likely to create business opportunities for the manufacturers of the chip resistors market during the forecast period.
Key Drivers
- Rise in integration of electronics in automobiles is projected to boost industry growth
- Increase in adoption of thick film resistors in high-performance electronic devices is anticipated to promote market development
- Surge in demand for miniaturized consumer electronics is projected to help increase market size
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Regional Growth Dynamics
- Asia Pacific held a 33.0% market share in 2022 and emerged dominant. The region is likely to continue to dominate the global market during the forecast period owing to the rapid growth in demand for consumer electronics and the presence of major electronic device manufacturing companies in emerging economies such as China, Japan, and India.
- The market in North America is anticipated to record notable revenue during the forecast period owing to the increase in demand for automotive electronics in the region. The presence of significant players is also anticipated to result in the market growth in the region in the next few years.
- The market for chip resistors in South America and Middle East & Africa is likely to witness substantial growth due to the presence of a large customer base in South America and the high demand for the latest automobiles in the Middle East
Key Players
Prominent players operating in the global chip resistors market include
- YAGEO Group,
- Vishay Intertechnology Inc.,
- Tecdia Inc.,
- TE Connectivity,
- Synton-Tech Corporation,
- Susumu International,
- Samsung Electro-Mechanics,
- ROHM Semiconductors,
- Panasonic Corporation,
- Kusum Enterprises Pvt.Ltd.,
- Hong Kong Resistors Manufactory,
- CTS Corporation,
- Bourns Inc., and AVX Corporation.
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Chip Resistors 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
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Japan
- China
- India
- South Korea
- ASEAN
- GCC
- South Africa
- Brazil
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Transparency Market Research registered in Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 10 years.
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