LONDON, July 12, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Through-Hole Passive Components Global Market Report 2023, the market will grow from $33.8 billion in 2022 to $36.4 billion in 2023, at a compound annual growth rate (CAGR) of more than 7%. Further, the through-hole passive component market is anticipated to reach $46.6 billion in 2027, with a CAGR of more than 6%. Asia-Pacific held the largest through-hole passive component market share in 2022
The driving force behind this growth is the increasing demand for consumer electronic devices. These devices, which encompass gadgets containing electronic circuit boards used by individuals on a daily basis, have experienced a surge in popularity. The adoption of smart home gadgets, wearables, and other connected devices has contributed to the rising demand for electrical components, thereby propelling the through-hole passive component market.
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Major through-hole passive component companies are Vishay Intertechnology Inc., YAGEO Corp., Murata Manufacturing Co. Ltd., KYOCERA AVX Components Corporation, Panasonic Holdings Corporation, Bourns Inc., TDK Corporation, TE Connectivity Ltd, Microchip Technology Inc., Infineon Technologies AG, NXP Semiconductors NV, Texas Instruments Inc., Sagami Elec Co. Ltd, WIMA GmbH & Co KG, and Lelon Electronics Corp.
One key trend in the market is the emphasis on product innovations, as companies strive to enhance their market position. These major players are actively engaged in the development of innovative solutions.
For instance, in January 2023, Diodes Incorporated launched a series of silicon carbide (SiC) Schottky barrier diodes (SBD), featuring eight 1200V products and eleven 650V products. These SBDs offer higher efficiency, high-temperature dependability, and lower system operating costs, aligning with market demands for improved performance and reduced maintenance.
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The global through-hole passive components market is segmented as-
1) By Component: Resistors, Capacitors, Inductors, Diodes, Transducers, Sensors, Other Components
2) By Leads Model: Axial, Radial
3) By Application: Consumer Electronics, Automotive, Industrial, IT And Telecom, Aerospace And Defense, Healthcare and Life Sciences, Other Applications
The global through-hole passive components market report concludes by emphasizing the importance of understanding the through-hole passive component market's dynamics and opportunities. As consumer electronics continue to evolve and shape our daily lives, the demand for reliable and efficient electrical components will persist. Industry stakeholders, including manufacturers, suppliers, and investors, can leverage the insights provided in this report to make informed decisions, capitalize on market trends, and seize growth opportunities. By comprehensively analyzing market trends, growth projections, key players, and emerging innovations, this report equips readers with valuable knowledge and actionable insights. It serves as a vital resource for industry professionals, researchers, and decision-makers, enabling them to navigate the through-hole passive component market landscape successfully.
Through-Hole Passive Components Global Market Report 2023 by The Business Research Company provides insights on the through-hole passive components market size, through-hole passive components market segments, through-hole passive components market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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