In terms of revenue, the Global Chip Resistor Market is expected to reach USD 2.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.70% from 2022 to 2028.
The consumer electronics and automotive industries' rapidly evolving trends and technologies are anticipated to fuel the "keyword" market's expansion. As a result, Chip Resistor demand is predicted to rise because of the widespread usage of new electrical and electronic gadgets such as smart TVs, high-end laptops, RGB lighting, automotive logging systems, and others. In addition, the two main drivers propelling the growth of the global Chip Resistor market are the rise in digitalization for Chip Resistors and the expansion of their application in consumer electronics.
Key Highlights from Report:
- Based on Type, the Thick Film segment dominates the Chip Resistor market with the maximum market share and will continue its dominance in the forecast period. Advanced miniature tools are increasingly demanding across various industries, including consumer electronics and automotive.
- The Consumer Electronics segment had the highest CAGR among all End-use industries during the forecast period due to the increasing demand for Chip Resistor solutions for consumer electronics caused by the increase in the number of consumer electronic devices such as smartphones, computers, and tablets.
- Due to China's mass production and abundant resources, Asia Pacific is one of the world's top producers of electronic devices.
The rising use of the product in electronics and automotive applications is fueling the global Chip Resistor market. Furthermore, the demand for products in the electronics industry is rising due to unique breakthroughs like high-definition equipment and eco-friendly electronic items, which boosts the market growth of Chip Resistors. Also, the market for Chip Resistors is expanding due to the quick digitization of many sectors, including software, robotics, and telecommunications.
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. Additionally, the performance specifications for resistors used in automatic external defibrillators (AEDs), including cardiac monitoring circuits, are very demanding. This is boosting the market for Chip Resistors by increasing the use of Chip Resistors that can handle high voltages, dissipate about 10W of power, and provide voltage linearity and temperature stability.
However, the market is anticipated to face significant risks from Chip Resistors' high manufacturing costs.
Geographically, Asia Pacific market is anticipated to witness significant market growth with the highest growth rate during the forecast period. 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. Additionally, China currently holds the largest market share for Chip Resistors globally. It is expected to see the highest CAGR in the following years due to the rising influence of domestic manufacturers like Tzaiyuan Enterprise Co. Ltd. and Yageo Corporation. These competitors frequently provide a wide variety of goods at steep discounts in large quantities, which supports the expansion of the Chip Resistor market in China over the forecast period.
The Global Chip Resistor Market is Segmented as follows
- Thick Film
- Thin Film
- End Use
- Automotive & Transportation
- Consumer Electronics
- IT & Telecommunication
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Chip Resistor Market is
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), Susumu Co. Ltd. (Japan)
The Global Chip Resistor Market Scope can be Tabulated as below
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|