Owing to advancements in technology, the use of consumer electronic devices has greatly increased over the last few years.
The global power inductor market is experiencing steady growth, due to the increasing number of new product launches in the consumer electronics sector, rising demand for passive electronic components, growing use of inductors in automotive electronic applications, and rising adoption of smart grids.
The global automotive industry is expanding continuously, owing to technological advancements in this sector. These advancements have increased the production of automated cars and focus on the production of electric vehicles.
SMD Power Inductors to Dominate Global Power Inductor Market
The SMD power inductor segment is anticipated to dominate the global power inductor market throughout the forecast period, as SMD power inductors are smaller in size as well as magnetically shielded. Also, they have high current capacity, and hence, are suitable for handling high currents.
SMD power inductors are less expensive than through-hole power inductors, and hence, are largely used in consumer electronic devices. SMD power inductors are ideal for use in DC–DC converters. Thus, the demand for SMD power inductors is likely to increase in the near future.
Consumer Electronics a Highly Lucrative End-use Industry
The growing use of power inductors in smartphones, tablets, notebooks, servers, portable gaming devices, and GPS products is a primary driver of the global power inductor market, as power inductors offer the capacity to withstand large currents and low DC resistance.
Rapid rise in the penetration of consumer electronic devices across the world is boosting the global power inductor market. The introduction of touchscreens and other advanced features in consumer electronic products has boosted consumer interest in technology, and has prompted them to spend more on these products.
The consumer electronics segment held 65.4% share of the global power inductor market, in terms of revenue, in 2018.
Asia Pacific to be a Highly Lucrative Market for Power Inductors
In terms of geography, the global power inductor market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the global market, holding 56.02% of the market share in 2018. The market in the region is expected to expand at a significant CAGR during the forecast period.
The dominance of Asia Pacific is anticipated to further increase in the near future, owing to the presence of a large number of market players and extensive research & development activities taking place in the field of power inductors in the region.
In Asia Pacific, China is anticipated to be a major market for power inductors in the near future. The rising use of power inductors in the consumer electronics industry in China is likely to drive the market in the country during the forecast period.
Power Inductor Market: Competition Landscape
With the objective of business expansion, several players operating in the global power inductor market are expanding their offerings through investments in new product development. An increasing number of players are spending significantly on R&D activities to develop technologically-advanced power inductors.
Some of the prominent players operating in the global power inductor market are TDK Corporation, Murata Manufacturing Co., Pulse Electronics Corporation, AVX Corporation, Samsung Electro-Mechanics Co., Ltd., SUMIDA CORPORATION, Bourns, Inc., ETAL Group, Vishay Intertechnology, Inc., and West Coast Magnetics.
These insights are based on a report on Power Inductor Market by Transparency Market Research.