Chip Resistor Market Size, Share, Growth Analysis, By Type (Thick Film Resistors, Thin Film Resistors), By Product Type (Discrete, Array), By Operating Voltage, By End Use Industry, By Region - Industry Forecast 2024-2031

Global Chip Resistor Market size was valued at USD 1.1 billion in 2022 and is poised to grow from USD 1.16 billion in 2023 to USD 1.84 billion by 2031, growing at a CAGR of 5.9% during the forecast period (2024-2031).

The chip resistor market is poised for significant growth driven by advancements in green electronics and high-definition consumer devices. The accelerating demand for consumer electronics, coupled with the rapid expansion of automotive and industrial sectors globally, is further fueling this trend. Emerging technologies, such as autonomous and electric vehicles, the Internet of Things (IoT), and 5G networks, are expected to create lucrative opportunities within this space. Chip resistors play a crucial role in enhancing chip and electrical conversion technologies, facilitating efficient resource integration for businesses. Their ability to regulate voltage and current through fixed or variable resistance makes them integral components in various electrical circuits, ultimately supporting the market's promising outlook.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Chip Resistor market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Chip Resistor Market Segmental Analysis

Global Chip Resistor Market is segmented by type, product type, operating voltage, end use industry and region. Based on type, the market is segmented into thick film resistors, thin film resistors and others. Based on product type, the market is segmented into discrete and array. Based on operating voltage, the market is segmented into up to 50V, 51V TO 200V, 201V to 400V and above 400V. Based on end use industry, the market is segmented into consumer, electronics, IT & telecommunications, automotive & transportation, industrial, aerospace & defense, energy & utility and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Chip Resistor Market

The global chip resistor market is expected to experience substantial growth in the coming years, primarily driven by the increasing consumer demand for electronic devices such as smartphones. This surge in demand is complemented by the rapid advancements in automotive and industrial electronics, further propelling market expansion. Moreover, ongoing innovations in emerging technologies like artificial intelligence, Internet of Things (IoT), and 5G networks are anticipated to enhance market growth. However, it is important to note that the market's progress may be hindered by the volatility in raw material prices, which could create challenges during the forecast period.

Restraints in the Global Chip Resistor Market

The Global Chip Resistor market has experienced significant setbacks due to the repercussions of the Covid-19 pandemic. During the crisis, production activities were severely hampered by lockdown measures implemented across various countries, leading to a notable decline in the availability of chip resistors. Furthermore, export restrictions and a shortage of raw materials contributed to the market's slowdown. This situation was exacerbated by an increasing demand from key end-use sectors, such as automotive and transportation, as well as consumer electronics. Consequently, these intertwined factors have collectively impeded the growth of the chip resistor market during the challenging period caused by the pandemic.

Market Trends of the Global Chip Resistor Market

The Global Chip Resistor market is witnessing significant growth driven by the increasing integration of electronics in automotive applications, as well as the burgeoning demand for robust data center infrastructure. As vehicles become more electronics-driven, the necessity for high-performance chip resistors is rising. Furthermore, the proliferation of Internet of Things (IoT) devices further fuels demand in various sectors, including consumer electronics and telecommunications. However, this growth is tempered by challenges such as fluctuating raw material prices, which can impact production costs and overall market stability. Companies must navigate these complexities while capitalizing on the expanding opportunities in this dynamic market landscape.