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Power Inductor Market Analytical Overview and Growth
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The global power inductor market is broadly affected by several factors, including rise in adoption of consumer electronics devices. Thus, increase in applications of the power inductor in the industrial sector is propelling the global power inductor market.
Power Inductor Market: Dynamics
A trend toward miniature smartphones, TVs, and other consumer electronics products is increasing worldwide. Moreover, customer preference for electric and hybrid electric vehicles is rising across highly lucrative regions such as U.S., Europe, and Asia Pacific.
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The shift in consumer demand has created innovative opportunities for the power inductor market. The demand is rising owing to the capability of advanced power inductors such as wire-wound, multilayer, and thin-film power inductors in terms of reduced size and increased efficiency.
Thus, the demand for miniaturized components is increasing from several industry verticals such as automotive, consumer electronics, and healthcare, which is expected to propel the market during the forecast period.
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Power Inductor Market: Prominent Regions
The power inductor market in Asia Pacific is expected to expand during the forecast period, owing to presence of key market players, technological advancements, and expansion of the industrial sector in the region. The power inductor market in Asia Pacific is projected to expand further due to significant rise in the adoption of power inductor among industrial, automotive, and consumer electronics industries. Additionally, the production of smartphones and other electronic products is also significant in the region, especially in China, Japan, and South Korea. The presence of prominent semiconductor manufacturers further fuels the demand for power inductors in Asia Pacific. Hence, the market in the region is projected to reach a value of US$ 2.2 Bn by 2031. The power inductor market in Europe is likely to expand at a notable CAGR of 6.2% during the forecast period, owing to the presence of a significant number of players manufacturing power inductors in the region.
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Power Inductor Market: Key Players
Key players operating in the global power inductor market are TDK Corporation, Vishay Intertechnology, Inc., Murata Manufacturing Co., Ltd, Panasonic Corporation, Samsung Electro-Mechanics Co., Ltd, and AVX Corporation.
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