March 25, 2024 06:30 ET | Source: Research Nester Research Nester
New York , March 25, 2024 (GLOBE NEWSWIRE) -- The global power inductor market size is poised to grow at a CAGR of over 5.5% from 2024 to 2036. The market is anticipated to garner a revenue of USD 6.4 billion by the end of 2036, up from a revenue of USD 3.2 billion in the year 2023. The major factor to encourage the expansion of the market is the rising demand for electric vehicles. In the year 2022, close to 9 million electric vehicles were sold and in 2023 this sale was expected to grow by about 35%. As a result, the market for power inductors is predicted to observe growth. Low Voltage Lighting Transformer
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Furthermore, the government in several nations has launched various strict regulations to boost the demand for electric vehicles. For instance, with a focus on encouraging the adoption of the EV rate in India, the government of India in its recent gazette notification expanded the FAME-II scheme by two years up to March 31, 2024, and has launched a few crucial modifications. Hence, this factor is also predicted to boost the demand for power inductors.
Power Inductor Market: Key Takeaways
Growing IoT-Connected Devices to Boost the Growth of the Global Power Inductor Market
In the world, currently, there are approximately 13 billion connected IoT devices. Hence, the utilization of power inductors is also predicted to rise. Furthermore, with the growing demand for IoT the adoption of 5G networks is also surging. High-performance and high-frequency electrical components, including power inductors, are required for the deployment and rise of the 5G network to support the higher speeds of data and more connection.
Power Inductor Industry: Regional Overview
The global power inductor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Investment in AI to Drive the Market Expansion in Asia Pacific
The Asia Pacific market for power inductors is predicted to generate the highest share in the market at about 32% over the coming years. The major element to dominate the growth of the market in this region is rising investment in AI. In the Asia-Pacific region companies are expected to nearly triple their investments to approximately USD 3 billion in generative artificial intelligence (Gen AI) in 2024.
Growing Disposable Income to Influence the Market Growth in North America
The North American market for power inductors is poised to have significant growth in the market over the coming years. This growth is predicted to be encouraged by growing disposable income which is further influencing automotive growth. The Disposable Personal Income of the people in the United States surged to USD 20655 Billion in January from approximately USD 20588 Billion in December of 2023.
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Power Inductor Segmentation by Application
The consumer electronics segment is predicted to generate the highest market share of about 42% over the coming years. This growth is set to be dominated by the growing adoption of smartphones. Globally, the number of consumers of smartphones currently is close to 4 Billion, which indicates that approximately 59% of the population in the globe uses a smartphone.
Power Inductor Segmentation by Core
The shielded segment is predicted to generate the highest share of over 65% over the coming years. The main element to encourage the growth of the segment is the growing demand for passenger vehicles. In 2022, approximately 56 million passenger vehicles in the globe were sold, up by over 2 percent year-on-year.
Power Inductor Segmentation by Material
Power Inductor Segmentation by Mounting
Power Inductor Segmentation by Type
A few of the well-known market leaders in the global power inductor market that are profiled by Research Nester are Kyocera AVX Component Corporation, Samsung Electro-mechanics Co., Ltd., Vishay Intertechnology, Inc., ALPS ALPINE CO., LTD, Delta Electronics, Inc., Bournc, Inc., Shenzhen Sunlord Electronics, ABC Taiwan Electronics, Pulse Electronics, TE Connectivity, and others.
Recent Development in the Market
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