Inductor Market To Witness the Highest Growth Globally In Coming Years 2023-2027

Global inductor market size is projected to reach USD 7.0 billion by 2027 from an estimated USD 5.1 billion in 2022, at a compound annual growth rate (CAGR) of 6.6 % from 2022 to 2027.

Inductors are passive electronic components that store energy in a magnetic field and are used in a variety of circuits to filter, store, and regulate electrical energy. The growing adoption of electric vehicles and the increasing demand for connected devices are some of the key drivers of the inductor market report. The need for compact, efficient, and cost-effective inductors is also expected to drive the inductor market growth.

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Opportunity: Rising adoption of electric vehicles

There is a sharp growth in the production of electric vehicles in recent years and is expected to grow further in the coming years and the pace of development of electric vehicles has been tremendous. The use of electric vehicles has spread, and this will lead to the adoption of connected cars and advanced driving assistance systems (ADAS), which will expand the role of electronic components. With an increase in the tightening of environmental regulations many major manufacturers and newly emerging car makers have increased the production volume of electric vehicles, which is expected to increase the demand for passive components. These electric vehicles are equipped with new technologies and are powered by AI and IoT. With the increase in the adoption of electric vehicles, the demand for inductors is expected to increase in the coming years.

Challenge: Increasing complexity due to miniaturization of inductors

The size of the products is becoming increasingly smaller as well as the functionalities associated with the products are being enhanced. There is a continuos shrink in the size of mobile devices that offer advanced complex functions. The market for such devices which include smartwatches, wristband-type wearable devices, and IoT devices such as sensor network devices need reduced size as well as thickness. These devices also need highly efficient power supply circuits for longer operating time. Due to reduction in the size and thickness of wearables such as smartwatches, there is  an increased use of higher-speed processors for higher performance and multi-core processors for higher efficiency. This paves way for the the miniaturization of all components used, including inductors. In particular, multilayered chip inductors, therefore, also need to be made even smaller in size while providing high Q ratings. However, as feature sizes shrink, maintenance of dimensional tolerances and long-term reliability becomes more tedious. There is a continuos shrink in size of wireless handsets, PDAs, and other portable electronic devices along with increase in the complexity of its operations. Therefore, they face design challenges; as with the reduction in the size of an inductor, the original rated current (ODC) and DC resistance are required to be unaffected.