The multilayer ceramic capacitor (MLCC) market is expected to grow from USD 14.0 billion in 2022 to USD 26.6 billion by 2027, at a CAGR of 13.8% during the forecast period. Growing demand from automotive industry due to advent of EVsis driving the market for multilayer ceramic capacitor. Increasing adoption in telecommunications end-user industry due to rapid development of 5G technology; and Rising incorporation of MLCCs in smartphones, smart wearables, and other electronic devices further drives the MLCC market.

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With the advent of compact and lightweight smart devices, component miniaturization is unavoidable in order to achieve a high density of electronic circuitry. In addition,due to restricted space, board space is becoming increasingly important as modern electronic devices gain capability, complexity, and portability. The gadgets must provide good performance while remaining compact.Even when devices get smaller, there's a push for higher performance as capacitors are engineered to have less parasitic loss and provide even greater efficiency. A smartphone is widely recognized as the most important device driving the usage of compact MLCCs. It is due to the reason that smartphones require high functionality and long battery life; thus, designers must install more components while minimizing battery space. Many other market categories in the burgeoning IoT society, including mobile telephones, wearable devices, TWS, smartwatches, and handheld video game consoles, also require compact modules and shrinking of discrete components for similar reasons. Further, ultra-thin MLCCsare widely used in even the smallest security devices, ranging from high-end patient monitoring systems in medical applications to bank cards. Even though there are a few challenges associated with increasing the performance of MLCCs while downsizing them, MLCC manufacturers are significantly investing in R&D to enhance the performance of capacitors while reducing their size at the same time. Each manufacturer utilizes their own patented technology to master the miniaturization technology and establish a competitive edge in the market. For instance, TAIYO YUDEN (Japan) is one of the top pioneers in the development and production of high-capacitance MLCCs in compact packaging. The company offers 100 μF MLCCs in 0805 packages and 470 μF MLCCs in 1812 packaging.

The market for class II dielectric type MLCCs is expected to grow at the higher CAGR during the forecast period. Automotive-gradeMLCCs are designed to meet the demanding requirements of automotive systems. Class II MLLCs (for e.g., X7R) offer significantly high-power battery designs in an electric vehicle. The higher power output can reduce battery charging time and boost cruising endurance, as well as make all of the motor's charge lines shorter and lighter, improving the overall efficiency of an electric vehicle’s driving system. Further, with the advent of EVs, BEVs, and ADAS,the number of electronic equipment installed in small spaces of an automotive body is growing rapidly. Additionally, Class II MLCCs (for e.g., X7S)offer the required dependability for on-board MLCCs in automobiles while reducing component sizes and increasing capacitances.

The MLCC market for low rated voltage segment is expected to grow at the highest CAGR throughout the forecast period. The main reason for the increasing demand for low-rated-voltage MLCCs is due to the fact that they are extensively used in the electronics end-user industry. Most of the widely adopted electronics devices, especially small consumer electronics such as smartphones, smart wearables, true wireless stereo(TWS) headsets, headphones, and calculators, operate at a lower voltage. Further, the miniaturization of ICs lowers the required voltage, thereby accelerating the demand for low rated voltage MLCCs.

The MLCC market for the automotive end-user industry is expected to grow at the highest CAGR during the forecast period. Automotive end-user industry is further expected to account for the second-largest market share throughout the forecast period. With the transition of cars from internal combustion engines (ICEs) to battery electric vehicle (BEV), the number of MLCCs employed increases, frequently by more than five times. According to TAIYO YUDEN’s (Japan) estimations, the number of MLCCs installed per vehicle for mid-class gasoline-powered vehicles is about 3,000, and for electric vehicles is over 7,000, and the number of MLCCs placed per vehicle will only increase in the coming years driving the market for automotive-grade MLCC

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The Asia Pacific region accounted for the largest share of MLCC market in 2021 and is also expected to grow at the highest CAGR during the forecast period. The Asia Pacific region account for the biggest market of electronics/electrical devices. The region is one of the largest producers, as well as consumers, of electronic devices and equipment owing to its large population. The mounting demand for tablets, smartphones, laptops, and smart wearables, combined with the increasing adoption of IoT in the Asia Pacific region, is propelling the MLCC market in the region.Further, the growing demand of vehicles in the region is exexpected to accelerate the demand for MLCCs in Asia Pacific. Especially in China, the development and sale of the electric vehicles are propelling the demand for more units of MLCCs.