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.


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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Consumer electronics is a rapidly changing and dynamic industry, wherein the competition among the market players and game-changing technological developments are increasing significantly. These innovations and technological developments are assisting the manufacturers of consumer electronic devices in enhancing the features and the quality of their products.


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.


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.