EMEA market development for passive components 2019 - 2021
The European Passive Components Industry Association (EPCIA) has provided a helicopter perspective of the market development for passive components from 2019 (pre-covid) to 2021.
The EMEA Passive Components market in 2019 had a size of EUR 5.1 billion. In 2020, the first year of the COVID-19 pandemic, total sales fell by 13.9%, mainly due to associated lockdowns and production stops in the second quarter of 2020. All product groups recorded a sales decrease: Capacitors (-17.8%), Resistors (-15.6%), Inductors (-4.6%) and EMC Filters (-7.6%). In 2021, the EMEA Passive Components market climbed a whopping 23.1% to EUR 5.4 billion, a new all-time high.
With a share of 52% in 2021, Capacitors were the largest product group in the Passive Components Market in EMEA. After the sharp drop of 17.8% in 2020, the Capacitors market recovered strongly in 2021. With a market size of almost EUR 2.8 billion, it even surpassed the record level of the pre-Corona year 2019.
Resistors accounted for 20% of the EMEA Passive Components Market in 2021. In the pandemic year 2020, sales of Resistors dropped 15.6% to a level of EUR 0.8 billion. Driven by a strong demand for Chip/SMD types (up 41.3% YoY), the Resistors market climbed to a volume of EUR 1.1 billion in 2021 which is higher than in pre-Corona year 2019, but not as high as in the record year 2018.
Inductors represented the second largest product segment among Passive Components in the EMEA market with a share of 25% and a volume of EUR 1.3 billion in 2021. The pandemic-related decline of 4.6% in 2020 was relatively modest, followed by a decent recovery of 14.5% in 2021. Sales growth over both years from 2019 to 2021 was above average.
Like all other product groups, the market for EMC Filters also recorded a significant decline in 2020, namely by 7.6% to EUR 144 million. This was followed by very strong growth of 25.9% to EUR 182 million in 2021.
Main European Market Segments
The Automotive sector represents a good half of the total Passive Components market in EMEA and was hit hard by the pandemic crisis in 2020, as was the Industrial market as the second largest segment with a share of one third. Both market segments could recover strongly by more than 20% each in 2021