Chip Varistor Market Size, Share, Growth, and Industry Analysis by Type (General Grade Chip Varistor and Automotive Grade Chip Varistor), By Application (Electronic Device, TVs, AV Devices, Automotive, and Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2030

Updated On: 11 September 2023

Chip Varistor Market Report Overview

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The global chip varistor market size is estimated to be USD 597 million in 2022 and is projected to touch USD 813.8 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.

Chip varistors are used for transient over-voltage protection. The product provides great protection for electrical and electronic equipment such as inductive lightning surge/ absorption of abnormal voltage. These components are designed for circuit protection in industrial, automotive, and consumer electronics.

The growing need for the product in industrial activities coupled with the increased adoption of electronic devices is projected to surge market growth. High adoption of smart devices among consumers and large-scale investment in communication by prominent market players are estimated to drive market growth. Growth in the electronics sector and high demand to provide electronic shock protection in devices. These factors are anticipated to foster market progress in the upcoming years. High demand for the product in the healthcare, aerospace, and defense sectors is predicted to fuel chip varistor market progress. On the contrary, an increase in price and fluctuation in the cost of raw materials is projected to restrict the market growth.

COVID-19 Impact: Growing Demand for Electronic Products due to Remote Working to Foster Market Progress

The global COVID-19 pandemic has been unprecedented and staggering, with chip varistor experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

An outbreak of the COVID-19 pandemic halted production activities in the market. Lockdown restrictions and high demand for employee safety minimized market growth. Closure of the electronic sector lower demand for the product among consumers to restrict market progress. However, the high demand for electronic products due to remote working accelerated market growth. Rise in demand to protect electronic devices from over-voltage and the growing adoption of electronic types of equipment. These factors during the pandemic foster market progress. Further, high demand for the product from the healthcare sector and high adoption of advanced technology in the healthcare sector surge market growth.

LATEST TRENDS

"Increase in Demand for Electronic Equipment to Accelerate Market Progress"

High adoption of electronic equipment such as smartphones, tablets, laptops, and computers. The adoption of electronic products offers easy communication and entertainment. The increased population is inclined toward smart technology and a high need to protect electronic equipment from over-voltage. These factors are estimated to surge chip varistor market progress. The growing adoption of electronic vehicles and the high need for safety is predicted to boost product adoption in the coming years.

Chip Varistor Market Segmentation

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• By Type

Based on type, the market is divided into, general grade chip varistor and automotive grade chip varistor.

General grade chip varistor is estimated to be the leading part of type segmentation.

• By Application

Based on application, the market is classified into Electronic devices, TVs, AV devices, automotive, and others.

Electronic devices are estimated to be the leading part of application segmentation.

DRIVING FACTORS

"Rise in Awareness about Safety and Efficiency from High Voltage to Surge Market Growth"

Increasing awareness about security, safety, protection, and efficiency from high voltage is anticipated to fuel market growth. The product has several benefits such as excellent ESD, easy-to-achieve high capacity, low profile, and compactness. These properties of the product are predicted to surge market growth. The product is available in different sizes, applications, and circuits. The product has a high capacity to protect the device from overvoltage. It is also used in systems with relatively low circuit voltage in order to protect from suppressing overvoltage. These factors are anticipated to surge market growth in the forthcoming years. The product is extensively used in communication devices and cable TV. Further, the product does not show a polar effect and it easily achieves bi-directionality is anticipated to fuel chip varistor market growth.

"Expanding Applications in the Healthcare and Aerospace Sectors to Foster Market Growth"

Increasing demand for the product in the aerospace and healthcare sectors is anticipated to surge market growth. Widespread adoption of MOV in the communication and electronic sectors is projected to incite market progress. Growing investment for research and development activities by market players coupled with a surge in automation technology. Such factors are anticipated to aid market growth.  Increased in investment to protect electronic products from high voltage is predicted to fuel market growth. The growing need for the product in industrial activities coupled with the increased adoption of electronic devices is projected to surge market growth. High adoption of smart devices among consumers and large-scale investment in communication by prominent market players are estimated to drive market growth. Growth in the electronics sector and high demand to provide electronic shock protection in devices. These factors are anticipated to foster chip varistor market progress in the upcoming years.

RESTRAINING FACTORS

An increase in price and fluctuation in the cost of raw materials is projected to restrict market growth.

Chip Varistor Market Regional Insights

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"Growing Adoption of Automation Technology in Asia Pacific to Drive Market Share "

Asia Pacific is likely to dominate the chip varistor market share due to the growing adoption of automation technology. Huge funding for research and development activities in the region is projected to expand market growth. Increasing demand for the product in the aerospace and healthcare sectors is anticipated to surge market growth. High adoption of smart devices among consumers and large-scale investment in communication by prominent market players are estimated to drive market growth. Growth in the electronics sector and high demand to provide electronic shock protection in devices. These factors are anticipated to foster market progress in the upcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the Industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• TDK (Japan)
• Panasonic (Japan)
• AVX (U.S.)
• KOA Corporation (Japan)
• Littelfuse (U.S.)
• MARUWA (Japan)
• Lattron (South Korea)
• Shenzhen Sunlord (China)
• JOYIN (China)
• Sinochip Electronics (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.