Common-mode Chokes Market worth $820 Million by 2028 - Exclusive Report by MarketsandMarkets™
The growth of the market is attributed to the increasing adoption of common-mode chokes in consumer electronics, growing trend towards industrial 4.0 technology, rising demand in automotive and transportation application.
CHICAGO, Jan. 11, 2023 /PRNewswire/ -- The Common-mode Chokes Market is projected to grow from USD 629 Million in 2023 to USD 820 Million by 2028; it is expected to grow at a CAGR of 5.4% during the forecast period according to a new report by MarketsandMarkets™. The growth of the market is attributed to the increasing adoption of common-mode chokes in consumer electronics, growing trend towards industrial 4.0 technology, rising demand in automotive and transportation application. Proliferation of stringent regulation related to emission of electromagnetic energy causing EMI is expected to create growth opportunities for the market.
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Browse in-depth TOC on "Common-mode Chokes Market" 204 – Tables
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Power line type to account for a larger share of common-mode chokes market in 2023
Power line common-mode chokes are expected to command the market during the forecast period. Common-mode choke manufacturers are keen on offering low-profile, miniature common-mode chokes that efficiently help attenuate common-mode noise in both power and data line applications. For example,Coilcraft Inc. offers LPD, MSD, and PFD common-mode chokes that provide filtering in a single, low-profile, miniature device.
Consumer electronics segment to lead common-mode chokes market in 2023
Common-mode chokes in the consumer electronics vertical find applications in LCD (liquid-crystal display) panels, power cables, USB drives, computers, laptops, monitors, television sets, etc. Innovations in sensor technology and a rising focus on the miniaturization of electronic components integrated into consumer electronics and household products are likely to generate growth opportunities for the providers of common-mode chokes. These electronic products include digital and analog circuitries installed very close to each other, thereby creating common-mode noise and electromagnetic interference, which can cause malfunction and degradation in the performance of electrical equipment. New regulations and standards defined for consumer electronic appliances are further boosting the adoption of common-mode chokes. It will also drive the development of technologically advanced common-mode chokes.
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Market in Asia Pacific to hold significant opportunities for the market during forecast period
There is an increased demand for common-mode chokes in Asia Pacific, especially from major countries such as China, Japan, South Korea, and India. The growth of the common-mode chokes market in Asia Pacific can be attributed to increased investments across industries in factory automation and the booming electronics manufacturing sector. Ongoing technological innovations and the increasing adoption of automation technology in various industries have accelerated the demand for common-mode chokes in the region. According to the International Federation of Robotics Report 2022, Asia Pacific held the world's largest industrial robot market, such that in 2021, 73% of the newly deployed robots were installed in Asia Pacific. The dense population and the growth in per capita income, along with large-scale industrialization and urbanization, will create lucrative opportunities for the players in the common-mode chokes market.
Key players
Major vendors in the common-mode chokes market include Eaton (Ireland), TDK Corporation (Japan), Murata Manufacturing Co., Ltd. (Japan), Schaffner Holding AG (Switzerland), and YAGEO Group (Pulse Electronics) (Taiwan) among others.
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