Market Analysis
The global trimmer potentiometer market will touch USD 1.3 billion at a 3.60% CAGR by 2032, as per the latest Market Research Future report.
Key Players
Eminent market players profiled in the global trimmer potentiometer market report include
· Bourns
· BI Technologies
· Copal Electronics
· Compit
· GC Electronics
· Honeywell.
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Drivers
Burgeoning Need for Electronic Devices to Boost Market Growth
The burgeoning need for electronic devices will boost market growth over the forecast period. Trimmer potentiometers are an integral part of all types of electronic devices. It provides protection to electronic devices by resisting the flow of excessive power or voltage. Over the past few years, the market for electronic devices like mobile phones, computing devices & automation devices, among others, has been increasing very rapidly. This in turn has completely influenced the use of variable resistors in such devices, leading to an increase in demand worldwide. Furthermore, the existence of many small players has led to intense competitive rivalry in the global trimmer potentiometer market and this trend can be expected to continue throughout the review period.
Opportunities
Increasing Use in Auto Industry to offer Robust Opportunities
The automotive industry is the leading driver of the trimmer potentiometer market. As automobiles become more technologically advanced, there is a growing demand for electronic systems that require precise adjustment. Trimmer potentiometers are used in a variety of automotive applications, including temperature control systems, audio systems, and engine management systems to ensure maximum performance.
Restraints and Challenges
Fluctuating Raw Material Costs to act as Market Restraint
Fluctuating raw material cost and accessibility of alternative technologies like digital potentiometers may act as market restraints over the forecast period.
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Market Segmentation
The trimmer potentiometer market is bifurcated based on application and type.
By type, single turn will lead the market over the forecast period.
By application, consumer electronics will domineer the market over the forecast period.
COVID-19 Analysis
Due to production shutdowns, logistical issues and delivery delays, the trimmer potentiometer segment experienced supply chain disruptions like disruptions in many other sectors. This affected production schedules and caused short shortages. Demand for consumer electronics in fact has increased due to the shift to remote work, online education and increased reliance on electronic devices during the epidemic. This subsequently increased the demand for trimmer potentiometers, which are needed to manufacture these devices. The production and testing of trimmer potentiometers presented difficulties due to remote work arrangements and limited access to production facilities. Businesses must adjust their manufacturing processes and implement quality assurance and control methods through remote testing.
Regional Analysis
North America to Head Trimmer Potentiometer Market
North America dominates the Trimmer Potentiometer market as it is represented in the consumer electronics sector. The region is home to major manufacturers and has a high demand for electrical equipment. This provides a huge market for trimmer potentiometers, leading to the supremacy of North America. In addition, the region's technical development, research and development capacity and favourable business climate contribute to the industry's dominance in the region.
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