Automotive MLCCs Market to grow at a CAGR of 10.5% during 2024-2028
The Automotive MLCCs Market is expected to grow at a CAGR of 10.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1845.2 million. The global automotive MLCCs market is experiencing a notable trend with vendors introducing new, compact and high-performance electronic components in response to escalating demand. On September 19, 2024, Murata Manufacturing Co., Ltd., headed by President Norio Nakajima, announced the release of the world's smallest MLCC, measuring 0.16 mm x 0.08 mm (006003-inch size). This new MLCC represents a substantial 75% reduction in volume compared to the previous smallest MLCC (0.25 mm x 0.125 mm, 008004-inch size). This ultra-compact MLCC addresses the burgeoning need for high-density component mounting solutions, particularly in advanced smartphones, which now incorporate up to 1,000 MLCC units.
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Technavio analysts predict that the Class 2 MLCCs subsegment will lead the Type segment during 2024 and 2028 Class 2 multilayer ceramic capacitors (MLCCs) are indispensable in the automotive industry due to their compact size and high capacitance density. These capacitors, which employ dielectric materials such as X7R and Y5V, deliver significantly higher capacitance values than Class 1 capacitors, despite greater capacitance variation in response to temperature and voltage fluctuations. Class 2 MLCCs are extensively utilized in various automotive electronic systems, including power management circuits, filtering applications, and advanced driver-assistance systems (ADAS). Yageo's X5R series of Class II MLCCs, for instance, are engineered for versatile applications, capable of functioning optimally at temperatures up to 85 degrees Celsius.
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There are several factors that are causing the market to flourish increasing adoption of evs globally
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The Automotive MLCCs market is witnessing significant growth due to the increasing demand for advanced electronic systems in vehicles. Electronic control units (ECUs) such as onboard chargers, battery management systems (BMS), DC converters, AC on-board inverters, and high voltage MLCCs are essential components in Electric Vehicles (EVs) and Battery Electric Vehicles (BEVs). These systems require energy-efficient and compact designs for voltage regulation, signal conditioning, noise suppression, and power distribution. Automotive MLCCs, made of dielectric ceramic and metallic electrodes, play a crucial role in these applications. High voltages in on-board electrical circuits necessitate the use of MLCCs with high voltage ratings. The IoT and 5G revolution in telecommunications and consumer electronics are also driving the demand for MLCCs in the automotive industry. MLCCs are used in various automotive applications, including EVs, energy storage, and circuitry, to ensure reliable and efficient performance. The market for MLCCs is expected to grow further as the demand for compact, energy-efficient, and high-performance components increases.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in the automotive components and equipment market include the surge in electronic components utilization in automobiles. This trend, fueled by the escalating sales of electric vehicles, motorcycles, and passenger cars, has significantly boosted the demand for electronic control units (ECUs) and other electrical components over the past decade.
The Automotive MLCCs Market is experiencing significant growth, fueled by the increasing adoption of evs globally. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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