Chokes Market to Reach $2.6 Billion, Globally, by 2031 at 5.8% CAGR: Allied Market Research

The increase in demand for electronics & electrical equipment in various end-use industries such as automotive, aerospace, and telecommunications and the rise in power density and frequency in electronic devices drive the growth of the global chokes market.

/EIN News/ — Portland, OR, April 12, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Chokes Market by Type (Power Inductor, RF Chokes, Common-Mode Chokes, Others), by End-Use (Automotive, Consumer Electronics, Aerospace & Defense, Telecommunication, Industrial Automation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global chokes industry generated $1.5 billion in 2021, and is anticipated to generate $2.6 billion by 2031, witnessing a CAGR of 5.8% from 2022 to 2031.

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Prime determinants of growth

The increase in demand for electronics & electrical equipment in various end-use industries such as automotive, aerospace, and telecommunications and the rise in power density and frequency in electronic devices drive the growth of the global chokes market. On the other hand, the high cost of raw materials, lack of standardization, and availability of alternative technologies such as capacitors impede the growth to some extent. However, advancements in technology and a surge in demand for medical devices are expected to create lucrative opportunities in the industry.

Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$1.5 billion
Market Size in 2031	$2.6 billion
CAGR	5.8%
No. of Pages in Report	330
Segments covered	Type, End-Use, and Region
Drivers	Surge in demand for electric vehicles Government initiatives to promote energy efficiency Rise in demand for consumer electronics Growth in the use of renewable energy
Opportunities	Advancements in technology and a surge in demand for medical devices
Restraints	Environmental concerns related to electronic waste Intellectual property issues

Covid-19 Scenario

• The global chokes market experienced a downturn during the Covid-19 pandemic due to factors such as manufacturing facility closures and transportation restrictions, which caused a shortage of raw materials and components, disrupting the supply chain.
• However, the pandemic also created a surge in demand for electronic devices and infrastructure, driven by the growing trend of remote work and education, thereby boosting demand for chokes and other electronic components used in these devices, as well as in data centers and communication networks.
• As the world recovered from the pandemic, there’s been a growing emphasis on renewable energy solutions and sustainable infrastructure, which is expected to fuel demand for chokes in the power generation industry.

The common-mode choke segment to maintain its leadership status throughout the forecast period

Based on type, the common-mode choke segment held the highest market share in 2021, accounting for nearly two-fifths of the global chokes market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in the demand for power-efficient devices and rapid industrialization across the globe has led to the increasing demand for power from renewable energy sources. The surge in demand for renewable power generation stations has led to the demand for common-mode chokes. However, the others segment is expected to witness the fastest CAGR of 6.6% from 2022 to 2031, owing to the increase in the utilization of portable electronic gadgets across the globe.

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The consumer electronics segment to maintain its leadership status throughout the forecast period

Based on end-use, the consumer electronics segment held the highest market share in 2021, accounting for nearly one-third of the global chokes market, and is estimated to maintain its leadership status throughout the forecast period.  This is because manufacturers have started developing new technologies and materials to create smaller, lighter, and more efficient chokes to cater to the increasing demand. However, the aerospace and defense segment is expected to witness the fastest CAGR of 7.4% from 2022 to 2031, due to the increasing demand for air transportation.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the major market share in 2021, accounting for nearly two-fifths of the global chokes market revenue, and is likely to manifest the fastest CAGR of 6.2% during the forecast period. This is because the Asia-Pacific region is one of the fastest-growing regions in terms of population, urbanization, and industrialization, which are driving the demand for chokes in various applications. Also, the Asia-Pacific region is home to some of the largest markets for consumer electronics, including China, Japan, and South Korea.

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Leading Market Players: –

• Eaton Corporation
• Murata Manufacturing Co., Ltd.
• Sumida Corporation
• Delta Electronics, Inc.
• Panasonic Corporation
• Rohm Semiconductor
• Pulse Electronics
• AVX Corporation
• Vishay Intertechnology
• TDK Corporation

The report provides a detailed analysis of these key players in the global chokes market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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