The rise of the market for OBC magnetic components is mostly due to the increased demand for electric vehicles in various parts of the world. The market is expanding due to the growing trend of electronic devices shrinking as well as the introduction of cutting-edge technologies like artificial intelligence, pattern recognition, and data analytics. Additionally, it is anticipated that an increase in R&D activities and the expanding use of sensors across different industries would open up new prospects for market players. The market is growing as a result of the rise in demand for OBC magnetic components, particularly from the automotive, medical, and military & defense sectors.
OBC Magnetic Component Market is required since it provides numerous advantages including continuous improvements, higher efficiency, and more design flexibility. OBC magnetic components are utilized in numerous applications, such as those for passenger automobiles, commercial vehicles, military, and defense, as well as for equipment used in the medical field and aerospace systems. The growing acceptance of electric vehicles is another factor driving the demand for efficient OBC magnetic components. Additionally, these components are used in cutting-edge technologies like artificial intelligence, machine learning, and data analytics.
Open-frame magnetic components, sometimes referred to as OBC magnetic components, are parts used in electronic equipment like electric automobiles. In addition to protecting and insulating the circuitry, these parts are employed to regulate the flow of electric current. They have ferrite cores, which make them lightweight and give them a tiny size for simple installation in a variety of equipment. The great stability and dependability of OBC magnetic components also make them perfect for use in the automotive, military & defense, and medical industries.
The market for OBC magnetic components is estimated to rise at a CAGR of 7.27% from 2021 to 2031 when it is expected to attain a value of USD 32,98.65 Million.
The expanding popularity of electric vehicles and the tendency toward downsizing electronic gadgets are both factors contributing to the expansion of this market.
The market for OBC magnetic components is confronted with several difficulties, including the availability of inexpensive substitutes and the escalating complexity of their design and production. Additionally, the high price of raw materials is impeding this market's expansion. A further obstacle to the expansion of this industry in emerging nations may be consumers' lack of knowledge about modern items. Yet, throughout the anticipated time, the market participants should have a chance due to the growing demand for electric automobiles.
COVID-19 Impact and Market Status
The global market for OBC magnetic components has been significantly impacted by the COVID-19 pandemic epidemic. The unexpected lockdowns imposed worldwide completely interrupted this business's production and supply chain of this business. In turn, this led to an imbalance in the dynamics of supply and demand, which put tremendous pressure on prices across the board. The demand for OBC components has increased once more as a result of increased investments in automobile plants, however, the worldwide market for OBC magnetic components is still slowly recovering from this blow.
The Carbon Brakes Type emerged as the Most Booming Segment
Transformers and inductors are the two categories into which the global OBC magnetic component market may be divided. Due to its numerous uses in HVAC systems, electric vehicles, and power distribution systems, the transformer sector accounted for the largest market share of these in 2020 and is expected to maintain its dominance during the projected period.
The Most Prominent Application is the Passenger Car
Based on application, the market for OBC magnetic components may be divided into two submarkets: passenger cars and commercial vehicles. Due to the growing demand for electric vehicles in developed nations, the passenger car category is anticipated to dominate the market. Since manufacturers are releasing new products with improved features like increased efficiency, decreased cost, and smaller size, this market has a significant potential for growth.
The APAC Region to render Ample Revenue Opportunities
The market for OBC magnetic components has been researched globally and, in many continents, including North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is predicted to hold the largest share of the market among these regions. The prevalence of several producers and suppliers in the area, as well as the rising demand for electric vehicles in nations like China, India, and Japan, are the main causes of the region's dominance.
TDK Corporation, Taiyo Yuden Co. Ltd., Vishay Intertechnology Inc., EPCOS AG, Bourns Inc., Wurth Electronics Inc., and General Magnetics Co. Ltd. are a few of the well-known companies in the global Sumida Corporation, Murata Manufacturing Co., Ltd., Coilcraft Inc., and OBC Magnetic Component Market. To remain competitive in the industry, these businesses are concentrating on tactics including product announcements, acquisitions and acquisitions, and cooperation.
Recent Developments in the OBC Magnetic Component Market
• Omron Automation Americas, Inc. launched a new product line of current sensors in the CFE series in January 2022, introducing the V-shape core pattern in OBCs. Inductors and transformer cores are the main applications for it to reduce the size and weight of magnetic products.
• A new generation of ultra-small SMT power inductors called the ETM series was introduced by TDK Corporation in August 2022. The product was created to drastically improve high-frequency performance. The new launch will support the creation of cutting-edge electronic gadgets.
• As an illustration, Sumida Corporation announced the introduction of a new line of inductors intended exclusively for automotive applications in 2019. With its high-efficiency components that adhere to strict specifications for electric vehicles, this new product line contributes to increasing customer satisfaction.
• The availability of carburizing martensitic stainless steel for non-magnetic applications in automotive components and sensors with advanced magnetic characteristics was announced by Nippon Steel & Sumitomo Metal Corporation in October 2022. Under the brand name "SUMIHARD," the company has created two sorts of grades that are intended for diverse industrial uses.
• A new series of high-performance transformers for use in automotive applications will be introduced in 2020, Wurth Electronics Inc. stated. When utilized in autos, these goods are intended to save costs and size while boosting overall performance. The company's market share in the global market for OBC magnetic components is anticipated to increase as a result of this product launch.
OBC Magnetic Component Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 32,98.65 Million|
|Growth Rate||CAGR of 7.27 % during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||TDK Corporation, Taiyo Yuden Co. Ltd., Vishay Intertechnology Inc., EPCOS AG, Bourns Inc., Wurth Electronics Inc., and General Magnetics Co. Ltd. are a few of the well-known companies in the global Sumida Corporation, Murata Manufacturing Co., Ltd., Coilcraft Inc., and OBC Magnetic Component Market.|
Key Segments of the Global OBC Magnetic Component Market
By Type Overview (USD Billion)
By Application Overview (USD Billion)
- Passenger Car
- Commercial Vehicle
By Regional Overview (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa