Surface mount components market projected to reach $115 billion by 2032

The global surface mount components (SMD) market is projected to grow from an estimated $6.4 billion in 2025 to approximately $115.39 billion by 2032, representing a compound annual growth rate (CAGR) of 8.7%.

Growth is primarily driven by the increasing demand for miniaturization and high-performance functionality in electronic devices. Key sectors fueling this demand include IoT devices, 5G communication equipment, wearable technology, and AI-related hardware. Additionally, the rise of electric vehicles (EVs) and advanced driver-assistance systems (ADAS) is creating significant new demand within the automotive electronics sector, requiring components with high heat resistance and long-term reliability.

Major industry players include Panasonic, Murata Manufacturing, Samsung Electro-Mechanics, Vishay Intertechnology, and Kyocera. While the Asia-Pacific region remains a primary production hub, geopolitical tensions and changes in U.S. tariff policies are expected to influence procurement costs, logistics, and supplier configurations moving forward.