The global multilayer varistor (MLV) market, valued at US$ 0.5 Bn in 2024, is projected to expand at a CAGR of 6.9% from 2025 to 2035, reaching US$ 1.1 Bn by the end of the forecast period. Growing electrification, the rise of the Internet of Things (IoT), smart grids, and advanced consumer electronics are key forces driving market growth.

MLVs play a critical role in safeguarding sensitive electronic components from transient voltage surges. Their application spans consumer electronics, automotive systems, renewable energy, telecommunications, and industrial automation.

Analysts highlight that investments in EV charging infrastructure, 5G network rollouts, and renewable energy expansion will fuel adoption in the coming decade. The continued miniaturization of electronic components and innovations in high-performance MLVs have solidified their importance, particularly in Asia-Pacific, where China, Taiwan, and Japan maintain market dominance.

Market Overview

Multilayer varistors are constructed from layers of zinc oxide and ceramic materials known for their nonlinear voltage-current characteristics. These compact, high-reliability devices are designed to absorb surge currents while minimizing leakage, ensuring the safe operation of sensitive electronics.

Applications include:

• Consumer electronics (smartphones, laptops, wearables)
• Automotive systems (electric vehicles, infotainment, safety controls)
• Industrial equipment (automation and robotics)
• Telecom infrastructure (5G base stations, networking equipment)

By protecting devices from electrostatic discharge (ESD) and electrical overstress (EOS), MLVs extend product lifecycles and help manufacturers comply with global safety standards.

Key Market Drivers

1. Rapid Growth of the Consumer Electronics Industry

The integration of AI, IoT, and smart technologies has significantly increased demand for MLVs.

• India’s electronics market is projected to hit US$ 300 Bn by 2025–26, supported by favorable manufacturing policies.
• Taiwan’s export orders for electronics rose 11.2% in October 2024 to US$ 55.4 Bn, driven by AI-enabled products.

With smartphones, wearables, and smart home devices becoming ubiquitous, the need for compact, efficient, and low-voltage surge protection has intensified.

2. Expanding Telecommunications Infrastructure

5G rollouts and next-gen telecom upgrades demand robust surge protection.

• India is investing ₹26,316 crore to upgrade rural networks from 2G/3G to 4G, connecting over 6,200 villages.
• Australia’s US$ 3.8 Bn NBN upgrade includes replacing copper with fiber, deploying 23,000 km of cable.

Such infrastructure developments necessitate high-quality MLVs to protect critical communication hardware.

Market Segmentation Insights

By Voltage Range

The upto 30 V segment led the market with a 32.8% share in 2024, driven by demand in consumer electronics, IoT devices, and EV systems. These low-voltage MLVs are ideal for protecting compact devices where space and efficiency are critical.

By Region

East Asia dominated with 38.0% market share in 2024, benefiting from strong manufacturing ecosystems in China, Japan, and South Korea. Factors such as government incentives, access to raw materials, and advancements in miniaturization technologies strengthen the region’s competitive edge.

North America and Europe are poised for significant growth, supported by strict electromagnetic compatibility (EMC) regulations and increasing EV adoption.

Competitive Landscape

The MLV market is moderately consolidated, with players focusing on product innovation, strategic partnerships, and M&A activities. Notable companies include:

• KOA Speer Electronics
• Bourns, Inc.
• TDK Corporation
• Panasonic Corporation
• Littelfuse, Inc.
• KYOCERA AVX Components Corporation
• Vishay Intertechnology, Inc.
• KEMET Corporation

Recent Developments

• July 2024: KOA Speer Electronics launched the NV73S series, capable of handling up to 6,000 A—five times the capacity of previous products.
• January 2024: Bourns, Inc. introduced the BVR Series, offering superior transient energy absorption for low-voltage applications.
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Future Outlook

The global multilayer varistor market will continue to thrive as industries prioritize surge protection in an increasingly digital and electrified world. Key growth avenues include:

• Electrification of transportation – EVs and charging infrastructure
• Smart energy systems – renewable integration and grid modernization
• Miniaturized, high-performance electronics – driven by IoT and AI adoption

While challenges such as volatile raw material prices and competition from alternative technologies remain, the expanding scope of connected devices ensures sustained demand.