Benefiting from the explosive growth of the new energy and AI industries, the market for electronic transformers and inductors in China has continued to grow at a high rate. Data shows that the market size is expected to exceed 120 billion yuan by 2025, with an average annual compound growth rate of over 7%. Among them, new energy vehicles and AI servers have become the core growth engines.

The structural explosion of downstream demand has become the core driving force of the market. In the new energy field, the demand for high-performance inductors for vehicles has soared, and it is expected that the market size will exceed 30 billion yuan by 2030, with an annual growth rate of over 15%. The market space for magnetic components in AI server power supplies exceeds 5 billion yuan, and with the demand for UPS in data centers, the overall market size is nearly 15 billion yuan. Leading enterprise Kelike's revenue in the first three quarters was 4.105 billion yuan, an increase of 24.86% year-on-year, and its net profit growth rate reached 52.51%. Its automotive electronics business accounts for 45%.

The industry competition presents a pattern of "concentration at the top and breakthroughs by small and medium-sized enterprises". Leading enterprises such as Suncall and Kelike have seized the market with their technological advantages. Kelike has deepened its ties with industry leaders such as Huawei and BYD by taking a controlling stake in Haiguang Electronics. However, the industry still faces the problem of homogenization, with the homogenization rate of inductors exceeding 90%, and the rising copper price by 20% has added cost pressure. As a result, the gross profit margin of some enterprises has decreased by more than 24%.

Technological innovation has become the key to breaking the deadlock. High-frequency and miniaturization have become the mainstream directions. Kelike and other enterprises have continuously increased their R&D investment, with an R&D investment of 135 million yuan in 2024. Magnetic integration technology has achieved breakthroughs, with the volume of the magnetic pole new energy four-in-one inductor reduced by 70%, and Xingtai Technology's hot-pressing process has improved production efficiency. At the policy level, the "15th Five-Year Plan" will strengthen the requirement for independent control of high-end components and promote the industry's transformation towards high added value.

Industry insiders believe that with the application of new materials and the upgrading of intelligent manufacturing, enterprises with core technologies will lead the next round of growth.