Electronic Components Sector: Component Data Deposition: Electronic component shipment statistics for May 2026: Capacitor growth trend maintained; moderate recovery in connectors

研报英文原文证据摘录

Electronic Components Sector: Component Data Deposition: Electronic component shipment statistics for May 2026: Capacitor growth trend maintained; moderate recovery in connectors

J P M O R G A N Asia Pacific Equity Research

03 August 2026

Electronic Components Sector

Component Data Deposition: Electronic component

shipment statistics for May 2026: Capacitor growth

trend maintained; moderate recovery in connectors

We analyzed global electronic component shipment data by Japanese makers for Japan Equity Research

May 2026 announced by the Japan Electronics and Information Technology

Technology - Electronic

Industries Association (JEITA) on July 31. In May, total electronic component Components

shipment value fell MoM, and was generally in line with or slightly below the AC Akinori Kanemoto

seasonal average. By trend line, electronic components overall were generally flat.

(81-3) 6736 8628

By product, capacitors declined MoM, but remained on a growth trend in both yen akinori.kanemoto@jpmorgan.com

and US dollar terms. Connectors continued to show a moderate recovery. Other Ikki Shibata

products were generally flat, and we saw no notable, big changes. In addition, (81-3) 6736 8641

although the production volume of dielectric ceramic electrode materials for ikki.shibata@jpmorgan.com

MLCCs decreased both YoY and MoM, production remained at a high level when JPMorgan Securities Japan Co., Ltd.

looking at the past 10 years. We maintain a bullish stance on MLCC stocks, and

Murata Manufacturing (OW) is our top pick among electronic component stocks.

• May overview: JEITA announced that global electronic component shipments

by 60 Japanese companies totaled ¥353.3 billion (+15% YoY, -6% MoM) or

US$2,233 million (+5%, -6%); of this, passive components were ¥218.2