Global Metal Oxide Varistor (MOV) Market Size Size, Share, and COVID-19 Impact Analysis, By Type (Disc, Strap, Block, Ring, and Others), By Application (Consumer Electronics, Automotive, Telecommunications, Industrial Equipment, and Others), By End-User (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Metal Oxide Varistor (MOV) Market Size Insights Forecasts to 2035

• The Global Metal Oxide Varistor (MOV) Market Size Was Estimated at USD 12.6 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 6.15% from 2025 to 2035
• The Worldwide Metal Oxide Varistor (MOV) Market Size is Expected to Reach USD 24.3 Billion by 2035
• North America is expected to grow the fastest during the forecast period.

According to a Research Report Published by Spherical Insights and Consulting, The global Metal Oxide Varistor (MOV) Market Size was worth around USD 12.6 billion in 2024 and is predicted to grow to around USD 24.3 billion by 2035 with a compound annual growth rate (CAGR) of 6.15% from 2025 to 2035. The rising market for circuit protection in electric vehicles, renewable power applications, as well as the increasing demand for 5G networks, are adding to the growth of the global market for MOVs. The usage of smart home devices and IoT devices is fueling the miniaturization of these protection devices.

Market Overview

The Global Metal Oxide Varistor (MOV) Market Size revolves around the concept of devices used for the purpose of shielding electrical and electronic circuits against transient voltage surge by acting as a clamp for overstated voltages. The applications of metal oxide varistors can be seen in the form of surge protection devices in consumer electronics, power supplies, and other applications such as telecommunication systems, automobile electronics, and power transmissions. The principal driving factor for the surge in the global metal oxide varistor market can be attributed to the increasing requirements for enhanced surge-protection solutions. Other applications may lie in Smart Grids and Data Centers. 

Emerging markets also have high growth rates due to the development activities in infrastructure and the production of electronic components. The market is also aided by the efforts of key players in the industry, such as Littelfuse, TDK Corp, Vishay Intertechnology, Eaton, Panasonic, and ABB, among others, to develop innovative products, ensure reliability, and adhere to safety standards. In May 2025, Indian states, including Gujarat, initiated massive projects in the transmission and reinforcement of the renewable energy grid, such as the Green Energy Corridor Phase III, improve infrastructure and mitigate the unpredictability of the power supply. These upgrades drive demand for advanced surge protection components, including metal oxide varistors (MOVs), ensuring reliable voltage stability.

Report Coverage

This research report categorizes the Metal Oxide Varistor (MOV) Market Size based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Metal Oxide Varistor (MOV) Market Size. Recent market developments and competitive strategies, such as expansion, type launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Metal Oxide Varistor (MOV) Market Size. 

Driving Factors

Rising MOV surge protection requirements in the global metal oxide varistor market are mainly triggered by advancements in consumer and power-related applications. Increasing investments in consumer electronics, solar and power energy, electric vehicles, and smart grids create significant surge protection requirements for protecting various components against voltage spikes. Telecommunications and data center developments are other factors driving this market. Industrial automation and the establishment of Industry 4.0 further drive MOV protection device development. Increasing safety regulations, power issues, and investments in power transmission and distribution infrastructure, especially in developing countries, are major factors driving this market.

Restraining Factors

The market for metal oxide varistors (MOVs) is hindered by low durability due to the tendency for the product to degrade after exposure to frequent surges, thereby increasing maintenance and replacement costs. The threat of substitutes, temperature sensitivity, and pressures of cost competitiveness in sensitive electronics markets are other hindrances.

Market Segmentation

The Metal Oxide Varistor (MOV) Market Size share is classified into type, application, and end-user.

• The disc segment dominated the market in 2024, approximately 45% and is projected to grow at a substantial CAGR during the forecast period.

Based on the type, the Metal Oxide Varistor (MOV) Market Size is divided into disc, strap, block, ring, and others. Among these, the disc segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. MOVs of the disc type have become very popular because they are compact in size, easily installed, and can handle a high level of surge energy. They find wide applications in consumer electronics and industries owing to the reliability they guarantee to provide under conditions where space and performance are at a premium. They would be adaptable for protection for devices ranging from household appliances to advanced industrial machinery.

• The consumer electronics segment accounted for the largest share in 2024, approximately 33% and is anticipated to grow at a significant CAGR during the forecast period.

Based on the application, the Metal Oxide Varistor (MOV) Market Size is divided into consumer electronics, automotive, telecommunications, industrial equipment, and others. Among these, the consumer electronics segment accounted for the largest share in 2024 and is anticipated to grow at a significant CAGR during the forecast period. The demand in the consumer electronics segment for the growth in smart devices, home appliances, and their use in IoT-integrated smart homes. The critical demands for reliable surge protection to ensure consistent power and protect the electronics against voltage spikes make MOVs a crucial and indispensable component in modern applications of consumer electronics.

• The residential segment accounted for the highest market revenue in 2024, approximately 35% and is anticipated to grow at a significant CAGR during the forecast period.

Based on the end-user, the Metal Oxide Varistor (MOV) Market Size is divided into residential, commercial, and industrial. Among these, the residential segment accounted for the highest market revenue in 2024 and is anticipated to grow at a significant CAGR during the forecast period. MOVs find residential applications in household appliances and consumer electronics for surge voltage protection. In addition, the increasing use of smart home technologies and connected devices is expected to drive the demand for MOVs, as their consistent power and protection from electrical disturbances enable their electronics to be sensitive, thus being a must-have in applications involving residences for reliability and safety purposes.

Regional Segment Analysis of the Metal Oxide Varistor (MOV) Market Size

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the Metal Oxide Varistor (MOV) Market Size over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the Metal Oxide Varistor (MOV) Market Size over the predicted timeframe. The Asia Pacific region is set to hold the 45% share of the global Metal Oxide Varistor (MOV) Market Size due to rapid industrialization, urbanization, and technological adoption. Key countries, China, India, Japan, and South Korea, drive demand through expanding power networks, renewable energy projects, and smart electronics manufacturing. China, as the leading electronics producer, invests heavily in surge protection, while India’s growing EV and solar infrastructure increases MOV usage. Japan and South Korea focus on high-performance MOVs for industrial automation. In November 2024, India’s Central Electricity Authority approved a Uniform Protection Protocol, standardizing surge protection measures and boosting MOV deployment nationwide.

North America is expected to grow at a rapid CAGR in the Metal Oxide Varistor (MOV) Market Size during the forecast period. North America is expected to have a 25% market share of the Metal Oxide Varistor (MOV) Market Size due to rising demand for surge protection in industrial, automotive, and consumer electronics sectors. The United States and Canada lead growth through smart grid modernization, renewable energy integration, and EV infrastructure development. Strict electrical standards and the use of the latest MOV technology in data centers, telecom, and industrial automation help the cause. Governments in 2025 increasingly funded new renewables projects, such as the extensions to the EU Green Deal and the U.S. Inflation Reduction Act, to encourage the use of high-energy MOVs in solar inverters and wind turbines.

The European Metal Oxide Varistor (MOV) Market Size is experiencing growth due to the rise in the number of renewable energy projects, strict norms for safe handling of electricity, and the advent of smart grids in this region. The country that leads the way in Europe's market for metal oxide varistors is Germany because of the government's efforts toward the production of clean energy and the efficiency of the power grid in the country. The demand for surge protection in the devices mentioned below has increased the demand for MOVs in Europe.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Metal Oxide Varistor (MOV) Market Size, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• TDK Corporation
• Eaton Corporation PLC
• Vishay Intertechnology
• Littelfuse, Inc.
• ABB
• Bourns, Inc.
• Panasonic Corporation
• KEMET Corporation
• General Electric
• EPCOS AG
• Siemens AG
• Murata Manufacturing Co., Ltd.
• Dean Technology, Inc.
• KYOCERA AVX Components Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In November 2025, TDK Corporation launched the G series surge protection components, G14 and G20, combining a metal oxide varistor (MOV) and gas discharge tube (GDT) in series. This hybrid design minimizes leakage current, extends lifespan, and enhances surge protection for power supplies, chargers, appliances, and communication systems.

• In March 2024, KYOCERA AVX launched a new range of load dump varistors, expanding its TransGuard Automotive Series. The components provide reliable surge protection for automotive applications, supporting enhanced safety, performance, and durability in modern vehicles.

• In January 2024, Littelfuse, Inc. announced the SM10 Varistor Series, the first surface-mounted MOV meeting AEC-Q200 automotive standards. Designed for EVs and automotive electronics, it delivers superior surge protection, high-temperature tolerance, and ultra-high surge current handling in a compact, reliable package for diverse applications.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the Metal Oxide Varistor (MOV) Market Size based on the below-mentioned segments: 

Global Metal Oxide Varistor (MOV) Market Size, By Type

• Disc
• Strap
• Block
• Ring
• Others

Global Metal Oxide Varistor (MOV) Market Size, By Application

• Consumer Electronics
• Automotive
• Telecommunications
• Industrial Equipment
• Others

Global Metal Oxide Varistor (MOV) Market Size, By End-User

• Residential
• Commercial
• Industrial

Global Metal Oxide Varistor (MOV) Market Size, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

• South America
  • Brazil
  • Argentina
  • Rest of South America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa