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Transformers for Switching Power Supplies-Global Market Insights and Sales Trends 2025

Transformers for Switching Power Supplies-Global Market Insights and Sales Trends 2025

Publishing Date : Mar, 2025

License Type :
 

Report Code : 1826887

No of Pages : 125

Synopsis
Transformers for switching power supplies (also known as switch mode power supply transformers and SMPS transformers) are using in a regulated power supply and function to step up or step down voltage or current, and/or provide isolation between the input and output side of a switch mode power supply. On the primary side of a switch mode transformer, the duty cycle (on time) of the input voltage waveform is varied (switched) to deliver a constant output voltage over varying load conditions. Transformers for Switching Power Supplies (SMPS transformers) are designed to operate at frequencies of 10 kHz to 1 MHz Switch mode transformer (switch mode power supply transformer) power levels now extend into the 50 kilowatt range

The global Transformers for Switching Power Supplies market size is expected to reach US$ 1554.8 million by 2029, growing at a CAGR of -0.2% from 2023 to 2029. The market is mainly driven by the significant applications of Transformers for Switching Power Supplies in various end use industries. The expanding demands from the Communication Industry, Industrial Fields and Consumer Electronics,, are propelling Transformers for Switching Power Supplies market. Single-excited, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Double-excited segment is estimated at % CAGR for the next seven-year period.

The major players in global Transformers for Switching Power Supplies market include TDK, Tamura, Triad Magnetics, etc. The top 3 players occupy about 30% shares of the global market. China is the main market, and occupies about 60% of the global market. Single-excited is the main type, with a share over 60%.

Report Objectives

This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Transformers for Switching Power Supplies, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.

Key Features of The Study:

This report provides in-depth analysis of the global Transformers for Switching Power Supplies market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.

This report profiles key players in the global Transformers for Switching Power Supplies market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Transformers for Switching Power Supplies sales data, market share and ranking.

This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.

This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.

Key companies of Transformers for Switching Power Supplies covered in this report include TDK, Tamura, Triad Magnetics, Precision, Prisource, MYRRA, Stontronics, GS Transformers and WCM, etc.

The global Transformers for Switching Power Supplies market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.

Market Segmentation

Company Profiles:

TDK

Tamura

Triad Magnetics

Precision

Prisource

MYRRA

Stontronics

GS Transformers

WCM

CWS

APX

TISCI Srl

Premier Magnetics

Prem Magnetics

Butler Winding

Click

Zhongce E.T

Salom

Jiangsu Jewel

Dongxin

Hangtung Electronic

Kunshan Hengyi

Ri Hui Da

Tabuchi

Chenfei

Sed Electronics

MNOVA

Global Transformers for Switching Power Supplies market, by region:

North America (U.S., Canada, Mexico)

Europe (Germany, France, UK, Italy, etc.)

Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)

South America (Brazil, etc.)

Middle East and Africa (Turkey, GCC Countries, Africa, etc.)

Global Transformers for Switching Power Supplies market, Segment by Type:

Single-excited

Double-excited

Global Transformers for Switching Power Supplies market, by Application

Communication Industry

Industrial Fields

Consumer Electronics

Core Chapters

Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.

Chapter Two: Detailed analysis of Transformers for Switching Power Supplies manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.

Chapter Three: Sales, revenue of Transformers for Switching Power Supplies in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.

Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.

Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.

Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.

Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter Twelve: Analysis of sales channel, distributors and customers.

Chapter Thirteen: Research Findings and Conclusion.
Index
1 Transformers for Switching Power Supplies Market Overview

1.1 Transformers for Switching Power Supplies Product Overview

1.2 Transformers for Switching Power Supplies Market Segment by Type

1.2.1 Single-excited

1.2.2 Double-excited

1.3 Global Transformers for Switching Power Supplies Market Size by Type

1.3.1 Global Transformers for Switching Power Supplies Market Size Overview by Type (2018-2029)

1.3.2 Global Transformers for Switching Power Supplies Historic Market Size Review by Type (2018-2023)

1.3.3 Global Transformers for Switching Power Supplies Forecasted Market Size by Type (2024-2029)

1.4 Key Regions Market Size Segment by Type

1.4.1 North America Transformers for Switching Power Supplies Sales Breakdown by Type (2018-2023)

1.4.2 Europe Transformers for Switching Power Supplies Sales Breakdown by Type (2018-2023)

1.4.3 Asia-Pacific Transformers for Switching Power Supplies Sales Breakdown by Type (2018-2023)

1.4.4 Latin America Transformers for Switching Power Supplies Sales Breakdown by Type (2018-2023)

1.4.5 Middle East and Africa Transformers for Switching Power Supplies Sales Breakdown by Type (2018-2023)

2 Global Transformers for Switching Power Supplies Market Competition by Company

2.1 Global Top Players by Transformers for Switching Power Supplies Sales (2018-2023)

2.2 Global Top Players by Transformers for Switching Power Supplies Revenue (2018-2023)

2.3 Global Top Players by Transformers for Switching Power Supplies Price (2018-2023)

2.4 Global Top Manufacturers Transformers for Switching Power Supplies Manufacturing Base Distribution, Sales Area, Product Type

2.5 Transformers for Switching Power Supplies Market Competitive Situation and Trends

2.5.1 Transformers for Switching Power Supplies Market Concentration Rate (2018-2023)

2.5.2 Global 5 and 10 Largest Manufacturers by Transformers for Switching Power Supplies Sales and Revenue in 2022

2.6 Global Top Manufacturers by Company Type (Tier 1, Tier 2 and Tier 3) & (based on the Revenue in Transformers for Switching Power Supplies as of 2022)

2.7 Date of Key Manufacturers Enter into Transformers for Switching Power Supplies Market

2.8 Key Manufacturers Transformers for Switching Power Supplies Product Offered

2.9 Mergers & Acquisitions, Expansion

3 Transformers for Switching Power Supplies Status and Outlook by Region

3.1 Global Transformers for Switching Power Supplies Market Size and CAGR by Region: 2018 VS 2022 VS 2029

3.2 Global Transformers for Switching Power Supplies Historic Market Size by Region

3.2.1 Global Transformers for Switching Power Supplies Sales in Volume by Region (2018-2023)

3.2.2 Global Transformers for Switching Power Supplies Sales in Value by Region (2018-2023)

3.2.3 Global Transformers for Switching Power Supplies Sales (Volume & Value) Price and Gross Margin (2018-2023)

3.3 Global Transformers for Switching Power Supplies Forecasted Market Size by Region

3.3.1 Global Transformers for Switching Power Supplies Sales in Volume by Region (2024-2029)

3.3.2 Global Transformers for Switching Power Supplies Sales in Value by Region (2024-2029)

3.3.3 Global Transformers for Switching Power Supplies Sales (Volume & Value), Price and Gross Margin (2024-2029)

4 Global Transformers for Switching Power Supplies by Application

4.1 Transformers for Switching Power Supplies Market Segment by Application

4.1.1 Communication Industry

4.1.2 Industrial Fields

4.1.3 Consumer Electronics

4.2 Global Transformers for Switching Power Supplies Market Size by Application

4.2.1 Global Transformers for Switching Power Supplies Market Size Overview by Application (2018-2029)

4.2.2 Global Transformers for Switching Power Supplies Historic Market Size Review by Application (2018-2023)

4.2.3 Global Transformers for Switching Power Supplies Forecasted Market Size by Application (2024-2029)

4.3 Key Regions Market Size Segment by Application

4.3.1 North America Transformers for Switching Power Supplies Sales Breakdown by Application (2018-2023)

4.3.2 Europe Transformers for Switching Power Supplies Sales Breakdown by Application (2018-2023)

4.3.3 Asia-Pacific Transformers for Switching Power Supplies Sales Breakdown by Application (2018-2023)

4.3.4 Latin America Transformers for Switching Power Supplies Sales Breakdown by Application (2018-2023)

4.3.5 Middle East and Africa Transformers for Switching Power Supplies Sales Breakdown by Application (2018-2023)

5 North America Transformers for Switching Power Supplies by Country

5.1 North America Transformers for Switching Power Supplies Historic Market Size by Country

5.1.1 North America Transformers for Switching Power Supplies Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029

5.1.2 North America Transformers for Switching Power Supplies Sales in Volume by Country (2018-2023)

5.1.3 North America Transformers for Switching Power Supplies Sales in Value by Country (2018-2023)

5.2 North America Transformers for Switching Power Supplies Forecasted Market Size by Country

5.2.1 North America Transformers for Switching Power Supplies Sales in Volume by Country (2024-2029)

5.2.2 North America Transformers for Switching Power Supplies Sales in Value by Country (2024-2029)

6 Europe Transformers for Switching Power Supplies by Country

6.1 Europe Transformers for Switching Power Supplies Historic Market Size by Country

6.1.1 Europe Transformers for Switching Power Supplies Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029

6.1.2 Europe Transformers for Switching Power Supplies Sales in Volume by Country (2018-2023)

6.1.3 Europe Transformers for Switching Power Supplies Sales in Value by Country (2018-2023)

6.2 Europe Transformers for Switching Power Supplies Forecasted Market Size by Country

6.2.1 Europe Transformers for Switching Power Supplies Sales in Volume by Country (2024-2029)

6.2.2 Europe Transformers for Switching Power Supplies Sales in Value by Country (2024-2029)

7 Asia-Pacific Transformers for Switching Power Supplies by Region

7.1 Asia-Pacific Transformers for Switching Power Supplies Historic Market Size by Region

7.1.1 Asia-Pacific Transformers for Switching Power Supplies Market Size Growth Rate (CAGR) by Region: 2018 VS 2022 VS 2029

7.1.2 Asia-Pacific Transformers for Switching Power Supplies Sales in Volume by Region (2018-2023)

7.1.3 Asia-Pacific Transformers for Switching Power Supplies Sales in Value by Region (2018-2023)

7.2 Asia-Pacific Transformers for Switching Power Supplies Forecasted Market Size by Region

7.2.1 Asia-Pacific Transformers for Switching Power Supplies Sales in Volume by Region (2024-2029)

7.2.2 Asia-Pacific Transformers for Switching Power Supplies Sales in Value by Region (2024-2029)

8 Latin America Transformers for Switching Power Supplies by Country

8.1 Latin America Transformers for Switching Power Supplies Historic Market Size by Country

8.1.1 Latin America Transformers for Switching Power Supplies Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029

8.1.2 Latin America Transformers for Switching Power Supplies Sales in Volume by Country (2018-2023)

8.1.3 Latin America Transformers for Switching Power Supplies Sales in Value by Country (2018-2023)

8.2 Latin America Transformers for Switching Power Supplies Forecasted Market Size by Country

8.2.1 Latin America Transformers for Switching Power Supplies Sales in Volume by Country (2024-2029)

8.2.2 Latin America Transformers for Switching Power Supplies Sales in Value by Country (2024-2029)

9 Middle East and Africa Transformers for Switching Power Supplies by Country

9.1 Middle East and Africa Transformers for Switching Power Supplies Historic Market Size by Country

9.1.1 Middle East and Africa Transformers for Switching Power Supplies Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029

9.1.2 Middle East and Africa Transformers for Switching Power Supplies Sales in Volume by Country (2018-2023)

9.1.3 Middle East and Africa Transformers for Switching Power Supplies Sales in Value by Country (2018-2023)

9.2 Middle East and Africa Transformers for Switching Power Supplies Forecasted Market Size by Country

9.2.1 Middle East and Africa Transformers for Switching Power Supplies Sales in Volume by Country (2024-2029)

9.2.2 Middle East and Africa Transformers for Switching Power Supplies Sales in Value by Country (2024-2029)

10 Company Profiles

10.1 TDK

10.1.1 TDK Company Information

10.1.2 TDK Introduction and Business Overview

10.1.3 TDK Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.1.4 TDK Transformers for Switching Power Supplies Products Offered

10.1.5 TDK Recent Development

10.2 Tamura

10.2.1 Tamura Company Information

10.2.2 Tamura Introduction and Business Overview

10.2.3 Tamura Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.2.4 Tamura Transformers for Switching Power Supplies Products Offered

10.2.5 Tamura Recent Development

10.3 Triad Magnetics

10.3.1 Triad Magnetics Company Information

10.3.2 Triad Magnetics Introduction and Business Overview

10.3.3 Triad Magnetics Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.3.4 Triad Magnetics Transformers for Switching Power Supplies Products Offered

10.3.5 Triad Magnetics Recent Development

10.4 Precision

10.4.1 Precision Company Information

10.4.2 Precision Introduction and Business Overview

10.4.3 Precision Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.4.4 Precision Transformers for Switching Power Supplies Products Offered

10.4.5 Precision Recent Development

10.5 Prisource

10.5.1 Prisource Company Information

10.5.2 Prisource Introduction and Business Overview

10.5.3 Prisource Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.5.4 Prisource Transformers for Switching Power Supplies Products Offered

10.5.5 Prisource Recent Development

10.6 MYRRA

10.6.1 MYRRA Company Information

10.6.2 MYRRA Introduction and Business Overview

10.6.3 MYRRA Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.6.4 MYRRA Transformers for Switching Power Supplies Products Offered

10.6.5 MYRRA Recent Development

10.7 Stontronics

10.7.1 Stontronics Company Information

10.7.2 Stontronics Introduction and Business Overview

10.7.3 Stontronics Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.7.4 Stontronics Transformers for Switching Power Supplies Products Offered

10.7.5 Stontronics Recent Development

10.8 GS Transformers

10.8.1 GS Transformers Company Information

10.8.2 GS Transformers Introduction and Business Overview

10.8.3 GS Transformers Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.8.4 GS Transformers Transformers for Switching Power Supplies Products Offered

10.8.5 GS Transformers Recent Development

10.9 WCM

10.9.1 WCM Company Information

10.9.2 WCM Introduction and Business Overview

10.9.3 WCM Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.9.4 WCM Transformers for Switching Power Supplies Products Offered

10.9.5 WCM Recent Development

10.10 CWS

10.10.1 CWS Company Information

10.10.2 CWS Introduction and Business Overview

10.10.3 CWS Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.10.4 CWS Transformers for Switching Power Supplies Products Offered

10.10.5 CWS Recent Development

10.11 APX

10.11.1 APX Company Information

10.11.2 APX Introduction and Business Overview

10.11.3 APX Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.11.4 APX Transformers for Switching Power Supplies Products Offered

10.11.5 APX Recent Development

10.12 TISCI Srl

10.12.1 TISCI Srl Company Information

10.12.2 TISCI Srl Introduction and Business Overview

10.12.3 TISCI Srl Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.12.4 TISCI Srl Transformers for Switching Power Supplies Products Offered

10.12.5 TISCI Srl Recent Development

10.13 Premier Magnetics

10.13.1 Premier Magnetics Company Information

10.13.2 Premier Magnetics Introduction and Business Overview

10.13.3 Premier Magnetics Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.13.4 Premier Magnetics Transformers for Switching Power Supplies Products Offered

10.13.5 Premier Magnetics Recent Development

10.14 Prem Magnetics

10.14.1 Prem Magnetics Company Information

10.14.2 Prem Magnetics Introduction and Business Overview

10.14.3 Prem Magnetics Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.14.4 Prem Magnetics Transformers for Switching Power Supplies Products Offered

10.14.5 Prem Magnetics Recent Development

10.15 Butler Winding

10.15.1 Butler Winding Company Information

10.15.2 Butler Winding Introduction and Business Overview

10.15.3 Butler Winding Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.15.4 Butler Winding Transformers for Switching Power Supplies Products Offered

10.15.5 Butler Winding Recent Development

10.16 Click

10.16.1 Click Company Information

10.16.2 Click Introduction and Business Overview

10.16.3 Click Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.16.4 Click Transformers for Switching Power Supplies Products Offered

10.16.5 Click Recent Development

10.17 Zhongce E.T

10.17.1 Zhongce E.T Company Information

10.17.2 Zhongce E.T Introduction and Business Overview

10.17.3 Zhongce E.T Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.17.4 Zhongce E.T Transformers for Switching Power Supplies Products Offered

10.17.5 Zhongce E.T Recent Development

10.18 Salom

10.18.1 Salom Company Information

10.18.2 Salom Introduction and Business Overview

10.18.3 Salom Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.18.4 Salom Transformers for Switching Power Supplies Products Offered

10.18.5 Salom Recent Development

10.19 Jiangsu Jewel

10.19.1 Jiangsu Jewel Company Information

10.19.2 Jiangsu Jewel Introduction and Business Overview

10.19.3 Jiangsu Jewel Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.19.4 Jiangsu Jewel Transformers for Switching Power Supplies Products Offered

10.19.5 Jiangsu Jewel Recent Development

10.20 Dongxin

10.20.1 Dongxin Company Information

10.20.2 Dongxin Introduction and Business Overview

10.20.3 Dongxin Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.20.4 Dongxin Transformers for Switching Power Supplies Products Offered

10.20.5 Dongxin Recent Development

10.21 Hangtung Electronic

10.21.1 Hangtung Electronic Company Information

10.21.2 Hangtung Electronic Introduction and Business Overview

10.21.3 Hangtung Electronic Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.21.4 Hangtung Electronic Transformers for Switching Power Supplies Products Offered

10.21.5 Hangtung Electronic Recent Development

10.22 Kunshan Hengyi

10.22.1 Kunshan Hengyi Company Information

10.22.2 Kunshan Hengyi Introduction and Business Overview

10.22.3 Kunshan Hengyi Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.22.4 Kunshan Hengyi Transformers for Switching Power Supplies Products Offered

10.22.5 Kunshan Hengyi Recent Development

10.23 Ri Hui Da

10.23.1 Ri Hui Da Company Information

10.23.2 Ri Hui Da Introduction and Business Overview

10.23.3 Ri Hui Da Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.23.4 Ri Hui Da Transformers for Switching Power Supplies Products Offered

10.23.5 Ri Hui Da Recent Development

10.24 Tabuchi

10.24.1 Tabuchi Company Information

10.24.2 Tabuchi Introduction and Business Overview

10.24.3 Tabuchi Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.24.4 Tabuchi Transformers for Switching Power Supplies Products Offered

10.24.5 Tabuchi Recent Development

10.25 Chenfei

10.25.1 Chenfei Company Information

10.25.2 Chenfei Introduction and Business Overview

10.25.3 Chenfei Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.25.4 Chenfei Transformers for Switching Power Supplies Products Offered

10.25.5 Chenfei Recent Development

10.26 Sed Electronics

10.26.1 Sed Electronics Company Information

10.26.2 Sed Electronics Introduction and Business Overview

10.26.3 Sed Electronics Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.26.4 Sed Electronics Transformers for Switching Power Supplies Products Offered

10.26.5 Sed Electronics Recent Development

10.27 MNOVA

10.27.1 MNOVA Company Information

10.27.2 MNOVA Introduction and Business Overview

10.27.3 MNOVA Transformers for Switching Power Supplies Sales, Revenue and Gross Margin (2018-2023)

10.27.4 MNOVA Transformers for Switching Power Supplies Products Offered

10.27.5 MNOVA Recent Development

11 Upstream, Opportunities, Challenges, Risks and Influences Factors Analysis

11.1 Transformers for Switching Power Supplies Key Raw Materials

11.1.1 Key Raw Materials

11.1.2 Key Raw Materials Price

11.1.3 Raw Materials Key Suppliers

11.2 Manufacturing Cost Structure

11.2.1 Raw Materials

11.2.2 Labor Cost

11.2.3 Manufacturing Expenses

11.3 Transformers for Switching Power Supplies Industrial Chain Analysis

11.4 Transformers for Switching Power Supplies Market Dynamics

11.4.1 Transformers for Switching Power Supplies Industry Trends

11.4.2 Transformers for Switching Power Supplies Market Drivers

11.4.3 Transformers for Switching Power Supplies Market Challenges

11.4.4 Transformers for Switching Power Supplies Market Restraints

12 Market Strategy Analysis, Distributors

12.1 Sales Channel

12.2 Transformers for Switching Power Supplies Distributors

12.3 Transformers for Switching Power Supplies Downstream Customers

13 Research Findings and Conclusion

14 Appendix

14.1 Research Methodology

14.1.1 Methodology/Research Approach

14.1.2 Data Source

14.2 Author Details

14.3 Disclaimer

Published By : QY Research

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