The Global Printed Circuit Board Market is expected to register a CAGR of 4.12% during the forecast period (2020-2025); it was valued at USD 58.91 billion in 2019, and it is projected to be worth USD 75.72 billion by 2025.
The market experienced rapid growth in the last few years, primarily owing to the continuous development of consumer electronics devices and increasing demand for PCBs in all electronics and electrical equipment.
The adoption of PCBs in connected vehicles has also accelerated the PCB market. These are vehicles that are fully equipped with both wired and wireless technologies, which make it possible for the vehicles to connect to computing devices like smartphones at ease. With such technology, drivers are able to unlock their vehicles, start climate control systems remotely, check their electric cars batteries status, and track their cars using smartphones.
Additionally, the demand for electronic devices, such as smartphones, smartwatches, and other devices, has also boosted the market's growth. For instance, According to the US Consumer Technology Sales and Forecast study, which was conducted by the Consumer Technology Association (CTA), the revenue generated by smartphones was valued at USD 79.1 billion and USD 77.5 billion in 2018 and 2019, respectively.
3D printing has proved integral to one of the big PCB innovations lately. 3D-printed electronics, or 3D PEs, are expected to revolutionize the way electrical systems are designed in the future. These systems create 3D circuits by printing a substrate item layer by layer, then adding a liquid ink on top of it that contains electronic functionalities. Surface-mount technologies can then be added to create the final system. 3D PE can potentially provide immense technical and manufacturing benefits for both circuit manufacturing companies and their clients, especially compared to traditional 2D PCBs.
With the outbreak of COVID-19, the production of printed circuit boards were impacted by constraints and delays in Asia-Pacific region, especially in China, during the months of January and February. Companies have not made major changes to their production capacities but weak demand in China present some supply chain issues. The Semiconductor Industry Association (SIA) report, in February, indicated potential longer-term business impacts outside of China related to the COVID-19. The effect of diminished demand could be reflected in companies' 2Q20 revenues.
Key Market Trends
Consumer Electronics Expected to Hold a Significant Market Share
North America Expected to Hold a Significant Market Share
The printed circuit board market is highly competitive due to the presence of few major players like Jabil Inc, Wurth elektronik group (Wurth group), TTM Technologies Inc., Becker & Muller Schaltungsdruck GmbH and Advanced Circuits Inc. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Recent Industry Developments
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