Printed Circuit Board (PCB) Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, Taiwan, South Korea, Japan - Size and Forecast 2024-2028

Printed Circuit Board (PCB) Market Forecast 2024-2028 

The printed circuit board (PCB) market size is projected to increase by USD 29.06 billion at a CAGR of 6.6% between 2023 and 2028. The market's growth trajectory is influenced by multiple factors, notably the widespread adoption of smartphones, the escalating integration of electronic components in automobiles, and the surging demand for Internet of Things (IoT) devices. The ubiquity of smartphones drives innovation and market expansion across various sectors. Additionally, the automotive industry's increasing reliance on electronic components augments market growth. Simultaneously, the burgeoning demand for IoT devices across diverse applications further propels market advancement. These trends collectively contribute to shaping the market's growth trajectory, fostering innovation, and expanding opportunities across industries.

The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including APCT, China Circuit Technology Shantou Corp., Compeq Manufacturing Co. Ltd., DAEDUCK ELECTRONICS Co. Ltd., Dynamic Electronics Co. Ltd., Ibiden Co. Ltd., Jabil Inc., KOREA CIRCUIT CO. LTD, Murrietta Circuits, NOK CORP., RAYMING TECHNOLOGY, Shenzhen Kinwong Electronic Co. Ltd., Shenzhen SenYan Circuit Co. Ltd., Shenzhen Zhongxinhua Electronics Co. Ltd., Sumitomo Electric Industries Ltd., TTM Technologies Inc., Victory Giant Technology, Vishal International, Wonderful PCB, and Zhen Ding Technology Holding Ltd.. Additionally, APCT, through its subsidiary Advanced Circuits, specializes in offering printed circuit boards, including 2 and 4-layer PCBs, as part of its key company offerings.

What will be the Size of the Market During the Forecast Period?

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Printed Circuit Boards (PCBs) are vital components in modern electronics, linking various electronic parts to enable device functionality. Manufacturers like Unimicron and Shennan Circuits produce high-quality PCBs with advanced features such as HDI/Microvia/Build-Up and IC substrates. Used in telecommunications, automotive, and consumer electronics, PCBs support applications like 5G, IoT, and AI. With materials like composite epoxy and fiberglass, they ensure durability. Integration of resistors, capacitors, and transistors enhances functionality. As demand grows due to advancing technologies, PCB manufacturers innovate to meet evolving needs, driving technological progress.

Market Dynamics 

The market is driven by the expanding electronics industry and the proliferation of technologies like 5G, the Internet of Things (IoT), and the Internet of Vehicles. The increasing integration of artificial intelligence in electronic devices fuels the demand for innovative PCB solutions. The demand for smaller, more efficient electronic components for devices such as smartphones, cameras, and wearable devices is promoting the trend of miniaturization in the industry. However, the PCB assembly industry faces challenges in meeting the demands for high-performance PCBs, balancing miniaturization with optimal functionality. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market  Driver

The increasing integration of printed circuit boards (PCBs) within vehicles is notably driving market growth. As automotive manufacturers incorporate more advanced technology for safety, communication, and autonomous functions, there is a growing demand for sophisticated PCBs. Modern automobiles are equipped with various electronic components such as sensors, cameras, radar systems, infotainment systems, and Advanced Driver Assistance Systems (ADAS). These components heavily rely on PCBs to facilitate intricate interconnections and ensure seamless communication throughout the vehicle's electronic architecture. The surge in Electric Vehicles (EVs) further propels the demand for PCBs due to their significant role in managing power, battery control, and electric powertrain functionality.

Moreover, leading automotive companies, including Tesla, exemplify this trend by showcasing cutting-edge electronic components in their electric vehicles, requiring highly reliable and efficient PCBs. As the automotive industry embraces electrification, connectivity, and automation, the demand for PCBs is expected to steadily rise, given their critical role in powering the electrical backbone of modern vehicles. The accelerated growth of in-vehicle electronics in the automotive sector will drive the demand for advanced and sophisticated PCBs, accommodating the integration of numerous electronic components. Consequently, the market is poised for growth during the forecast period.

Significant Market Trends

Rising market penetration of miniaturized electronic components is an emerging trend in the market. The market is witnessing an increasing need for efficient data transfer along with low power consumption. As a result, the trend for miniaturization of electronic components is gaining traction in the printed circuit board market, resulting in high circuit density, which leads to a complex interconnection between the components. HDI substrates are made up of high-density circuits, which make it easy for the electronic components to be mounted on the PCB and send and receive signals among themselves.

Further, HDI is an important technology as it reduces manufacturing costs, eases the PCB design flow, and makes it compatible with new-generation electronic devices. HDI technology will have a moderately high impact on the customer segment, as it makes the PCB compatible with the growing trend of miniaturization of electronic components. An increase in PCB demand induced by HDI technology will increase significantly, which will contribute to the growth of the market during the forecast period.

Major Market Restrain

Rising cost pressures on manufacturers is a significant challenge hindering market growth. The global electronic components market is significantly impacted by the ongoing trade war between the US and China. Owing to this trade war, both countries have levied tariffs and restrictions on multiple goods, including electronic components such as PCBs, transformers, and integrated circuits (ICs). The imposition of these has increased the average selling price (ASP) of the ICs and the equipment in which these ICs and electronic components are integrated. This resulted in a decline in the demand for these products in the respective markets, thereby creating a demand-supply imbalance in the electronic components market. 

Moreover, the trade war between the US and China will hurt the pricing of most components. The prices of PCBs were reduced in 2020 due to the combined effect of the trade war and oversupply. The reduced price, however, will build price pressures on PCB manufacturers operating at low-profit margins. The impact of such macroeconomic factors increases the operational risks of vendors operating in the PCB market. Owing to such factors, the market is expected to witness a hindrance in growth during the forecast period.

Market Segmentation 

The market is intricately tied to the electronics industry, driven by key technologies like 5G, the Internet of Things (IoT), and the Internet of Vehicles. With the advent of artificial intelligence and the ever-increasing demand for electronics, including consumer electronics such as smartphones, cameras, PCs, and tablets, the market continues to evolve. The trend towards miniaturization of electronic components has led to the development of portable and handheld computer devices, wearable devices, and laptops, along with advancements in gaming consoles. The PCB assembly industry plays a pivotal role, particularly in the production of high-performance PCBs to meet the demands of modern electronic devices.

Electrolytic capacitors, transistors, and PLCs are integral components in various applications, from automobile systems like engine timing and battery control to digital displays and audio systems in smart devices and IoT gadgets. Printed Circuit Boards (PCBs) play a crucial role, utilizing composite epoxy and fiberglass materials, especially in high-density interconnect (HDI) PCBs. Manufacturers like Quanta Computer, known for their FR-4 high Tg PCBs, leverage additive manufacturing and 3D printing for industrial automation and medical devices. These FR-4 materials offer dimensional stability, dielectric strength, and thermal insulation, ensuring reliability even under high temperatures, mechanical stress, and thermal performance, crucial for government institutions and high-power electrical devices.

By End-user

The market share growth by the communication network infrastructure segment will be significant during the forecast period. Positive printed circuit board market trends in mobile broadband and big data management will spur the demand for PCBs in the communication network infrastructure segment. Network operators aim to provide faster data connectivity, quick video streaming with high resolution, and a wide range of multimedia applications. The 4G network has taken over 3G, and developed economies such as the US are moving toward 5G. 

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The communication network infrastructure was the largest and was valued at USD 16.04 billion in 2018. However, the number of data centers in developing countries such as China has increased considerably, which is driving the growth of the PCB market in these countries. The extensive application of PCBs in servers forms the basis of segment growth in coherence with rising data center construction. With such high demand, the basic key parameter of the success of servers is to have faster transmission without data loss and should be able to transmit more data per cable, which can be achieved by HDI PCBs. Therefore, with an increase in data centers, demand for the server will increase, thereby driving the demand for PCBs. Owing to these factors, the communication network infrastructure segment is expected to witness expansion, thereby driving the growth of the market during the forecast period.

By Type

Multi-layer PCBs retain a leading position in the Printed Circuit Board (PCB) Market owing to their flexibility and complexity. These printed circuit boards are made up of numerous layers of substrate material that are connected by conductive channels. Smartphones are prime examples of multi-layer PCB applications that require space minimization and sophisticated electronics. Advanced networking equipment such as routers and servers also heavily rely on multi-layer PCBs to improve functionality. Automotive electronic control units (ECUs) benefit from the small design of multi-layer PCBs, which allows for efficient performance in limited space. As technology advances, demand for multi-layer PCBs is projected to increase, cementing their position as a leading product. As a result, the multi-layer product segment is expected to grow, thereby propelling the further growth of the market during the forecast period.

Regional Overview

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APAC is estimated to contribute 89% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional market trends and analysis and drivers influencing the market's trajectory throughout the forecast period. Additionally, APAC dominates global automotive production, which creates a significant demand for PCBs through automobiles such as OEMs and tier-1 suppliers operating in the region. The growth in the urban population, coupled with the stable economic growth in the region in 2021, increased the demand for passenger cars integrated with advanced automotive components, which is fueling the growth of the PCB market in the region. Automobile manufacturers such as Mahindra and Mahindra Ltd., Tata Motors Ltd., Isuzu Motors Ltd., Mitsubishi Motors Corp., Nissan Motor Co. Ltd., and Suzuki Motor Corp. have a major presence in APAC. This has increased the manufacturing of a comprehensive range of vehicles. 

Moreover, major PCB manufacturers, such as Sumitomo, have a strong presence in APAC. Thus, the increasing presence of PCB manufacturers is also fueling the growth of the market in this region. Moreover, government initiatives in countries such as India will also drive the growth of the market in focus. For instance, as of March 2021, the Ministry of Electronics and Information Technology (MeitY) has initiated a plan in which a company is eligible to receive an incentive of up to 3% from April 2022 if it sets up a PCB assembly unit under the production linked scheme (PLI) scheme. Such initiatives from the government will further drive the market in the region during the forecast period. 

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

China Circuit Technology Shantou Corp - The company offers printed circuit boards such as double sided, multilayer, high layer HDI, and any layer HDI.

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• End-user Outlook
  • Communication network infrastructure
  • IT and peripherals
  • Automotive
  • Consumer electronics
  • Others

• Type Outlook
  • Multi-layer
  • HDI
  • Single sided
  • Double sided

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview 

The Printed Circuit Board (PCB) market, often referred to as the "mother of electronic products," plays a pivotal role in the ever-evolving electronics industry. With the advent of the Internet of Things (IoT) and the Internet of Vehicles, coupled with industrial IoT and artificial intelligence, the demand for electronics, including PCBs, has seen a substantial surge. PCs, tablets, laptops, and gaming consoles, integral to the consumer electronics segment, showcase the industry's reliance on high-performance PCBs with a focus on compact design, flexible printed circuit boards (PCBs), and rigid-flex PCBs. As technological innovation continues, the market witnesses unique developments like folded mobile phones and advancements in smartphone technologies, exemplified by industry leaders like Ericsson.

Electronic waste poses significant environmental concerns due to toxic substances like mercury, cadmium, and brominated flame retardants found in discarded electronics. The semiconductor market drives technological innovation, with semiconductor plants producing components like tripod, flexible circuits, and rigid flex PCBs for various sectors including industrial, medical, military, and aerospace. These components are crucial in telecommunication infrastructure, automobile applications, and systems like battery control and engine timing. As an Apple supplier, adherence to standards like HDI/build-up/microvia in rigid PCBs ensures quality. Utilizing materials with high density interconnect (HDI) and glass fabric enhances electrical insulating qualities and mechanical strength in electronic equipment, crucial for reliability and safety.

Further, the market is experiencing significant growth, propelled by the increasing integration of industrial Internet of Things (IoT) technologies. PCBs serve as the foundational components in various electronic devices, from portable and handheld computers to the ever-growing market of wearable devices. The PCB assembly industry plays a crucial role in the production of these intricate boards that connect and power electronic components. As demand for advanced and compact electronic solutions rises, the PCB market continues to evolve, meeting the requirements of modern technological applications and contributing to the expansion of the electronics industry.

Market Scope
Report Coverage	Details
Page number	172
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 6.6%
Market Growth 2024-2028	USD 29.06 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	6.31
Regional analysis	APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 89%
Key countries	US, China, Taiwan, South Korea, and Japan
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	APCT, China Circuit Technology Shantou Corp., Compeq Manufacturing Co. Ltd., DAEDUCK ELECTRONICS Co. Ltd., Dynamic Electronics Co. Ltd., Ibiden Co. Ltd., Jabil Inc., KOREA CIRCUIT CO. LTD, Murrietta Circuits, NOK CORP., RAYMING TECHNOLOGY, Shenzhen Kinwong Electronic Co. Ltd., Shenzhen SenYan Circuit Co. Ltd., Shenzhen Zhongxinhua Electronics Co. Ltd., Sumitomo Electric Industries Ltd., TTM Technologies Inc., Victory Giant Technology, Vishal International, Wonderful PCB, and Zhen Ding Technology Holding Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, North America, Europe, Middle East and Africa, and South America
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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