Published Date : 17 Jan 2023
The global electronic contract manufacturing and design services market size was exhibited at USD 522.5 billion in 2022 and is expected to hold around USD 1,398.92 billion by 2032, growing at a CAGR of 10.40% from 2023 to 2032.
The electronic manufacturing service is expected to have the largest market share during the forecast period and it has dominated the market with a share of about 44% in the past in terms of revenue. Most of the original equipment manufacturers are outsourcing the requirements of designs to two different companies in order to save the time required on doing these activities.
There's a greater demand for the manufacturing of electronic circuit boards as these are extremely important for the manufacturing of electronic devices like tablets as well as mobile phones. most of the contractors offer manufacturing techniques of the advanced type which does not involve a lot of capital investment hence the market is expected to grow well and original equipment manufacturers are opting for these services.
The telecommunications and the IT segment is expected to have the largest market share or they are expected to be the largest end users of this service. They accounted for a share of about 47% in the past and they have generated a revenue of about 47%. There has been an increased trend for outsourcing various tasks associated with the automotive, healthcare, and non-technical sectors.
There's a greater demand for electronic vehicles in many nations which are expected to create greater demand for these services in the coming years. In order to optimize the use of resources and to improve the development of the product the market is expected to grow well in the coming years.
Electronic Contract Manufacturing And Design Services Market Report Scope
|Market Size in 2023||USD 574.22 Billion|
|Market Size by 2032||USD 1398.92 Billion|
|Growth Rate from 2023 to 2032||CAGR of 10.40%|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||By Service, By Technology and By End-Use|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
The Asia Pacific region has had the largest market share for electronic manufacturing and designing services in the year 2021. This region is expected to grow well in the coming year. Many electronic products are manufactured in the Asia Pacific region specifically in China. Large number of electronics are manufactured in this region due to the availability of low-cost labor and raw materials.
This region is the largest and the most important market in electronic manufacturing services. Go to the manufacturing of telecommunication devices semiconductors and different types of consumer electronics. Apart from the growth of the market in the Asia Pacific region electronics manufacturing and designing services is expected to grow in the European region.
Due to the presence of various automobile manufacturers in the European region like Reynold, BMW, Volkswagen, the market is expected to grow well. A large amount of opportunity provided for the expansion of the market in the North American region due to the growth in the urban population and increased consumption of consumer electronics.
The increased purchasing power and dual-income households had increased the consumption of electronic products in the North American region. The availability of smartphones and televisions Provided by the remote manufacturers will lead to an increased demand for such products. Constant research and development activities in the South American region, African and the Middle East region will lead to greater adoption of automotive electronics and consumer electronics.
Incorporation of the 3D technologies and IoT will lead to the growth of the market during the forecast period.
There is a greater demand for the various parts that can be recycled. Initiatives taken by the government have been instrumental in the production of green electronics. And the production of these green electronic devices will lead to the growth of the electronics manufacturing services market in the coming years. The emergence of these electronics has been helpful in reducing the amount of carbon emissions. Due to the use of this technology, carbon footprints are reduced to a great extent.
The amount of energy consumed for the manufacturing of various products has also come down. Increasing awareness regarding the hazards of e-waste will create better innovations for producing greener electronics. All these factors are expected to drive the market in the coming years.
Major manufacturers and service providers across the globe are adopting the sustainable ways for reducing emissions. Various manufacturers are focusing on coming up with strategic procedures for manufacturing of these electronics which shall have a positive impact on the market growth period
As there has been a growth in the number of innovative products offered in the market these creations in the electronics market need security. These products need legal protection through intellectual property rights. The violation of all these rights is restraining the growth of the market. Many small-sized enterprises and medium sized enterprises do not pay much importance to intellectual property rights and they constantly focus on growth. Although the opportunities gained by the small and medium-scale enterprises are good the environment is not that safe.
The manufacturing process of the organizations need modification in order to strengthen the systems for intellectual property rights. And due to the lack of which the market growth shall be hindered feared
Increased awareness about recycling electronic waste will support the growth of the market and provide opportunities for the growth of the market in the forecast period. In the forecast. The amount of e-waste generated from electronics is expected to grow exponentially and there shall be a greater need for recycling them.
In order to reduce electronic as well as electrical waste in the European region many plans have been implemented for improving the usability and the recycling of various electronic products.
In order to support erased recycling many systems that provide rewards are introduced in this region and they shall be beneficial in providing better opportunities for the growth of the market in the coming years.
The lack of awareness regarding the system for intellectual property rights in developing nations will be one of the greatest challenges in the growth of the market in the coming years. As many innovative electronic products are offered in the market a sound system for securing the rights are an extremely important period
Plexus corporation announced the construction of a new manufacturing facility in order to increase its production for the Asia Pacific region. This facility is based at Bangkok Thailand.
Major Key Players
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