Electronic Contract Manufacturing And Design Services Industry Overview
The global electronic contract manufacturing and design services market size is expected to reach USD 1,062.7 billion by 2030, according to a new study by Grand View Research, Inc., registering a CAGR of 9.5% during the forecast period. The electronics industry is highly competitive, owing to the increasing complexity of electronic products and rising pressure on Original Equipment Manufacturers (OEMs) to reduce costs. Moreover, decreased product lifecycles have upped the demand for better manufacturing capabilities and related services. OEMs are seeking contract manufacturers' support to achieve the same, which will drive the market during the forecast period.
Electronic Contract Manufacturing And Design Services Market Segmentation
Grand View Research has segmented the global electronic contract manufacturing services market based on services, end-user, and region:
Based on the Services Insights, the market is segmented into Electronic Design & Engineering, Electronics Assembly, Electronic Manufacturing and Others.
- Electronic manufacturing emerged as the leading service category in 2021 and accounted for 44.3% of the overall revenue share.
- The electronic contract manufacturing and design services market is witnessing an upsurge in the demand for electronic circuit boards due to their growing importance in several electronic devices, such as mobile phones and tablets, among others.
- OEMs can design and test prototypes for the new product development. Additionally, the services provided by contractors enable less capital investment and advanced manufacturing techniques for OEMs for new product development.
- The implementation of advanced technologies such as 3D printing and Artificial Intelligence (AI) for automation by electronic contract manufacturers and design service providers results in high initial investment for OEMs.
Based on the End-Use Insights, the market is segmented into Healthcare, Automotive, Industrial, Aerospace & Defense, IT & Telecom, Power & Energy, Consumer Electronics and Others.
- The demand for electronic contract manufacturing services is anticipated to grow owing to rising applications across non-technical end-user segments, such as healthcare, automotive, industrial, and aerospace & defense.
- The IT & telecom segment emerged as the largest end-use segment and accounted for over 47% of the total market revenue in 2021.
- The upsurge in demand for electrical vehicles has elevated the need to outsource their electronic component manufacturing, thereby spurring the electronic contract manufacturing and design services market demand in the automotive sector.
- The healthcare industry is anticipated to witness significant growth, owing to the rise in demand for medical devices.
Electronic Contract Manufacturing And Design Services Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The competitive rivalry in the market is high, owing to the presence of several dominant players. The presence of well-established players has intensified the industry rivalry, due to which the degree of competition is considerably higher. These market players particularly focus on entering into mergers & acquisitions and joint ventures/collaborations to enhance their market presence. Compal Electronics aims to increase its product portfolio and expand its market exposure with this acquisition.
Some prominent players in the global Electronic Contract Manufacturing And Design Services market include:
- Benchmark Electronics Inc.
- Celestica Inc.
- Compal Electronics Inc.
- Creating Technologies LP
- Flextronics International Ltd.
- Hon Hai Precision Industry Co. Ltd.
- Jabil Circuit Inc.
- Plexus Corporation
- Fabrinet
- Venture Corporation Limited.
Order a free sample PDF of the in Electronic Contract Manufacturing And Design Services Market Intelligence Study, published by Grand View Research.
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