Electronics Manufacturing Services Market to Accrue USD 902.59 Billion by 2032, Propelled by Growing Demand of Consumer Electronics Globally, States Extrapolate

DUBAI, UAE, May 4, 2023 /PRNewswire/ -- As per the latest research report published by Extrapolate, the global Electronics Manufacturing Services Market was valued at USD 484.46 billion in 2022 and is anticipated to grow to USD 902.59 billion by 2032. The market is expected to grow at a CAGR of around 6.42%, fueled by expanding end-use applications across multiple industries.

Electronic component design and assembly have been revolutionized as a result of increasing miniaturization and adoption of emerging technologies in the Industrial Internet of Things (IIoT) and enhanced communication provided by 5G.

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Trending Now: To Expand EV Mobility Solutions, FIT to Acquire PRETTL SWH Group

In January 2023, FIT Hon Teng Ltd. (FIT) agreed to acquire PRETTL SWH Group from SPA, expanding its core capabilities in EV components and extending its mobility solutions. Following the acquisition, FIT will be the sole owner of the PRETTL SWH group.

Combining PRETTL SWH Group's high-quality module and component products with FIT's current system will generate synergy. FIT is on track to expand its high-margin product portfolio by following through on its 3+3 strategy (EVs, audio, and 5GAIoT). This acquisition is consistent with FIT's 3+3 strategy and will generate new growth drivers in the EV mobility market.

Manufacturing Services Continue to Gain Prominence with the Rising Popularity of PCBs

The manufacturing services segment dominated the market share in 2022 and is anticipated to continue its dominance in the near future due to significant developments in research and development activities. A wide range of consumer electronic devices rely heavily on well-designed and manufactured PCBs with numerous connections. Additionally, the development of 3D printing has reduced the price, time, and resources needed to create PCBs.

IT and Telecom Segment to Experience Substantial Growth Backed by Governmental Support

The IT and telecom segment is expected to lead the market with the highest CAGR. The growth of the segment is mainly attributable to the favorable initiatives implemented by government bodies in major countries such as the United States, India, and other countries. Furthermore, this initiative has led to an increase in demand for consumer electronics, computers, and communication devices, propelling the electronics manufacturing services market growth in IT and telecom applications.

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Increasing Demand for Consumer Electronics Globally to Fuel Market Growth

The expansion of the electronic manufacturing services market has been driven by the increasing demand for electronic devices like smartphones, smartwatches, and other gadgets. The Indian consumer electronics and appliances market, which was recently valued at USD 9.84 billion, is anticipated to grow by over twofold to INR 1.48 lakh crore (USD 21.18 billion) by 2025, according to the IBEF.

Furthermore, industry participants are stepping up their efforts to adapt to emerging technologies and provide their customers with the best services and solutions, which is expected to boost market performance through the projection period. For instance, the first OMRON Automation Centre in Europe received a significant renovation in October 2021 and now features a sizable showcase space for modern automation systems.

Asia Pacific to Lead the Market Owing to Employment of Various Marketing Strategies

Asia-Pacific is expected to lead the electronics manufacturing services market. The regional market growth is primarily driven by their strategic positioning in the consumer electronics, semiconductor, and other telecommunications device and equipment manufacturing industries. Tata Group, for instance, recently announced plans to enter the semiconductor manufacturing business, aiming for a piece of the USD 1 trillion high-tech electronics manufacturing sector.

Strategic Alliance Between Key Market Players to Open Growth Opportunities in Europe

The market for electronics manufacturing services in Europe is expected to grow significantly during the projection period. Key players in the region have formed strategic alliances to further improve the region's market structure. For instance, Fiat Chrysler Automobiles (FCA) and Foxconn collaborated in January 2020 to produce and construct electric vehicles for the Chinese market.

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Competitive Landscape

The rising use of these services across numerous sectors and the presence of numerous market players on a global scale are causing the electronics manufacturing services industry to become more fragmented. Product developments and innovations are viewed as lucrative directions for the electronics manufacturing services industry expansion by market participants.

Prominent players in the market include:

• Benchmark Electronics, Inc.
• CELESTICA INC.
• COMPAL Inc.
• DIXON TECHNOLOGIES
• FLEX LTD.
• Hon Hai Precision Industry Co., Ltd.
• KEYENCE CORPORATION
• NORTHROP GRUMMAN.
• Plexus Technology Solutions, LLC
• Taiwan Semiconductor Manufacturing Company Limited

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Table of Content

Chapter 1. Executive Summary

Chapter 2. Research Methodology

Chapter 3. Market Outlook

Chapter 4. COVID-19 Impact on Electronics Manufacturing Services Market

Chapter 5. Global Electronics Manufacturing Services Market Overview, By Application, 2018 - 2032 (USD Million)

Chapter 6. Global Electronics Manufacturing Services Market Overview, By Service Type, 2018 - 2032 (USD Million)

Chapter 7. Global Electronics Manufacturing Services Market Overview, By Geography, 2018 - 2032 (USD Million)

Chapter 8. North America Electronics Manufacturing Services Market Overview, By Countries, 2018 - 2032 (USD Million)

Chapter 9. Europe Electronics Manufacturing Services Market Overview, By Countries, 2018 - 2032 (USD Million)

Chapter 10. Asia Pacific Electronics Manufacturing Services Market Overview, By Countries, 2018 - 2032 (USD Million)

...

Chapter 14. Key Vendor Analysis

Chapter 15. Sourcing Strategy and Downstream Buyers

Chapter 16. Marketing Strategy Analysis, Distributors/Traders

...TOC Continued

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