Electronic Manufacturing Services Market size to surpass $1 Tn by 2032

Electronic Manufacturing Services Market size is estimated to reach over USD 1 trillion by the end of 2032, according to a recent research report announced by Global Market Insights Inc.
 

Favorable government initiatives and rising investments focused on the development of the electric vehicle industry to address the growing concerns about carbon emissions are projected to stimulate market expansion. For example, in 2020 and 2021, the European Investment Bank approved €1.6 billion (approx. USD 1.7 billion) in investments supporting electric car and battery project pilots in EU states. Additionally, OEMs are integrating advanced electric and smart control features, in the new modern vehicles.  Consequently, the rising popularity of electric and hybrid cars in significant regions of China, the US, and Europe is expected to offer prospective markets for electronic manufacturing service providers from 2023 to 2032.
 

Growing efforts by businesses to enhance user experience to boost the engineering services segment growth

By product, the engineering services segment accounted for over 20% of the electronic manufacturing services market share in 2022.The ongoing efforts of businesses to provide the best products with superior user experience while also being compelled to keep up with the dynamic environment have raised the necessity for engineering services. Additionally, there is a greater need for effective engineering and design services due to the growing manufacturing of 5G-enabled smart electronic devices with advanced applications. In addition, engineering service providers are increasingly concentrating on their core competencies by utilizing their skill sets and promoting their goods, which is anticipated to foster segment growth from 2023 to 2032.
 

Surging adoption to cut costs to boost PCB layout segment revenue

The engineering services segment is sub-classified into circuit design and PCB layout, of which the PCB layout segment is expected to grow at more than 5% CAGR through 2032.Several OEMs provide a variety of hardware engineering services, including electronics system design, FPGA design, PCB design and layout, and design simulations. Furthermore, the increased adoption of PCB layout services among businesses to save money and drastically reduce the circuit board designing costs by incorporating effective designs into projects is estimated to augment segment gains.
 

Browse key industry insights spread across 140 pages with 299 market data tables and 38 figures & charts from the report “Electronic Manufacturing Services (EMS) Market Size, By Service (Electronics Manufacturing, Engineering Services, Test & Development Implementation, Logistics Services), By Application (Computer, Consumer Electronics, Aerospace & Defense, Medical & Healthcare, Automotive, Semiconductor Manufacturing, Robotics), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electronic-manufacturing-services-ems-market
 

Rising product adoption for end-to-end capabilities in design and production to impel aerospace & defense segment revenue

Based on application, electronic manufacturing services market by the aerospace & defense segment is estimated to reach over USD 90 billion by 2032. The segment growth is credited to the increasing product adoption by the aerospace and defense industries for its comprehensive end-to-end capabilities, design, production, testing, and supply chain management. Aircraft are often comprised of complex mechanical elements, electronics, hydraulics, pneumatics, and other components. There aerospace industry has no tolerance for error and has extremely stringent device manufacturing criteria. These businesses benefit from the expertise that electronics manufacturing services offer, which also helps assure quality and adherence to strict regulations, thereby propelling segment expansion.
 

Presence of key industry participants to augment the North America industry share

North America electronic manufacturing services market size was worth over USD 100 billion in 2022.Increasing efforts by leading industry players to offer fully scalable manufacturing services are expected to drive the regional industry. These companies are poised to capitalize on new opportunities created by rising demand for advanced electronics manufacturing services and outsourced solutions from North American OEMs.
 

Strategic acquisitions to define the competitive landscape of the industry

Major companies in the electronic manufacturing services market are Compal Electronics, Inc., Jabil, Inc., Foxconn (Hon Hai Precision Industry Co., Ltd.), Wistron Corporation, and Inventec. The ecosystem also consists of other innovative players such as Sanmina Corporation, Fabrinet, Sparton Corporation, and Keytronic. These businesses largely focus on promoting the development of cutting-edge manufacturing processes and implementing growth strategies in order to maintain their market position.