Global Electronic Manufacturing Services Market Size, Share To Hit $750 Billion By 2030 | CAGR 6 %Category: Electronics, ICT & Media
Global Electronic Manufacturing Services Market Worth $750 Billion By 2030
According to a research report published by Spherical Insights & Consulting, the Global Electronic Manufacturing Services Market Size to grow from USD 500 billion in 2021 to USD 750 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6% during the forecast period. The primary factor driving the market expansion is the global trend of consumer electronics OEMs outsourcing engineering and contract manufacturing services.
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Browse 54 market data Tables and 62 Figures spread through 225 Pages and in-depth TOC on “Global Electronic Manufacturing Services Market Size, Share, and COVID-19 Impact Analysis, By Service (Electronics Manufacturing, Engineering Services, Test & Development Implementation, Logistics Services), By Application (Computer, Consumer Electronics, Aerospace & Defense, Medical & Healthcare, Automotive, Semiconductor Manufacturing, Robotics), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030)”
Companies that design, create, assemble, and test electronic parts and printed circuit board assemblies for original equipment manufacturers provide electronic manufacturing services. EMS providers also offer other manufacturing services, including testing, design, and assembly. Electronic manufacturing services have decreased the need for businesses to produce and store large quantities of electronic products and components. In addition to this, electronic manufacturing service providers can offer increased flexibility by quickly and effectively meeting rising demands. Therefore, the services offered by market participants include product management, design engineering, supply chain management, box build, test engineering, and others. The electronic manufacturing sector is renowned for being at the forefront of technical advancements, both in terms of developing new concepts and actually putting them into practise in their goods. The usage of sustainable equipment and the most recent developments in medical technology have raised demand for electronic manufacturing services.
The market for electronic manufacturing services is experiencing significant growth thanks to the advent of green electronic products. These gadgets are produced with non-toxic chemicals, recyclable materials, and low carbon emissions. In addition to this, it aids in lowering energy usage, improving process control, and minimising carbon footprint. Green electronic devices have also been developed as a result of growing worries about the global e-waste problem. Electronic manufacturing service providers have chosen sustainable methods to reduce emissions as a result of rising carbon emissions, particularly those generated during the production of electronic products. As they give business owners a competitive advantage, intellectual property rights are crucial to providing electronic device innovators with reliable legal protection. When this right is violated, it not only has an impact on the investors' and innovators' privacy policies but also on the market's overall economic growth. Small and medium-sized firms prioritise rapid market expansion over the value of intellectual property rights, which might offer a wide range of economic opportunities in a secure setting. As a result, market participants must improve their fundamental manufacturing procedure and secure their intellectual property rights. Does the violation and absence of such things will impede the market's expansion.
Electronic manufacturing segment dominates the market with over 60% market share
Based on service, the global electronic manufacturing services market is segmented into Electronics Manufacturing, Engineering Services, Test & Development Implementation, Logistics Services. With a market share of over 60%, the electronic manufacturing category is the most dominant of these and is expected to increase at a 6% annual rate over the coming years. The trend toward high volume production of advanced safety systems among vehicle OEMs is the primary driver of the segment's growth. The vehicles are equipped with a variety of automotive safety features, including as adaptive cruise control, parking assistance systems, and lane departure warning systems. These components are made by electronic manufacturing service providers with the intention of assisting the automobile industry players. In order to provide quick product delivery to the market and handle logistical services during the pandemic, computer manufacturers have added projects to convert to electronic manufacturing service providers.
Computer segment holds the overall revenue share of 30% over the forecast period.
On the basis of application, the global electronic manufacturing services market is segmented into Computer, Consumer Electronics, Aerospace & Defense, Medical & Healthcare, Automotive, Semiconductor Manufacturing, Robotics. The computer category, which currently has a 30% market share, is expected to grow at a CAGR of 7% throughout the projection period. Increased adoption of BYOD and work-from-home rules by the global IT industry is the primary driver of the industry's growth. Due to this tendency, there is a rising need for a variety of computer devices, such as desktop, workstations, and laptops, which presents a strong growth opportunity for market-based electronic manufacturing service providers. As a matter of fact, computer makers are turning to electronic manufacturing service providers to handle the first market delivery of their products and to handle their logistics needs throughout the COVID 19 period.
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Asia Pacific emerged as the largest market for the global Electronic Manufacturing Services market in 2021.
In 2021, Asia pacific region is dominating the market with the market share of 40% and is anticipated to attain a CAGR of 7% over the forecast period. The government's successful attempts to assist medical device manufacture in China, India, and South Korea are the primary cause of this region's expansion. The initiatives primarily aim to increase domestic production of medical equipment and healthcare products. The government would offer tax advantages to overseas companies that make medical electronics if they establish production facilities throughout the region with the aid of finance.
Key Vendors in Electronic Manufacturing Services Market: FLEX Ltd., Foxconn, Jabil, Inc., Sparton Corporation, Fabrinet,Wistron Corporation, Sanmina Corporation.
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