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Revolutionizing Manufacturing: Electronic Contract Design and Production Services Market 2024
Electronic Contract Manufacturing and Design Services Market Trends
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According to The Business Research Company's, The electronic contract manufacturing and design services market size has grown rapidly in recent years. It will grow from $484.66 billion in 2023 to $537.68 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to globalization, complexity of electronic products, time-to-market pressure, cost reduction.
The electronic contract manufacturing and design services market size is expected to see rapid growth in the next few years. It will grow to $796.8 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to growing importance of cybersecurity, supply chain resilience, increased product lifecycle. Major trends in the forecast period include customization needs, rising r&d costs, iot and industry 4.0, miniaturization and microelectronics, emergence of 5g technology, increased collaboration and partnerships, rise of smart manufacturing, increasing demand for niche expertise, rapid prototyping and agile manufacturing.
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Market Drivers and Trends:
The increase in demand for consumer electronics is significantly contributing to the growth of the electronic contract manufacturing and design services market. Consumer electronics are the instruments, machines, and apparatus that are used by end-users or consumers on a daily basis that provide one or more functionalities in a home or for a particular individual for professional or personal use. Consumer electronics include televisions, computers, laptops, smartphones, watches, and tablets. The rising demand for consumer electronics increases the need for outsourcing of electronics components from electronic contract manufacturing companies, which reduces the cost of manufacturing, assembling of products, and design services and increases operational efficiency in manufacturing. For instance, according to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the Indian appliances and consumer electronics market size is expected to grow more than two-folds in the next five to six years and reach up to $26.81 billion. Also, according to ClearSale, the revenue in the consumer electronics segment is anticipated to increase by more than USD360 billion in 2020 and more than USD450 billion by 2024. Therefore, the increase in demand for consumer electronics is driving the growth of electronic contract manufacturing and design services.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Flex Ltd., Hon Hai Precision Industry Co. Ltd., Benchmark Electronics Inc., Celestica Inc., Venture Corporation Limited, Fabrinet, Plexus Corp., Sanmina Corporation, Compal Electronics Inc., Universal Scientific Industrial Co Ltd, New Kinpo Group, Creating Technologies LP, Shenzhen Kaifa Technology, LCS Company, Bassett Industries Inc., Asteelflash Group, Beyonics Technology Ltd., Cal-Comp Electronics Public Company Limited, Cofidur EMS, Delta Group Co. Ltd., Elcoteq SE, Enics AG, ESCATEC Mechatronics Sdn Bhd, Fideltronik Polska Sp. z o. o., GPV International A/S, Integrated Micro-Electronics Inc., Inventec Corporation, Jabil Circuit Inc., Kimball Electronics Inc., Kitron ASA, Kortek Corporation, LaBarge Inc., MC Assembly LLC, Nam Tai Electronics Inc., OSI Electronics Inc., Pemtron Corporation, Scanfil Oyj, SMTC Corporation, Sparton Corporation, TT Electronics plc, Zollner Elektronik AG
Electronic Contract Manufacturing and Design Services Market 2024 Key Insights:
• The electronic contract manufacturing and design services market size is expected to see rapid growth in the next few years. It will grow to $796.8 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Consumer Electronics Boom Sparks Growth In Electronic Contract Manufacturing And Design Services
• Industry Embraces Strategic Collaborations Driving Growth In Electronic Contract Manufacturing And Design Services
• Asia-Pacific was the largest region in the electronics contract manufacturing and design services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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