Press release
Printed Circuit Board Market for Electric Vehicles to Reach US$ 4.4 Bn by 2035, Driven by Rising EV Adoption and Technological Innovations
Printed Circuit Board Market for Electric Vehicles
Market Overview: Printed Circuit Boards (PCBs) are the electronic backbone of electric vehicles, enabling power distribution, connectivity, and control across critical systems such as battery management, motor control, infotainment, and advanced safety features. With EV adoption accelerating globally, PCBs have become essential to the performance, reliability, and innovation of next-generation vehicles.
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Market Drivers & Trends
One of the primary drivers of this market is the growing investment and strategic partnerships in the EV supply chain. Leading automakers and electronics companies are heavily investing in R&D and manufacturing capacity to meet the increasing demand for high-performance PCBs.
Moreover, the rise of autonomous and connected vehicles has made sophisticated electronics an indispensable part of modern transportation. The proliferation of features like ADAS (Advanced Driver-Assistance Systems), V2X communication, and in-vehicle infotainment is pushing the demand for compact, multi-layer, high-speed, and thermally efficient PCBs.
In 2023, EV sales in the U.S. surged by 60%, while the European Commission invested over US$ 6 billion in EV infrastructure further stimulating demand for advanced PCB solutions.
Latest Market Trends
The industry is witnessing a rapid shift toward flexible and high-density interconnect (HDI) PCBs, which are crucial for compact and space-saving vehicle designs. Flexible PCBs, in particular, are gaining traction in battery management systems and advanced sensor modules due to their lightweight and adaptable nature.
Additionally, regulatory advancements such as the FCC's allocation of the 5.9 GHz band for vehicle safety and autonomous functions have opened doors for new PCB capabilities. Real-time, high-speed data transmission requires advanced PCB materials and multi-layer configurations.
Key Players and Industry Leaders
Some of the most prominent players shaping the global printed circuit board market for electric vehicles include:
• ABL CIRCUITS
• AT&S Austria Technologie & Systemtechnik Aktiengesellschaft I
• Chin Poon Industrial Co., Ltd.
• Compeq Manufacturing Co., Ltd.
• HannStar Board Corporation
• Kinwong Electronic Co. Ltd
• LG Innotek
• MEIKO ELECTRONICS Co., Ltd.
• Nan Ya Printed Circuit Board Corporation
• RayMing PCB
• Rush PCB Ltd.
• SCHWEIZER ELECTRONIC AG
• Shenzhen Capel Technology Co., Ltd.
• Shenzhen Fastprint Circuit Tech Co., Ltd.
• TTM Technologies
• Unimicron Technology Corporation
• Victory Giant Technology Co., Ltd.
• WUS Printed Circuit Co., Ltd.
• Young Poong Group
• Zhen Ding Tech. Group
• Among Others
These companies are prioritizing innovation, expanding global manufacturing footprints, and forging strategic alliances to maintain competitiveness and cater to evolving industry needs.
Recent Developments
• October 2024 - Mektech Manufacturing announced a 920 million baht investment in Thailand to expand production capacity for flexible PCBs and FPCBA used in electric vehicles.
• July 2024 - Omron Electronic Components Europe launched a high-power PCB relay for Level 2 EV charging stations. The innovation features double-break contact designs, enabling reduced heat dissipation and enhanced energy efficiency.
Market Opportunities
The market is poised for significant opportunities, particularly in:
• OEM collaborations to co-develop application-specific PCBs for power electronics and smart mobility.
• Flexible PCB technology, which is expected to revolutionize EV design with lightweight, customizable circuit boards.
• Geographical expansion into regions like South Asia and Latin America, where EV adoption is accelerating, and supply chains are emerging.
Additionally, the ongoing reshoring of PCB manufacturing in regions such as North America and Europe presents untapped potential for local players.
Future Outlook
According to analysts, the convergence of EV electrification, autonomy, and connectivity will demand ever more sophisticated PCB solutions. Next-generation EVs will require PCBs capable of managing 50 Gbps data speeds, robust thermal management, and high signal integrity. Flexible, multilayer, and ceramic PCBs are expected to gain ground rapidly.
As regulations around emissions and vehicle safety become more stringent, automakers will rely heavily on advanced PCB solutions to remain compliant and competitive. From battery optimization to smart in-vehicle systems, the demand for high-performance PCBs is set to skyrocket.
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Market Segmentation
The global PCB market for EVs is segmented across several parameters:
• By Type: Multilayer (dominant with 73.98% market share in 2024), Double-sided, Single-sided
• By Substrate Type: HDI/Micro-via/Build-up, Flexible, Rigid-flex, Rigid 1-2 Sided
• By Material: FR4, Metal-Based, Ceramic, PTFE, Power Combi-boards
• By Application: ADAS, Battery Management, Powertrain, Lighting & Display, Charging, Connectivity, etc.
• By Vehicle Type: Passenger Cars, Buses, Two-Wheelers, Trucks, Off-Highway Vehicles
• By End Users: OEMs, Tier 1 & 2 Suppliers, Aftermarket
Regional Insights
East Asia is the undisputed leader in the global market, accounting for 68.3% of the total share in 2024. The region's dominance stems from:
• A well-established electronics manufacturing ecosystem
• Government support for EV expansion and green technology
• Cost-effective production and high R&D capabilities
Japan, South Korea, and China house the majority of leading PCB suppliers and EV component manufacturers. Their early investment in automation and material innovation is positioning East Asia as the global hub for EV electronics.
Other key regions include:
• North America, driven by government initiatives like the CHIPS Act
• Europe, focused on sustainable manufacturing and reducing supply chain reliance on Asia
• South Asia, emerging as a low-cost, high-volume manufacturing zone
Why Buy This Report?
This in-depth industry report offers:
• Detailed market sizing and forecast (2020-2035)
• Comprehensive segmentation across product, material, vehicle type, and region
• Competitive landscape with profiles of 20+ leading companies
• Insights into trends, innovations, and regional dynamics
• Strategic recommendations for stakeholders, investors, and policymakers
Whether you're an investor, OEM, component supplier, or policy planner, this report serves as a strategic guide to understanding growth dynamics and identifying emerging opportunities in the PCB market for electric vehicles.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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