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Electronic Contract Manufacturing and Design Services Market Expected to Achieve 9.4% CAGR by 2029: Growth Forecast Insights
Electronic Contract Manufacturing and Design Services Market
How Large Will the Electronic Contract Manufacturing and Design Services Market Size By 2025?
In recent times, we have witnessed a robust growth in the size of the electronic contract manufacturing and design services market. Forecasts suggest an expansion from $528.93 billion in 2024 to $571.63 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.1%. Factors contributing to this significant increase historically encompass globalization, complexity in electronic products, pressure from time-to-market constraints, and the need to lower costs.
How Big Is the Electronic Contract Manufacturing and Design Services Market Size Expected to Grow by 2029?
The market size of electronic contract manufacturing and design services is anticipated to witness substantial growth in the upcoming years, expanding to $818.42 billion in 2029 with a compound annual growth rate (CAGR) of 9.4%. This predicted surge during the forecast period can be credited to the escalating significance of cybersecurity, supply chain resilience, and the extension of product lifecycle. Noteworthy trends projected during this period encompass needs for customization, escalating R&D expenses, the rise of Internet of Things (IoT) and Industry 4.0, the development of miniaturization and microelectronics, the advent of 5G technology, growing collaborations and partnerships, the evolution of intelligent manufacturing, swelling demand for specific expertise, along with rapid prototyping and flexible manufacturing.
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Which Key Market Drivers Powering Electronic Contract Manufacturing and Design Services Market Expansion and Growth?
The escalating emphasis on consumer electronics is increasingly driving the expansion of the electronic contract manufacturing and design services market. Everyday electronics used by individuals for either personal or professional purpose are essentially consumer electronics. This category encompasses equipment like televisions, computers, laptops, smartphones, watches, and tablets. The upwards trend of consumer electronics demand highlights the importance of outsourcing electronics components from electronic contract manufacturing firms. This method not only curtails manufacturing costs and the assembly of products but also enhances the effectiveness of the manufacturing process. ROI Revolution, a US digital marketing agency, claims that by 2021, online revenue for consumer electronics will touch $74.86 billion and is predicted to escalate beyond $88.3 billion by 2025. The forecast predicts that Ecommerce sales for consumer electronics will exceed $79 billion in 2022, signifying a 7% upsurge from 2021. Consequently, the escalating demand for consumer electronics is propelling the expansion of the electronic contract manufacturing and design services market.
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Which Fast-Growing Trends Are Poised to Disrupt the Electronic Contract Manufacturing and Design Services Market?
Companies active in the electronic contract manufacturing and design service sector are widely adopting strategic partnerships and collaborations as key trends. The concentrated presence of electronics manufacturers fuels this trend, alongside their eagerness to broaden their market presence. As an illustration, in September 2022, US medical device firm BioSig Technologies, Inc. and Plexus Corp., a US-based contract electronics manufacturer, struck a strategic and technological alliance. This was geared towards the commercial deployment and development of a fresh biomedical signal processing platform. The platform, set to provide a complete array of applications for arrhythmia care, falls under BioSig's subsidiary NeuroClear Technologies.
What Are the Emerging Segments in the Electronic Contract Manufacturing and Design Services Market?
The electronic contract manufacturing and design services market covered in this report is segmented -
1) By Type: Designing, Assembly, Manufacturing, Other Types
2) By Application: Consumer Electronics, Electronic Components, Computers And Peripherals, Industrial Electronics, Other Applications
3) By End User: Healthcare, Automotive, Industrial, Aerospace And Defense, IT And Telecom, Power And Energy, Consumer Electronics, Other End Users
Subsegments:
1) By Designing: Product Design And Development, Prototyping Services, Industrial Design
2) By Assembly: Surface Mount Technology (SMT) Assembly, Through-Hole Assembly, Box Build Assembly
3) By Manufacturing: PCB Manufacturing, Electronic Component Sourcing, Testing And Quality Assurance
4) By Other Types: Supply Chain Management, Aftermarket Services, Engineering Support Services
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Who Are the Global Leaders in the Electronic Contract Manufacturing and Design Services Market?
Major companies operating in the electronic contract manufacturing and design services market include 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., 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
Which are the Top Profitable Regional Markets for the Electronic Contract Manufacturing and Design Services Industry?
Asia-Pacific was the largest region in the electronics contract manufacturing and design services market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic contract manufacturing and design services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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