Global Printed Circuit Board (PCB) Assembly Market was valued at USD 90 billion in 2023 and is projected to be worth USD 145 billion by the end of 2032, according to recent report by Global Market Insights Inc.
Global Printed Circuit Board PCB Assembly Market will depict over 5% CAGR from 2024 to 2032, catapulted by the globalization of electronics manufacturing. Manufacturers are increasingly moving production to regions like Asia-Pacific to capitalize on cost-effective production hubs. This trend is driven by factors such as lower labor costs, supportive regulatory environments, and proximity to key markets.
In 2023, fixed-asset investment in China’s electronic information manufacturing industry increased by 9.3% year on year, surpassing the overall industry growth by 0.3 percentage points, according to the Ministry of Industry and Information Technology. The industrial added value rose by 3.4%, with a December increase of 9.6% compared to December 2022. Mobile phone production grew by 6.9% to 1.57 billion units, including a 1.9% rise in smartphone output to 1.14 billion units.
This shift not only enhances manufacturing efficiency but also facilitates access to a skilled workforce and advanced technologies. The PCB assembly market benefits from expanded production capacities and streamlined supply chains, supporting the growing demand for electronics across various industries worldwide.
The overall printed circuit board PCB assembly market is segmented based on the type of PCB, component, technology, soldering process, volume, assembly, vertical, and region.
The printed circuit board assembly market is segmented by technology into surface mount assembly (SMT), through-hole assembly, ball grid array (BGA) assembly, mixed technology (SMT/through-hole), and rigid-flex assembly. In 2022, the surface mount technology (SMT) segment led the global market, accounting for over 30% of the total share.
The growing adoption of IoT and wearable technology underscores the increasing need for compact, high-performance PCBs, reinforcing the critical role of SMT in the future of PCB assembly. With advancements in technology and a rising demand for smaller, more efficient electronics, the sector is poised for sustained growth.
The printed circuit board assembly market is segmented into rigid PCBs, flexible PCBs, and metal core PCBs, with the rigid PCB segment projected to achieve a CAGR exceeding 6% by 2032. The growth of rigid PCBs in the PCB assembly market is driven by rising demand for advanced and compact electronic devices across industries such as consumer electronics, automotive, aerospace, and healthcare. Their durability, stability, and reliable performance make rigid PCBs a critical component in complex electronic systems.
The Asia Pacific printed circuit board (PCB) assembly market accounted for more than 25% of the global share in 2023 and is projected to experience robust growth. The region leads global PCB production, with major manufacturing hubs located in China, Japan, South Korea, and Taiwan. This growth is driven by increasing demand for consumer electronics, rapid industrialization, and the region’s prominence as a manufacturing center for various industries.
The major players operating in this market are Benchmark Electronics, Inc., Eurocircuits, PCBWay, Seeed Technology Co., Ltd., Tempo, Vexos, WellPCB Technology Co., Ltd.
Source –Global Market Insights Inc.
