Pune, India, June 21, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on "Electronic Contract Assembly Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Service, End-User, and Geography," the market is projected to reach $251.63 Billion by 2028 from $142.79 Billion in 2022; it is expected to register a CAGR of 10.3% during 2023–2028.
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Global Electronic Contract Assembly Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 142.79 Billion in 2022 |
| Market Size Value by | US$ 251.63 Billion by 2028 |
| Growth rate | CAGR of 10.3% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
| No. of Pages | 152 |
| No. of Tables | 56 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Product Type, Application, End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Creation Technologies LP, Precision Manufacturing Company Inc, Benchmark Electronics Inc, Celestica Inc, Compal Electronics Inc, Fabrinet Co Ltd, Matric Group Inc, Jabil Inc, Filtronic Plc, Flex Ltd |
Browse key market insights spread across 152 pages with 56 lists of tables & 73 lists of figures from the report, "Electronic Contract Assembly Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Service (Electronic Design & Engineering, Electronic Assembly, and Electronic Manufacturing) and End User (Aerospace, Industrial Automation, Semiconductor, IT & Telecom, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/electronic-contract-assembly-market
Global Electronic Contract Assembly Market: Competitive Landscape and Key Developments
Creation Technologies LP, Precision Manufacturing Company Inc, Benchmark Electronics Inc, Celestica Inc, Compal Electronics Inc, Fabrinet Co Ltd, Matric Group Inc, Jabil Inc, Filtronic Plc and Flex Ltd are the key companies operating in the global electronic contract assembly market. Leading players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.
In March 2023, Benchmark Electronics' new Precision Technologies facility in Mesa, Arizona, it was a strategic expansion of the company which is expected to support the semiconductor industry's growth in the United States. With a focus on providing engineering and manufacturing solutions for semiconductor capital equipment building blocks and solutions, the company is investing US$ 20 million.
Global Electronic Contract Assembly Market Growth Analysis: Industry Overview
Benchmark Electronics Inc, Jabil Inc, Celestica Inc, Filtronic Plc, and Creation Technologies LP are among the key electronic contract assembly market players. The global electronic contract assembly market is highly consolidated in nature due to the presence of several large, small, and medium players, at regional and local levels for addressing the local demand.
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Since, the electronic contract assembly market is in emerging phase, a greater number of startups are expected to make entry. Hence, we have derived this listing of "Key Five Players" in the global electronic contract assembly market by giving weightage to the following key parameters: overall revenue, segmental revenue, brand image & industry experience, current electronic contract assembly portfolio, innovative and advanced technology integration, customer base, geographical reach, new product launches, partnerships, and other market-related activities.
The global electronic contract assembly market involves companies specializing in producing, testing, distributing, and repairing electronic components and assemblies for original equipment manufacturers (OEMs). These services encompass a range of functions such as circuit board and hardware assembly, component design and procurement, product engineering, fulfillment, distribution, and after-sales support.
The global electronic contract assembly market share is expected to grow in the coming years owing to the rising demand for electronic contract assembly services from several end-use industries such as aerospace, healthcare, information technology, telecom, defense, and automotive. The growing demand for electronic contract assembly services encourages companies to expand their manufacturing capacity and strengthen their market position. By enhancing their manufacturing capacity, they can efficiently handle larger volumes of electronic assembly projects and meet the evolving needs of their customers. Also, the increasing number of global outsourcing activities and rapid growth in technology will create lucrative opportunities for the market in the future. India's space industry has taken a significant step forward with the inauguration of the country's first private spacecraft manufacturing facility in Bengaluru. The facility will manufacture and test spacecraft locally, boosting the domestic industry.
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The COVID-19 outbreak considerably impacted the global economy during its peak in Q1 and Q2 of 2020, and the crisis hampered business activities in various industries. Governments of different countries imposed stringent regulations on human mobilization and trade bans. The global economy witnessed a paradigm shift toward work-from-home culture and a change in consumer buying behavior. As a result, in Q3 and Q4 of 2020, the demand for electronic products increased considerably.
Electronic contract assembly involves outsourcing companies providing services required throughout electronic component production, such as PCB fabrication, functional testing, and turnkey or box builds. North America has a competitive, fast-paced, and continuously evolving electronic manufacturing industry. According to the American Electronics Association, in 2020, the size of the consumer electronics manufacturing industry stood at US$ 1.6 trillion. The US and Canada, have presence of key electronic contract assembly market players such as Precision Mfg Co., Inc.; Vexos Corporation; and NAS Electronics. In June 2020, JMP Solutions partnered with Vexos, Canada, on a federal contract to produce 10,000 ventilators. These electronic companies engage in the engineering, designing, and testing of MVM ventilators. Therefore, the electronic contract assembly market growth is rising with the increasing use of electronic components in industries such as automation and semiconductors in North America.
According to the International Federation of Robotics (IFR), North America experienced the highest growth in June 2022 as companies from the US, Canada, and Mexico manufactured 11,595 industrial robots. Revenue of the robotics industry rose by 43% (valued at US$ 664 million) in 2022. Robotics is also gaining significant traction in the automotive industry in North America. Car makers and component manufacturers received 47% of robot orders in Q1 2022; their orders grew by 15% year-on-year. Many manufacturers announced investments to equip their factories with new electric drive car models. For instance, in September 2022, Magna, US, manufactured thousands of fully autonomous delivery robots for Cartken delivery robots. Therefore, with a surge in the production of automotive robotics, the electronic contract assembly market share has been proliferating in North America.
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