New York, USA, Aug. 29, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Electronic Manufacturing Services Market Research Report Information By Service, By Industry and By Region –Industry Size, Share and Trends Till 2032, the industry is projected to grow up to USD 813.2 Billion by 2032, exhibiting a CAGR of 5.20% during the forecast period (2023 - 2032).
Electronic Manufacturing Services Market Scope:
In production, the electronics manufacturing process is the method by which manufacturers transform design concepts into physical electronic products. It includes design, component sourcing, assembly, testing, enclosure manufacturing, quality control, and packaging, among other phases.
Competitive Dynamics:
Key Companies in the Electronic Manufacturing Services market include
- Sanmina Corporation (U.S.)
- Hon Hai Precision Industry Co. Ltd (Foxconn) (Taiwan)
- Benchmark Electronics Inc. (U.S.)
- Flex Ltd (Singapore)
- Jabil Inc. (U.S.)
- Celestica Inc. (Canada)
- Wistron Corporation (Taiwan)
- Plexus Corporation (U.S.)
- Fabrinet (Thailand)
- COMPAL Inc. (Taiwan)
- Among others.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2032 | USD 813.2 Billion |
| Growth Rate | CAGR of 5.20% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | Greener electronic gadget advancements are improving market prospects. |
| Key Market Drivers | Increasing use of high-volume production techniques to restrain the expansion of the electronic manufacturing services market. |
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Electronic Manufacturing Services Market USP:
Market Drivers
Emphasis on essential competencies has been a key factor in the expansion of the electronic manufacturing services (EMS) market. In today's fast-paced and intensely competitive business environment, businesses in a variety of industries recognize the importance of specializing in their particular assets and skills in order to remain competitive. By outsourcing non-core activities, such as manufacturing, to EMS providers, businesses can concentrate on their core competencies, fostering innovation, agility, and growth.
The design and assembly of electronic components have been revolutionized as a result of the increasing miniaturization and adoption of emergent technologies in the Industrial Internet of Things (IIoT), as well as the enhanced communication posed by 5G. 5G communication base stations, for instance, have developed superior antenna technology, such as MIMO, resulting in an increase in the number and performance of radiating elements.
Cost-effective manufacturing solutions, a focus on core competencies, globalization and market expansion, shorter product lifecycles, growing IoT and wearable technology, a focus on quality and compliance, technological advancements in manufacturing, and sustainable and green manufacturing are the key market drivers fueling the growth of the market.
The EMS industry is flexible enough to accommodate fluctuations in production volume. Whether it is a seasonal shift in demand or an unanticipated surge, EMS suppliers are able to rapidly adjust their production levels to meet the needs of their clients. This scalability is difficult to achieve with in-house production systems, which may result in resource underutilization or strain during periods of low or high demand, respectively. Consequently, driving market revenue for Electronic Manufacturing Services.
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Market Limitations
Intellectual Property (IP) rights are necessary to provide secure legal protection for the innovative creation of electronic devices, as they give business proprietors a competitive advantage. Infringement of such rights not only violates the innovator's and investor's privacy policies, but also impedes the market's economic growth.
COVID-19 Evaluation:
In addition, the COVID-19 outbreak had a significant impact on many end-user industries, including the electronics industry. According to the IPCs survey, consumer electronics were anticipated to be the most affected due to their greater reliance on China's manufacturing capacity and supply chains that are more dependent on China.
During this COVID-19 outbreak, however, many electronics manufacturing and related service providers were classified as essential service providers, as they performed numerous critical tasks, such as product assembly and circuit board design for medical equipment. Electronics manufacturing was an integral part of the economy and the healthcare sector.
Market Segmentation:
By Service
In 2022, the engineering services sector dominated the market. EMS providers place a strong emphasis on DFM and DFT principles when developing new products. Product design that emphasizes manufacturability and testability facilitates economical and efficient production procedures. The early identification and resolution of potential manufacturing or testing issues facilitates a reduction in total production costs and lead times.
By Industry
The IT and telecommunications sector generated the most revenue in 2022 as a result of government policies implemented in the United States, India, and other nations. This initiative is driving the market for IT and telecom applications, and it has also increased demand for consumer electronics, computers, and communication devices.
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Regional Analysis:
In 2022, the Asia-Pacific Electronic Manufacturing Services Market held a 45.80% market share. Asia-Pacific has become a cost-competitive manufacturing hub, attracting companies from around the globe to outsource their production to EMS providers there. China, Vietnam, Thailand, and Malaysia are able to provide cost-effective manufacturing solutions due to their abundant labor resources and developed infrastructure. In addition, China's Electronic Manufacturing Services market held the greatest market share, while India's market was the fastest expanding in the Asia-Pacific.
The Electronic Manufacturing Services Market in North America holds the second-largest market share. In North America, IoT devices, smart home products, and connected devices are in high demand. The area's EMS providers aid in the production of these electronic products, thereby fostering market expansion. In addition, the U.S. Electronic Manufacturing Services market held the largest market share, while the Canada Electronic Manufacturing Services market had the highest growth rate in North America.
From 2023 to 2032, the Electronic Manufacturing Services market in Europe is anticipated to grow at the highest CAGR. In Europe, research and development (R&D) collaborations between EMS providers and OEMs are highly valued. This collaboration promotes technological advancement and innovative solutions in the field of electronic manufacturing. In addition, the German Electronic Manufacturing Services market held the greatest market share, while the British Electronic Manufacturing Services market had the highest growth rate in Europe.
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