Printed Circuit Board Market Forecast to Reach $72.3 Billion by 2026

Growing Electric Vehicles and Advanced Electronics Drive Growth of Printed Circuit Board Market

The Printed Circuit Board Market is forecast to reach $72.3 billion by 2026, growing at a CAGR of 5.3% from 2021 to 2026. Printed circuit boards (PCBs) are the foundational building block of most modern electronic devices. PCBs consist of printed pathways which connect different components on the PCB such as transistors, resistors, Programmable Logic Controller (PLCs), Electrolytic capacitors and integrated circuits.

Printed Circuit Board Market Segment Analysis - By Type

There are three types of printed circuit boards they are single-sided, double-sided and multi-layer PCBs. Multi Layer PCB is projected to grow at the fastest rate from 2021-2026 at 7.2% CAGR. Each type of PCB has various price points and uses and they are widely used in automotive applications. Single-sided PCB is something which comes with only one layer of conducting material on one side of the board and other side is used for incorporating different electronic components such as integrated circuits, programmable logic controllers, electrolytic capacitors and resistors on the board. Double-sided surface mount PCBs are same as single-sided PCBs but the difference is they have two sided traces with top and bottom layer. Multi-layer PCB’s can support a high level of circuit complexity as they are made up of three or more copper layers laminated together.

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Printed Circuit Board Market Segment Analysis - By End Use Industry

The various end users assessed include automotive, healthcare, industrial electronics, consumer electronics, maritime transport, aerospace & defense and others. PCB in healthcare is used in various devices which monitor health of a person or assist the doctor in surgical operations. On the other hand PCB in pharmaceutical industry used in manufacturing drugs and other medicines at industry level. PCBA stands for printed circuit board assemblies and they are widely used in the automobile industry.

Printed Circuit Board Market Segment Analysis – By Geography

Asia-Pacific is projected to dominate the market share in the forecast period with 45% share in 2020. Economies like China, Japan, South Korea and Taiwan are witnessing a high surge in automotive production as well as across manufacturing sector due to the availability of low labor and logistical costs. Due to enhanced production capacities and the rise of digitalization together driving the PCB in this region..

Printed Circuit Board Market Drivers

Growing electric vehicles sales driving the market growth

The demand for electric vehicles is higher in the coming years than petrol and diesel vehicles. Unlike vehicle fuel types, battery electric vehicles have more demand due to increasing concern towards global emissions from vehicles as well as government initiatives to increase the sales of electric vehicles. As the move to electrically powered cars takes place the PCBs will play an important role in production and running of cars, buses and other electrically powered vehicles. Additionally increasing sales of electric vehicles as well as adoption of advanced driver assistance system technology in them are likely to drive the demand for PCB market.

Advanced electronics drive growth of PCB

With the continuous advancement of the automotive, electronics and medical sector, the devices have evolved from a complete the mechanical device in the past to a combination of machinery and electronics. The use of electronic technology in automobiles and medical equipment has increased which has made comfort and safety more important. On the other hand proportion of electronics in the manufacturing cost of the automobile and medical equipment is continuously
increasing which in turn demand for PCB is increasing.

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Printed Circuit Board Market Challenges

Failure in function of PCB

One of the major challenges faced by PCB market globally is failure in function of PCBs. Typically, the most common causes of PCB failure happens due to incorrect placement of components such as programmable logic controllers, integrated circuits, electrolytic capacitors and resistors, Overheating due to lack of space on the PCB and more.

Printed Circuit Board Market Landscape

The PCB market is dominated by major companies such Amitron, CMK, Chin Poon Industrial Co. Ltd, Daeduck Electronics, Delphi Technologies, Meiko Electronics Co. Ltd, Nippon Mektron Ltd, KCE Electronics, Samsung Electro-Mechanics, and Tripod Technology Corporation.

Acquisitions/Technology Launches/Partnerships

In Feb 2020, Lumax Industries extended a joint venture with Stanley Electric. The joint venture will provide a complete range of Stanley Electric products to the Indian automotive industry. Starting with the production of printed circuit boards (PCBS) to core component of automotive lighting system for Lumax Company.

In Sep 2019, Delphi Technologies PLC partnered with Cree Incorporation, a leader in silicon carbide semiconductors to utilize silicon carbide semiconductor device technology to enable faster, smaller, lighter and more powerful electronic systems for future electric vehicles.

Key Takeaways

The demand for PCBs is high in the forecast period due to growing demand for hybrid electric vehicles (HEV) and Battery electric Vehicles (BEV)

Printed circuit boards are used in several automotive applications like anti-lock brake systems, safety and security features, ECU systems, control engines and GPS navigation systems.

PCBs can be programmed to perform system essential commands irrespective of their sizes.

Asia-Pacific is projected to dominate the market share in the forecast period. Due to economies like China, Japan, South Korea and Taiwan which is witnessing a high surge in automotive production due to availability of low labour and logistical costs.

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Release ID: 89037673