Printed Circuit Board Global Market Report 2024

The printed circuit board market size has grown strongly in recent years. It will grow from $63.62 billion in 2023 to $66.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The expansion observed in the historical period can be attributed to the increasing demand for electric vehicles, heightened demand from the healthcare sector, robust economic growth in emerging markets, and an increased demand for industrial robots in the manufacturing sector.

The printed circuit board market size is expected to see strong growth in the next few years. It will grow to $83.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be ascribed to the rising demand for eco-friendly PCBs, increasing investments in 5G technology and telecom infrastructure, a growing market for IoT devices, and the escalating trend of digitalization. Prominent trends expected in the forecast period encompass the development of board-in-board connectors for enhanced efficiency and improved connectivity, the adoption of innovative software tools for printed circuit boards, the utilization of artificial intelligence for enhanced product quality, a focus on 3D printing for compact designs and material optimization, emphasis on the development of sustainable PCBs, and a strategic focus on partnerships and collaborations to expand product portfolios and geographic presence.

The anticipated growth of the printed circuit board (PCB) market is driven by the increasing sales of electric vehicles (EVs). Printed circuit boards play a crucial role in connecting electrical components within EVs, including audio and display systems. Moreover, PCBs are integral to the production of charging stations for electric vehicles. Bloomberg New Energy Finance predicts that EVs will constitute 10% of global passenger car sales by 2025, rising to 28% in 2030 and reaching 58% in 2040.

The demand for the printed circuit board market is expected to be further fueled by the escalating growth of Internet of Things (IoT) devices. PCBs form the foundation of nearly every IoT product, and well-designed PCBs are crucial for the success of IoT products. McKinsey forecasts a substantial increase in the number of IoT-connected devices, reaching 43 billion globally by 2023, nearly three times the figure from 2018. In 2021, there were already over 10 billion active IoT devices worldwide, a number projected to surpass 25.4 billion by 2030, with significant concentrations in Europe, China, and North America.

The printed circuit board market is witnessing a shift driven by the adoption of biodegradable materials in PCBs. Manufacturers are actively working to reduce electronic waste by replacing conventional substrates with environmentally friendly alternatives. In August 2022, the Lawrence Berkeley National Laboratory developed fully recyclable and biodegradable PCBs composed of biodegradable polyester binders, conductive fillers, and enzyme cocktails. This development aims to address environmental concerns associated with heavy metal waste from conventional PCBs.

Artificial intelligence (AI) is becoming a key player in the manufacturing process of printed circuit boards. The integration of AI in PCB manufacturing enables manufacturers to enhance product quality, optimize production processes, and significantly reduce manufacturing costs. OMRON, a Japanese electrical equipment manufacturer, introduced the VT-S10 Series PCB inspection system in 2021, incorporating specialized AI for solder inspection and an innovative imaging technique. This AI-driven system optimizes performance, reduces skill-level requirements, and fully automates the high-precision inspection process for electronic assemblies.

In November 2022., Firan Technology Group Corporation, a Canadian PCB manufacturer, acquired IMI Inc. This acquisition aims to expand Firan Technology Group's product offering in the RF circuit board segment. IMI Inc., based in the US, specializes in RF circuit boards for aerospace and defense applications.


Major companies operating in the printed circuit board market report are Zhen Ding Technology Holding Limited, Unimicron Technology Corporation, TTM Technologies Inc., NOK CORPORATION, Tripod Technology Corporation, AT&S Austria Technologie & Systemtechnik AG, Kinwong, Jabil Inc., Suzhou Dongshan Precision Manufacturing Co.Ltd., Shennan Circuits, Sumitomo Corporation, Nippon Mektron Ltd., Compeq Manufacturing Co Ltd., CMK, IBIDEN CO. Ltd., Ihara Electronic Industries Co. Ltd., Kyoden Co. Ltd., Genus Electrotech Ltd., Ascent Circuits Pvt. Ltd., Circuit Systems India Ltd., Shogini Technoarts Pvt, LtdGilson Inc., Elvia PCB, NCAB Group, Multek, Eurocircuits, Aspocomp, ICAPE Group, Würth Elektronik Group, EverMAX sro, A3 v.o.s, AJ Technology Ltd., AWOS s.r.o, Cemebo s.r.o, EMS-ELECTRA SRL, PCB ELECTRA, DGTronik, Flex Ltd., Rush PCB Inc., Custom Circuit Boards, Journey Circuits Inc., Mentor Graphics Corp, Rockwell Collins Inc., Telephonics Corporation, NTI PCB Lab, JHYPCB, Bonam Electronic Projects, Bosco Printed Circuits.

Asia-Pacific was the largest region in the printed circuit board market in 2023. Asia-Pacific is also expected to be the fastest-growing region in the forecast period. The regions covered in the printed circuit board market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the printed circuit board market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of printed circuit boards include single-sided, double-sided, multi-layered, high-density interconnect (HDI), and others. Single-sided PCBs consist of a single layer of base material where conductive copper and components are mounted on one side, with conductive wiring connected on the other side. Various substrates, such as rigid, flexible, and rigid-flex, are utilized, featuring different laminate types such as paper, FR-4, polyimide, among others. Printed circuit boards find application across diverse industries, including industrial electronics, healthcare, aerospace & defense, automotive, IT and telecom, consumer electronics, and more.

The printed circuit board market research report is one of a series of new reports that provides printed circuit board market statistics, including printed circuit board industry global market size, regional shares, competitors with a printed circuit board market share, detailed printed circuit board market segments, market trends and opportunities, and any further data you may need to thrive in the printed circuit board industry. This printed circuit board market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The printed circuit board market consists of sales of single-sided printed circuit boards, double-sided printed circuit boards, multi-layer printed circuit boards, and other printed circuit boards. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.