Electronics Manufacturing Services Market is expected to reach USD 1,038.1 by 2032, at a CAGR of 7.50% during the forecast period 2023-2032.
Apr 16, 2024
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Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), Electronics Manufacturing Services Market Information by Service Type, Application, and Region - Forecast till 2032," The Electronics Manufacturing Services Market is all set to surge from USD 582.1 Billion in 2023 to USD 1,038.1 Billion by 2032, at a 7.50% rate from 2023 to 2032.
Market Synopsis
Electronics manufacturing services [EMS] or electronics contract manufacturing [ECM] is a term used to describe companies that design, manufacture, test, distribute and offer return/repair services for electronic components, printed circuit board (PCB) assemblies and assemblies for original equipment manufacturers (OEMs). The market of electronic manufacturing services [EMS] largely focuses on various economies in production, raw material sourcing and resource pooling, as well as capabilities in industrial design and creation of value-added services such as warranties and repairs.
Additionally, EMS has launched design services to provide conceptual product development advice and mechanical, electrical and software design guidance. Electronics manufacturing services [EMS] are available globally and offer numerous advantages.
Market Competitive Landscape:
- Vinatronic Inc.
- Benchmark Electronics Inc.
- Hon Hai Precision Industry Co. Ltd (Foxconn)
- Flex Ltd
- Sanmina Corporation
- Jabil Inc.
- SIIX Corporation
- Nortech Systems Incorporated
- Celestica Inc.
- Integrated Micro-electronics Inc.
- Creation Technologies LP
- Wistron Corporation
- Plexus Corporation
- TRICOR Systems Inc.
- Sumitronics Corporation
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Market USP Covered:
Market Drivers:
Rising awareness of e-waste recycling is driving market development. The UN's Worldwide E-waste Monitor 2020 reported a 21% rise in worldwide e-waste volume in 2019. Worldwide e-waste from plug-in or battery-powered goods is expected to reach 74 Mt by 2030, nearly doubling in 16 years. Government bodies and OEMs have developed E-waste recycling plans and efforts.
The national e-waste management system in Singapore began in July 2021. Consumer e-waste recycling was hindered. The system is a circular economy strategy for a zero-waste country. Meanwhile, Switzerland and Ghana collaborated to minimize e-waste.
The EC introduced a circular economy in March 2020. One suggested goal is to reduce electrical and electronic waste. Immediate priorities include the "right to repair" and recycling and reusability. Common chargers and electronics recycling rewards are included. Increasing reusability and recycling awareness will reduce e-waste.
The electronics manufacturing services industry is growing due to green electronics. These gadgets use recyclable materials, non-toxic chemicals, and low carbon emissions. It improves process control, greenhouse gas emissions, and energy efficiency.
Greener electronic devices have emerged due to global e-waste issues. The UNEP-published Global E-waste Monitor 2020 reported 53.6 million metric tons of e-waste created in 2019. E-waste comprised USD 57 billion in raw resources.
Due to rising carbon emissions from electronics production, electronic manufacturing service providers adopted sustainable emission reduction programs. Strategic planning by leading market participants to create greener electronics products is driving worldwide market growth.
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Market Restraints:
The changing technology brings about varying consumer preferences. For that reason, the electrical and electronic manufacturing companies should have efficient new product introduction strategies. The growing competition in the global electronic manufacturing services (EMS) has lowered the operating margins, leading to losses in the sector. Furthermore, market pulsations are also influenced by economic instability and cyclical demand patterns in EMS. Additionally, the lack of privacy and security raises worries and dangers for information leakage as well as infringement of intellectual property rights.
Market Segmentation
Service Types: Electronics Design and Engineering, Electronics Assembly, Electronics Manufacturing, and Others segment the Electronics Manufacturing Services Market.
Applications include Consumer Electronics, Automotive, Industrial, Aerospace and Defense, Healthcare, IT and Telecom, and Others in the Electronics Manufacturing Services Market.
Regional Insights
Several factors contribute to the expansion of North America's EMS market. These include rapid technological advancement, characterized by the introduction of 5G networks, the Internet of Things (IoT), and Artificial Intelligence (AI), which has created demand for more complex and specialized electronic parts.
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