Hyderabad, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Electronics Manufacturing Services Market Report (2023-2028)," the market is estimated at USD 569.28 billion in 2023. It is expected to register a CAGR of 8.50% during the forecast period.
Electronics manufacturing services are required by organizations that design, manufacture, test, distribute, and offer return and repair services for electronics and assemblies for OEMs. Many companies are outsourcing to third-party manufacturing service providers to reduce inventory and focus on sales, marketing, and R&D.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 569.28 billion |
| Market Size (2028) | USD 856 billion |
| CAGR (2023-2028) | 8.50% |
| Study Period | 2020-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The growing demand for electronic devices. |
| The adoption of more third-party manufacturing services. |
Who are the Top Companies in the Electronics Manufacturing Services Market?
The electronics manufacturing services market is fragmented in nature, owing to the presence of several market players and the gradual adoption of these services in various industries. To expand their market presence, these players are using strategies like product development and innovation.
Significant players in the electronics manufacturing services market are,
- 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
Other Reports That Might Be of Your Interest:
- Optoelectronics Market Report - The optoelectronics market value is estimated at USD 44.98 billion in 2023. It is expected to reach USD 59.46 billion by 2028, registering a CAGR of 5.74% during the forecast period (2023-2028).
- Americas Optoelectronics Market Report - The Americas optoelectronics market is expected to register a CAGR of 10.30% during the forecast period (2023-2028).
Key Highlights from the Global Electronics Manufacturing Services Market Report:
Demand for EMS from Industrial Applications to Drive the Market
- Due to the environmental revolution, the demand for highly efficient industrial motors is increasing from electric motor controls. Also, to support the market penetration of new technologies, these services are being increasingly integrated at low costs, driving the demand for electronic products in digital signal controllers.
- Electronics manufacturing for industrial automation is boosting the growth of this segment. Market players in the industrial automation segment require access to all data generated on the system. Various regions are deploying SCADA to gather accurate data.
Asia-Pacific to Register Significant Market Share
- India and China are expected to grow in the market due to their robust position in consumer electronics, semiconductor, and other telecommunication manufacturing industries.
- The development of technology like 5G networks and IoT is boosting the adoption of electronic products, thereby increasing the demand for IoT in electronic devices.
What are the Latest Developments in the Electronics Manufacturing Services Market?
- In June 2022, Flex expanded its automotive industry’s operation in Jalisco, Mexico. The company began constructing a new 145,000 sq ft facility to provide advanced electronic components.
- In March 2022, Sanmina Corporation, a company providing integrated manufacturing solutions, and Reliance Strategic Business Ventures Limited (RSBVL), the largest private-sector company in India, announced to create a joint venture by investing in Sanmina’s existing Indian company (Sanmina SCI India Private Ltd).
Mordor Intelligence has Segmented the Electronics Manufacturing Services Market Based on Service Type, Application, and Geography:
- By Service Type (Market Size and Forecast based on Value (USD billion), 2020-2028)
- Electronics Design and Engineering
- Electronics Assembly
- Electronics Manufacturing
- Other Service Types
- By Application (Market Size and Forecast based on Value (USD billion), 2020-2028)
- Consumer Electronics
- Automotive
- Industrial
- Aerospace and Defense
- Healthcare
- IT and Telecom
- Other Applications
- By Geography (Market Size and Forecast based on Value (USD billion), 2020-2028)
- North America
- United States
- Canada
- Europe
- United Kingdom
- Italy
- Germany
- Rest of Europe
- Asia-Pacific
- China
- Taiwan
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Electronics Manufacturing Services Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Asia-Pacific Optoelectronics Market Report - The Asia-Pacific optoelectronics market is expected to register a CAGR of 11.20% during the forecast period (2023-2028).
- China Optoelectronics Market Report - The Chinese optoelectronics market is expected to register a CAGR of 11.70% during the forecast period (2023-2028).
- Japan Optoelectronics Market Report - The Japanese optoelectronics market is expected to register a CAGR of 9.80% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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