Printed Circuit Board Market size was over USD 84 billion in 2023 and is expected to reach USD 168.5 billion by the end of 2036, witnessing around 5.5% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of printed circuit board is estimated at USD 93.4 Billion.
The steep growth trajectory is modulated by the increasing adoption of advanced electronics with IoT across industries such as automotive and consumer electronics. One of the major factors boosting PCB market growth is the rapid technological development underway in the processes for manufacturing printed circuit boards (PCBs).
The increased use of complex, multilayer PCBs with increased circuit densities is enabling manufacturers to produce compact and more powerful electronic devices. This shift can be observed in smartphones and wearable technologies where demand is rising for miniaturized yet high-functioning components. Furthermore, the increasing integration of IoT devices and implementation of 5G networks present huge opportunities for PCB manufacturers since these technologies require sophisticated circuit boards in support of advanced functionalities.
Many manufacturers in the PCB market are heavily investing in R&D activities to cater to the rising demand for smart, compact PCBs. For instance, in November 2023, TTM Technologies, Inc., announced an intended investment of up to USD 130 million in a new manufacturing plant located in the Town of Dewitt, New York. Similar investments support market growth, enabling manufacturers to produce smaller, more efficient, and more reliable PCB components.
Growth Drivers:
Challenges:
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.5% |
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Base Year Market Size (2023) |
USD 84 billion |
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Forecast Year Market Size (2036) |
USD 168.5 billion |
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Regional Scope |
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Product (Rigid PCBs, Standard multilayer, HDI/build-up/microtia, Flexible circuits, IC substrate)
The HDI/build-up/microvia segment of the printed circuit board market is growing at a healthy pace due to the rising demand for compact electronic devices with high performance. The large share of this category, about 33.4%, in 2024 can be attributed to increasing requirements for PCBs with higher circuit density and better signal integrity in applications like smartphones, tablets, and wearable devices.
Some of the growth factors pertaining to the PCB market include the miniaturization trend in consumer electronics and automotive, for which HDI PCBs are well suited with their ability to provide increased functionality in reduced form factors. Leading PCB manufacturers are heavily pouring capital investments for new advanced HDI manufacturing capabilities to address the rising demand.
Companies such as AT&S and Unimicron Technology are also focusing on research and development related to integrated circuit substrates and packaging technologies. For example, in November 2023, AT&S revealed the good progress it is making, especially in relation to its current “lighthouse project.” The company is about to complete its new research and development center for integrated circuit (IC) substrates and packaging technologies in Leoben-Hinterberg. This state-of-the-art facility will become an exceptional center for developing and producing connection technologies and substrates in high-end technology sector.
Application (Industrial electronics, Aerospace & defense, IT & telecom, Automotive, Consumer Electronics, Others)
In 2024, consumer electronics segments in PCB market is anticipated to dominate the other application segments during the forecast period owing to the continuous need for innovation and fast cycles of product introductions in extremely competitive devices. Expanded device penetration under the umbrella of IoT, as well as the subsequent rollout of 5G, will further meet the demand for advanced PCBs within consumer electronics. Moreover, the increasing integration of AI and machine-learning capabilities into consumer devices is rising the need for more sophisticated PCB designs.
PCB manufacturers are working on the dimensions of the price trends, during which they have to manufacture specialized PCBs for consumer electronics to meet increased consumer demands. They are redefining the way in which PCBs need to be made thinner, more flexible, high-performance, etc., to cater to the evolving requirements of consumer device manufacturers. JEITA, the Japan Electronics and Information Technology Industries Association, published a report in May 2024 stating that the production value of PCBs for consumer electronics in Japan has increased by 96.3% from the previous year.
Substrate (Rigid, Flexible, Rigid-flex)
Rigid segment is anticipated to hold printed circuit board market share of over 80% in 2024, dominantly powered by its prevalent use across various industries, including, automotive, industrial equipment, and telecommunications industries. The dominant share in the PCB market can be attributed to the durability, reliability, and cost efficiency of rigid PCBs for most applications.
The automotive industry, in particular, is witnessing a spike in demand for rigid PCBs, especially as vehicle electrification and provisions for advanced driver-assistance systems ramp up. The major PCB manufacturers are working on enhancing the production lines of rigid PCBs in order to meet rapidly growing demand and advanced recycling process requirements. Corporate institutions now invest in advanced manufacturing technologies for the production of higher-layer count rigid PCBs with better thermal management and signal integrity.
Our in-depth analysis of the global printed circuit board market includes the following segments:
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Product |
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Substrate |
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Laminate Materials |
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Raw Material |
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Application |
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North America Market Analysis:
North America’s printed circuit board market is anticipated to exhibit a moderate growth rate during the forecast period, attributed to increasing demand from the aerospace and defense industries. There is a strong demand for highly reliable PCBs in the region, which focus on military equipment, satellite communications, and commercial aviation amid an emphasis on technological innovation. Similarly, the rapid development of electric vehicles as well as 5G infrastructure, have significantly enhanced its progress. The integration of 5G technology into electric vehicles has made possible advanced functions such as live navigation, better battery management, and uninterrupted connection which are important for the wider deployment of EVs in North America.
Policy changes made in the recent past are restructuring electronic circuit board manufacture in the United States. According to the U.S. Department of Commerce Bureau of Industry and Security Office of Technology Evaluation report, there has been a 15% increase in domestic production capacity for PCBs in late 2023 compared to 2021, when new policies were enforced. For instance, in Canada, there are untapped opportunities for PCB manufacturers to concentrate on high value-added niche specialty PCBs within a strong aerospace and telecommunications sector. The Canadian aerospace industry is known for its innovation and high-quality production capabilities. As such, developing advanced avionics systems, satellite technology, and unmanned aerial vehicles (UAVs) are some of the areas that Canadian companies have increasingly been focusing on where specialized PCBs that can withstand harsh environments and offer reliable performance are needed.
Asia Pacific Market Analysis:
Asia-Pacific retains dominance in the global printed circuit board (PCB) market, having accounted for 43.5% alone in the year 2024. This growth could be attributed to a strong and large base of manufacturing companies domiciled in China, Japan, and Taiwan. With high production volumes of consumer electronics and steadily growing markets in countries like India, this region currently leads globally in demand for PCBs across all applications. Furthermore, the outlook also shifts to 5G technology, IoT devices, and electric vehicles, further accelerating PCB market growth in the region.
China’s PCB production capabilities are still the strongest in Asia-Pacific. This sector is dominated by corporations, including Wus Printed Circuit and Shennan Circuits. In May 2024, exports of China's PCBs reached USD 1,670 million, and imports accounted for USD 574 million, resulting in a trade surplus of USD 1.1 billion. From May 2023 to May 2024, the exports of printed circuit boards manufactured in China increased by USD 269 million (19.2%), reaching USD 1.67 billion from USD 1.4 billion.
India’s printed circuit board market is growing steadily due to the make in India campaign by the Government of India and its booming domestic electronics industry. In turn, this has resulted in domestic electronics industries being built up through investment hence giving rise to a strong ecosystem that supports PCB production for different applications including consumer electronics, automotive, and telecommunications.
Also, in Japan the PCB manufacturers are more geared toward high value segments and products such as automotive and industrial Printed Circuit Boards which require quality and technical leadership. For instance, Meiko Electronics has announced a major investment in its Vietnam operations to boost automotive PCB capacity by 2023 for Japanese automakers expanding EV production. Given enhanced Vietnam production capabilities, Meiko is likely to tap into the opportunity and take advantage of the increasing adoption trend of EVs and become one of the prominent leaders in Japan’s PCB market.
The PCB market is fragmented, with multiple well-established players striving for leadership. Further cementing this growth, companies are shifting toward R&D investments for advanced PCB technologies, from high-frequency to flexible and rigid-flex boards to meet emerging markets in automotive, aerospace, and 5G. Further, they are expanding their footprints for manufacturing globally to reduce supply chain risks and cater to increasing regional demand.
Smaller players are trying to focus on niche segments and develop a strong regional presence to compete effectively. Another trend cropping up in consolidation is through mergers and acquisitions, driven by the aim of achieving scale economies and expanding product portfolios.
Author Credits: Abhishek Verma
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