Electronic Manufacturing Services Market to expand at a CAGR of 5.20% by 2032 to value USD 813.2 billion
Research Reports
Sep 21, 2023
Electronic Manufacturing Services Market Insights
In 2022, the Electronic Manufacturing Services Market was estimated to be worth USD 515.3 billion. It is anticipated that the market for electronic manufacturing services will increase from USD 542.09 billion in 2023 to USD 813.2 billion by 2032, with a compound yearly growth rate (CAGR) of 5.20% over the five-year forecast period (2023-2032). The key market drivers boosting market growth are cost-effective manufacturing solutions, a focus on core competencies, globalisation and market expansion, shorter product lifecycles, growing wearable and IoT technology, a focus on quality and compliance, technological advancements in manufacturing, and sustainable and green manufacturing.
A company’s competitive advantage is mostly determined by marketing, innovation, and research and development. By contracting with EMS providers to handle the production, these businesses can concentrate their human and financial resources on developing their core capabilities. Efficiency increases as a result of this resource reallocation, which increases profitability. In this regard, EMS service providers act as valuable friends for enterprises, helping to streamline procedures and guarantee top-notch industrial output. Modern technological advances demand skill and specialisation due to their nature. Just a few examples of complex electronic products that necessitate a full understanding of engineering, supply chain management, and regulatory compliance are smartphones, medical devices, and automotive electronics. EMS companies make investments in state-of-the-art equipment, qualified personnel, and sector knowledge to focus on these types of production.
Utilising the expertise of EMS providers allows businesses to fulfil consumer demand while bringing high-quality products to market faster and with a competitive advantage.
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Key Companies in the Electronic Manufacturing Services market include
- Sanmina Corporation (U.S.)
- Hon Hai Precision Industry Co. Ltd (Foxconn) (Taiwan)
- Benchmark Electronics Inc. (U.S.)
- Flex Ltd (Singapore)
- Jabil Inc. (U.S.)
- Celestica Inc. (Canada)
- Wistron Corporation (Taiwan)
- Plexus Corporation (U.S.)
- Fabrinet (Thailand)
- COMPAL Inc. (Taiwan)
Segmentation
Electronic manufacturing services, engineering services, test & development implementation, logistics services, and other services are all included in the market segmentation for electronic manufacturing services based on service. In 2022, the market was largely dominated by the engineering services sector.
Consumer electronics, automotive, heavy industrial manufacturing, aerospace and defence, healthcare, IT and telecom, and others are all included in the industry-based segmentation of the market for electronic manufacturing services. In 2022, the IT and telecom sector produced the greatest revenue.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was headed by the Asia-Pacific Electronic Manufacturing Services Market (45.80%).
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Businesses from all over the world now outsource their production to EMS providers in Asia Pacific, which has emerged as a hub for cost-effective manufacturing. Affordable manufacturing solutions can be offered by countries like China, Vietnam, Thailand, and Malaysia thanks to their developed infrastructure and ample labour resources. Additionally, the Indian Electronic Manufacturing Services market had the Asia-Pacific region’s fastest expanding market and China’s Electronic Manufacturing Services market had the biggest market share.
The market for electronic manufacturing services in Europe is anticipated to see the quickest CAGR between 2023 and 2032. In Europe, collaborations in research and development (R&D) between EMS providers and OEMs are highly regarded. This collaboration promotes cutting-edge approaches to electronic manufacturing and technical advancement.
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