PCB & PCBA Market Size, Share, Growth, and Industry Analysis, By Type (Rigid 1-2Sided, Standard Multilayer, HDI, Microvia or Build-Up, IC Substrate, Flexible Circuits, Rigid Flex), By Application (Consumer Electronics, Computer, Communications, Industrial or Medical, Automotive, Military or Aerospace), and Regional Forecast to 2033

PCB & PCBA MARKET OVERVIEW

PCB & PCBA Market was valued at USD 80.59 million in 2024 and is expected to reach USD 83.27 million in 2025, growing to USD 108.64 million by 2033, with a CAGR of 3.3% during the forecast period.

PCB (Printed Circuit Board) and PCBA (Printed Circuit Board Assembly) are considered to be two of the booming industries that have experienced significant growth in recent years because of the development of electronic products such as consumer electronics, automobiles, communication equipment, and industrial structures. PCBs here form the basic structure of the electronic equipment, and the PCBAs add components to these structures to form functional circuits. Factors that are driving this market include miniaturization, growth in IoT devices, and high-performance computing. However, most production is fielded in Asia-Pacific especially China, due to the low cost of production and proficient manufacturing abilities. There are also other trends that can impact a market: flexible PCBs, automation, and environmentally friendly manufacturing processes.

COVID-19 IMPACT

"PCB & PCBA Industry Had a Negative Effect Due to Market surge during COVID-19 Pandemic"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has resulted in disruptions in the supply chain and factory shutdowns, followed by the scarcity of components for the manufacturing of PCB & PCBA. Pandemics such as the one that led to the imposition of measures like lockdowns and restrictions on passenger travel resulted in delays in accessing raw materials, hence affecting production, delivery time limits, and cost. PC and electronic manufacturers were impacted severely by cutthroat competition and dwindling demand, primarily in the automobile electronics and industrial electronics segments, thereby experiencing stagnation in their markets for some time. The reduced world trade, especially in logistics, made the situation even worse and resulted in project delays and revenue loss to PCB manufacturers. However, in the following subsequent markets, the pandemic made supply chains weak and revealed high dependency on certain areas for manufacturing.

LATEST TREND

"Market growth of flexible and rigid is driven by increasing adoption"

There are new trends in the market, such as the flexible and rigid-flex PCBs & PCBAs that are known to be more durable and flexible, thus adopting complex designs in small devices. These boards are now common in wearables, medical applications, automobile models, and surrounding areas, and products that have high tension or can be bent easily. Others include the HDI PCBs, automation, and green manufacturing. However, flexible PCBs are being adopted at the highest rate because industries are looking for increasingly thin, light, and versatile forms of PCBs.

PCB & PCBA MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Rigid 1-2Sided, Standard Multilayer, HDI, Microvia or Build-Up, IC Substrate, Flexible Circuits, Rigid Flex

• Rigid 1-2 Sided: The most basic and widely popular circuit boards in electronic devices are solid, rigid, non-flexible circuit boards that have conductive layers on one or both sides. These circuit boards are cost-efficient and commonly used in consumer electronics, industrial equipment, and power supplies. Due to their simplicity, these are well suited for applications requiring low to moderate complexity in circuits.
• Standard Multilayer: Several such conductive layers are laid one upon another to form a standard multilayer PCB. The performance capability and the space in which the PCB could house a more phenomenal circuit increase further on account of this structure. Most applications using these boards are for the development of complex systems such as uses in the medical field, in aerospace applications, or at high-speed computing. These boards basically produce superior signal integrity, improved power distribution, and decreased electromagnetic interference. The increasing tendency of these needs is among the miniaturization as well as enhancement of functionalities in the devices.
• HDI (High-Density Interconnect): HDI PCBs contain smaller via holes, finer lines, and possess high wiring density, thus rendering them suitable for compact yet high-performing electronics. They represent the maximum utility among all contemporary applications that may be classified as complex applications under smartphones, tablets, wearables, and next-gen communication devices. Faster signals transmitted through HDI technology use less power and are more reliable. They seem to be the best suited for future applications owing to the priority of miniaturization.
• Microvia or Build-Up: Also known as microvias or build-up PCBs, they connect several layers together with very tiny vias, which improve the signal integrity while occupying less space. This makes these boards excellent for high-frequency applications such as 5G networks, electronics in cars, and medical implants. Their advanced manufacturing procedure allows for circuit layouts that are thinner and more efficient. A high-speed, lightweight electronics trend is now driving increased use of microvia PCB technology.
• IC Substrate: High precision and fine-pitch interconnections link semiconductors to circuit boards at the IC substrate PCB level. These are primarily utilized in semiconductor packaging, especially with processors, memory chips, and AI-based applications. In addition, their electrical performance, thermal management, and signal transmission are improved. The rising trend of AI, among other things, IoT, and advanced computing illustrates that the IC substrates are bound to witness significant demand in the near future.
• Flexible Circuits: Flexible circuits are nothing more than lightweight, bendable PCBs that find usage where activity and space efficiency are paramount. Thus, these are widely found in many useful applications today, such as in medical devices and foldable smartphones, as well as in a host of automotive electronics. The forms they can take, going along with space, coupled with endurance against mechanical stress, fit them quite nicely into possible compact and innovative designs. With the advent of wearable technology and smart devices, we would certainly see more flexible circuits being used.
• Rigid-Flex: The combination of the strength of rigid boards with the flexibility of flexible circuits makes this one unification by which assembly complexities are erased to give a designer signal integrity and durability to survive any environment. The application areas are aerospace, military, medical, and high-reliability consumer electronics. The demand for lightweight, high-end, and space-saving electronic items has been the major driver for the increase in demand for rigid flex boards.

BY APPLICATION

Based on Application, the global market can be categorized into Consumer Electronics, Computer, Communications, Industrial or Medical, Automotive, Military or Aerospace

• Consumer Electronics: Smartphones, tablets, smartwatches, and home appliances: the primary usage of PCBs and PCBAs is highly important consumer electronics. Miniature and high-performance circuit boards are being demanded in the market due to the development of the technological sector. Flexible and HDI PCBs address the reality of thinner and higher power varieties of the devices. A major factor that contributes to the growth of the PCB market is the fabless appliances, smart devices, and sophisticated Internet of Things.
• Computer: Circuit boards that are enhanced help in the development of motherboards, processors, memory modules, and graphics cards in the computer industry. Moreover, these are fast-operational, multi-layered based boards often used as integrated circuit substrates where it tends to deliver performance, heat sinking, and data handling ability components. The needs of cloud computing, AI, and HPC also influence PCB designs continually as more societies become reliant on such technologies. Owing to the development of computing technology, the PCB manufacturing companies have seen their focus on packages and also efficient solutions.
• Communications: PCBs are inherent in the functioning of any communication appliance: smartphones, routers, satellites, and 5G tech systems. As the 5G and IoT connection is rapidly growing, high-frequency and high-density interconnectivity PCBs are in high demand. These boards secure message sending, reduce interferences, and adopt heat control. The proliferation of wireless technology still acts as a growth driver for this segment.
• Industrial or Medical: High reliability is critical in industrial and medical industries where circuit boards are used in automation systems, robotics, diagnostic and imaging equipment, etc. Medical-grade PCBs are required to be very highly reliable and accurate, and for this reason, they must meet the laid-down rules and regulations very closely. Wearable health monitors and implantable devices used in today’s world are implemented through flexible and rigid-flex PCBs. By the development of healthcare and the enhancement of the automation in industries, the utilization of PCBs in these two sectors is also enhanced.
• Automotive electronics: The automotive electronics found in automobiles include advanced driver assist systems (ADAS), electric vehicle battery management, car entertainment systems, and engine control systems. Due to the movements into the utilization of electricity and self-driving vehicles, there is a need for the usage of fully ceramic, high-heat, and high-density circuits. There is a certain level of advancement in the technology used in the construction of the PCBs to meet the needed reliability, safety, and power points for the modern car. It is also very significant on the issue of PCB innovation to meet new development needs of automotive industries.
• Military and Aerospace: Products used in the military and aerospace industries require reliable and sophisticated high-technology printed circuit boards, which are used in defense equipment, flying instrumentation, satellites, and radar apparatus. It typically has to withstand conditions such as heat, cold, thermal shock, vibration and shock, radiation, and other factors of extreme environments while the board ought to provide superior mission-critical reliability. The accents that are used in the production and the quality standards are quite demanding, thus making the manufacturing process so complicated. There are reasons to believe that the demand for high-reliability PCBs will increase in unison with trends in defense and space technologies.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTOR

"Market growth is driven by smart devices and technology advancements"

Development of smart devices such as smartphones, laptops, tablets, smart home devices also influence the growth of the PCB & PCBA market pops. Of the demands that these trends create, the most significant ones are high-speed, miniaturization, and low power requirements for circuit boards. The demand is also pushed forward by the 5G technology, IoT devices, and AI electronics. The consumer market demands immediate delivery, increased performance, and advanced functions of products putting pressure on the manufacturers to upgrade PCB design. This trend it is particularly significant in Asia-Pacific region in particular where the production of electronics is on the increase.

"Market growth is driven by increasing automotive electronics demand"

Given that automobiles have more electronic systems than mechanical parts today, board and PCBAs are in high demand. Smart features present in today’s vehicles include ADAS, infotainment, EV battery, and self-driving cars. This can especially be attributed to the surge in demand for electric vehicles (EVs) which requires very dense, heat tolerant as well as rugged PCBs. Automakers are incorporating costlier electronics parts to increase safety, swallow emissions and the interactivity between vehicles. The growth analysis of automotive industries shows that the PCB & PCBA market will progress in this segment in the future resulting PCB & PCBA market growth.

RESTRAINING FACTOR

"Market growth is hindered by supply chain disruptions and shortages"

A major threat for the PCB & PCBA market currently is that the supply chain disruptions and raw material shortages are still prevalent. The raw materials, copper for conductor, fiberglass for(insulation), and many specialty chemicals which are used in advance electrical products have variability in availability and price which affects the manufacturing and delivery time. Globalization has undermined the weaknesses of supply chains through issues such as political conflicts, trade barriers, and pandemic. Some of the challenges include; Due to the above challenges, uncertain manufacturing lead times, increased cost of production, and difficulties in acquiring parts are some of the everyday struggles that most manufacturers encounter. These challenges thereby hamper growth of the market especially to the small manufacturing firms.

OPPORTUNITY

"Market growth is driven by rising demand for EVs battery management"

The demand for electric vehicles (EVs) is a big opportunity for growth in the PCB & PCBA market. Different types of circuit boards are needed in EVs for battery management systems, power electronics, and autonomous driving features. As governments push for greener transportation and invest in EV infrastructure, demand for high-performance PCBs is expected to increase. The automotive sector currently requires durable, heat-resistant, and high-density interconnect (HDI) PCBs. This movement toward electrification is going to spur growth for the PCB & PCBA market in the long run.

CHALLENGE

"Market growth is challenged by rising production and material costs"

A major hindrance faced by the PCB & PCBA market is the rising production costs, owing to rising raw material and labor costs and energy consumption. The costs of substantial materials like copper, gold, and various laminates have increased, putting pressure on manufacturing budgets. On top of this, labor has risen in price in key production regions, with an additional mandate toward automation. Energy-intensive processes make production much more expensive in an environment of strengthening environmental legislation. This increase in cost is making it difficult for manufacturers to price themselves competitively while achieving good-quality production.

PCB & PCBA MARKET REGIONAL INSIGHTS

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• NORTH AMERICA

North America is the largest region in the PCB & PCBA market because of a strong presence in aerospace, defense, medical electronics, and advanced automotive technologies. The emphasis on high-quality, high-reliability PCBs in the region, coupled with investments in R&D and automation, propels market growth. The United States PCB & PCBA market occupies an important role, with the United States being the leader in defense-grade and high-frequency PCB production. The US government's support for domestic manufacturing and advancement in the semiconductor landscape strengthens this scenario significantly. Furthermore, collaboration between tech giants and PCB manufacturers stimulates innovation and progress in the PCB & PCBA market.

• EUROPE

That is a good sign that today’s Europe is controlling a significant percentage of the total market share of PCB & PCBA due to its dominion in automotive, industrial automation, the health sector, and aerospace. The region aims at high-quality, environmentally friendly, and process-technologically enhanced printed circuit board solutions for technology innovation. Countries like Germany, France, and the UK lead in automotive electronics, medical devices, and renewable energy applications. High stakes in emission control force manufacturers to shift towards eco-friendly and energy-saving ways of PCB manufacturing. Also, the companies operating in Europe invest in electric vehicles (EVs) and the 5G network to advance the market’s growth.

• ASIA

Asia holds remarkable PCB & PCBA market share, also highly concentrated particularly in China, Japan, South Korea, and Taiwan, where production is high and technological innovation is taking place. The location enjoys factors such as a favorable supply chain, low cost of production, and a large productive capacity. China alone manufactures more PCBs and uses them for the consumer electronics, automobile, and telecommunication industries globally. South Korea and Japan target the advanced PCBs for portable devices such as smartphones, semiconductors, and automobile industries. This is a plus in considering that new markets such as 5G, IoT, and electric vehicles (EVs) are adding to the earnings of Asia.

KEY INDUSTRY PLAYERS

"Market growth is driven by key players’ innovation and expansion"

Key industry players in the PCB & PCBA market, such as Zhen Ding Technology, TTM Technologies, and Nippon Mektron, drive market growth through innovation, large-scale production, and technological advancements. These concerns are dedicated to using their resources in discovering new technologies and novel infusion and electro-less electroless technologies, high-density interconnect (HDI) PCBs, flexible printed circuit boards, and environmentally friendly products. Sustained production across its worldwide facilities guarantees that high-quality PCBs are readily available for use in car making, telecommunications, and healthcare industries, among others. Strategic mergers, acquisitions, and partnerships enhance the company’s dominance in the market and define the further development of PCB technology and production.

LIST OF TOP PCB & PCBA COMPANIES

• Nippon Mektron (Japan)
• Unimicron (Taiwan)
• SEMCO (South Korea)
• Young Poong Group (South Korea)
• Ibiden (Japan)

KEY INDUSTRY DEVELOPMENT

January 2025, saw a major jump in the North American PCB industry as total shipments jumped 19.9% from January 2024. PCB bookings rose 44.1%, indicating good demand from various market segments. A book-to-bill ratio of 1.24 indicates that the outlook for the market is good. This development points toward strengthening the industry and increasing demand for complex PCB solutions within a range of industries such as automotive, telecom, and consumer electronics. The favourable trend augur’s growth continued in the PCB & PCBA market, along with technology advancement.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential Applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.