Pcb Market Size

Printed Circuit Board (PCB) Market Analysis

The PCB Market size is expected to grow from USD 92.75 billion in 2023 to USD 112.31 billion by 2028, at a CAGR of 3.90% during the forecast period (2023-2028).

The market experienced rapid growth in the last few years, primarily owing to the continuous development of consumer electronics devices and the increasing demand for PCBs in all electronics and electrical equipment.

• The consumer electronics industry is proliferating globally due to massive technological advancements. According to a Consumer Technology Association report, the United States consumer technology industry is expected to generate approximately USD 505 billion in retail sales revenue for the first time in 2022, representing a 2.8% increase over 2021.This, in turn, is expected to boost the PCB market as well.
• The adoption of PCBs in connected vehicles has also accelerated the PCB market. These are fully equipped vehicles with wired and wireless technologies, making it easy for cars to connect to computing devices like smartphones. With such technology, drivers can unlock their vehicles, start climate control systems remotely, check their electric car's battery status, and track their vehicles using smartphones.
• One of the notable trends in the PCB market is the growing demand for high-density interconnect (HDI), which facilitates faster and more compact interconnectivity between devices. With HDI, electronic device manufacturers can mass-produce smaller wireless products with speedier signal transmission and excellent routing capabilities.
• Another growing trend in the PCB market is the development of flexible printed circuit board technology, or flex PCBs, which can be curled or bent into various shapes and used in robust computing and wireless devices. Further development in flexible PCB technology can open new opportunities for the vendors.
• However, electronic waste (e-waste) is one of the biggest environmental concerns of the modern era. PCBs are often considered a large part of this issue. Some PCB materials do not degrade very well and end up in landfills, polluting the surrounding soil. This issue has been highlighted because chemicals used during PCB manufacturing often harm the environment if not correctly disposed of.
• The outbreak of COVID-19 deeply affected various industries across the globe, especially during its initial phase. The electronics industry, which comprises printed circuit boards, also experienced the good and bad of COVID-19. While during the initial stage, the manufacturers faced difficulties fulfilling the demand due to supply chain disruptions, the gradual decline in positive cases eased the pressure, allowing them to restart full-fledged operations. The growing acceptance of digital technologies and smart electronic devices is expected to open new growth avenues for the studied market in the next few years.