A printed circuit board (PCB) is a flat board that holds and connects electronic components using copper pathways. It provides both physical support and electrical connections, allowing components like resistors, chips, and capacitors to work together. PCBs are essential in all electronic devices, from simple tools like calculators to complex systems like computers.
The printed circuit board market consists of sales, by entities (organizations, sole traders, or partnerships), of printed circuit board that are used to connect electronic and electrical components without the use of wires. Printed circuit boards are electric boards, which help wiring surface-mounted and socketed components that are contained within a mechanical structure in most electronics. Their primary function is to physically support and electrically attach electronic devices by printing conductive pathways, tracks, or signal traces on copper sheets attached to a non-conductive substrate.
The global printed circuit board market was valued at $48,908.03 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Growth In Electric And Autonomous Vehicles
The growth in electric and autonomous vehicles drove the growth of the printed circuit board market during the historic period. Electric vehicles (EVs) require numerous PCBs for battery management systems, inverters, charging units and power electronics. Similarly, autonomous vehicles depend on high-performance PCBs to support sensors, radar, lidar, AI processors and communication modules that enable self-driving capabilities. As automotive designs shift toward digital and software-defined architectures, the demand for multilayer and high-density interconnect (HDI) PCBs rises significantly. For instance, in January 2024, according to the International Council on Clean Transportation, a US-based non-profit organization, since the third quarter of 2021, quarterly electric vehicle (EV) sales have consistently risen, with their share of total light-duty vehicle sales climbing from approximately 3% in the first quarter of 2021 to over 10% by the third quarter of 2023. Therefore, the growth in electric and autonomous vehicles supported the growth of the printed circuit board market.
Integration of Automation In Advancing PCB Manufacturing Efficiency
Companies in the printed circuit board market are leveraging artificial intelligence in the manufacturing process. The introduction of automation in PCB manufacturing supports PCB manufacturers in improving product quality, optimizing production processes and significantly reducing manufacturing costs. For instance, in October 2023, Terran Orbital, a US-based aerospace and defense company, opened two advanced Printed Circuit Board Assembly (PCBA) lines at its facility in Irvine, California. The expansion enhances the company's in-house capabilities to produce, inspect, and test a wide range of PCBAs. The facility is equipped with state-of-the-art surface mount technology (SMT) lines and advanced inspection systems. It also includes a cutting-edge testing area featuring a large shaker table and a Thermal Vacuum (TVAC) chamber, along with a wire harness facility and automated module testing systems. These upgrades enable Terran Orbital to strengthen quality control, increase production efficiency, and ensure greater product availability.
The global printed circuit board market is fairly fragmented, with a large number of small players operating in the market. The top 10 competitors in the market made up 24.10% of the total market in 2024.
Printed Circuit Board Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global printed circuit board market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for printed circuit board? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The printed circuit board market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider printed circuit board market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by substrate, by laminate type and by end-use industry.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework - Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by substrate, by laminate type and by end-use industry in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Future Outlook And Potential Analysis- Contains information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for printed circuit board market providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Single Sided; Double Sided; Multi-Layer; High Density Interconnect (HDI); Other Types
- 2) By Substrate: Rigid; Flexible; Rigid-Flex
- 3) By Laminate Type: FR-4; Polyimide; Other Laminate Types
- 4) By End-Use Industry: Industrial Electronics; Healthcare; Aerospace And Defense; Automotive; IT And Telecom; Consumer Electronics; Other End-Use Industries
- Companies Mentioned: Zhen Ding Technology Holding Limited; Unimicron Technology Corporation; TTM Technologies, Inc.; Samsung Electro-Mechanics; NOK Corp. (Nippon Mektron Ltd.)
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; printed circuit board indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.