The increasing demand and strong sales of consumer electronics are expected to propel the worldwide market for Electronic Manufacturing Services (EMS) to significant growth. By the end of 2023, the Electronic Manufacturing Services market is expected to be valued US$ 541,554.4 million, based on the most recent market forecasts.
It is anticipated that this market would grow at a consistent 4.7% Compound Annual Growth Rate (CAGR) from 2023 to 2033, reaching a peak value of around US$ 859,959.3 million by that year.
Since its launch, Electronic Manufacturing Services have found favour with many different sectors because of its wide range of applications, including mission control PCs in satellites and aeroplanes, control frameworks for radar surveillance, and more.
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Electronic Manufacturing Services Market: Drivers and Challenges
An increased demand and sales of electronics, especially consumer electronics, is witnessed globally which is further expected to rise in the forecast period. This demand correspondingly increases the adoption and implementation of Electronic Manufacturing Services, which as a result, drives the global Electronics Manufacturing Services market.
In addition to this, implementation and utilization of Electronic Manufacturing Services offers flexibility aligned with market demand, provides continuous supply of services, mitigates the risk and reduces the overall operational cost of a company. These factors are expected to, furthermore, drive the growth of Electronic Manufacturing Services market.
The decline in the adoption of Personal Computers (desktops, notebooks, etc.) is one of the major factors challenging the growth of Electronic Manufacturing Services market.
Electronic Manufacturing Services Market
Key Players
Some of the key players in the Electronic Manufacturing Services market are Benchmark Electronics, Inc., Creation Technologies LP, Celestica Inc., Venture Corporation Limited, Sparqtron Corporation, NATEL ENGINEERING CO., INC., API Technologies Corp, FLEX LTD., Foxconn Electronics Inc. and Integrated Micro-Electronics, Inc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
Competition Analysis – Regional Trends:
The Electronic Manufacturing Services landscape is marked by intense competition on a global scale. Leading players in regions such as North America, Europe, Asia-Pacific, and Latin America are vying for market dominance. Asia-Pacific, in particular, stands out as a frontrunner in the market, owing to its robust manufacturing infrastructure, skilled labor force, and favorable regulatory environment. North America and Europe, while mature markets, continue to play a significant role in shaping industry trends through technological advancements and innovations.
- In May 2022- Ohio. Hon Hai Technology Group (“Foxconn”), signed a contract with Lordstown Motors Corp. (“Lordstown Motors” or “LMC”) for a manufacturing agreement and a joint venture agreement for product development.
- In August 2021, Toronto-based contract electronics manufacturer Celestica Inc. marked the grand opening of its AbelConn Electronics facility in Maple Grove, Minn, a wholly-owned subsidiary of Celestica. The facility provides rapid prototyping, volume manufacturing, and engineering support for the defense and aerospace industries.
- In August 2022, Taiwanese electronics giant Foxconn is looking at making electric vehicles in India, part of a larger diversification plan to expand its Asian manufacturing supply chain beyond China, according to people aware of developments at the contract phone maker for Apple.
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Key Segments Covered in the Electronic Manufacturing Services Industry Analysis
Electronic Manufacturing Services Market by Industry:
- Electronic Manufacturing Services for Medical and Healthcare
- Electronic Manufacturing Services for Defence and Aerospace
- Electronic Manufacturing Services for Industrial Applications
- Electronic Manufacturing Services for IT and Telecommunication
- Electronic Manufacturing Services for Other Applications
Electronic Manufacturing Services Market by Region:
- North America Electronic Manufacturing Services Market
- Latin America Electronic Manufacturing Services Market
- Europe Electronic Manufacturing Services Market
- Asia Pacific Electronic Manufacturing Services Market
- Middle East & Africa Electronic Manufacturing Services Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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