Electronic Contract Manufacturing and Design Services Market Opportunities In 2030: USD 1,062.70 Bn Industry On An UpwarPosted by rahul nikade on January 18th, 2023 Electronic Contract Manufacturing and Design Services Industry Overview The global electronic contract manufacturing and design services market size was valued at USD 478.3 billion in 2021 and is expected to expand at a CAGR of 9.5% from 2022 to 2030. The growing functionalities, such as component assembly, engineering & design of printed circuit boards, sub-assembly manufacturing, and functional testing offered by contract manufacturers, are subsequently expected to drive the contract manufacturing services market growth over the forecast period. Electronic contract manufacturing is a form of engineering and manufacturing outsourcing services that provides a wide range of core manufacturing capabilities. Moreover, outsourcing ancillary activities helps OEMs focus on their core competencies, improving operational efficiencies, reducing production costs, and reducing capital investment requirements. Gather more insights about the market drivers, restrains and growth of the Global Electronic Contract Manufacturing and Design Services Market In the initial phase of the pandemic, the electronic manufacturing factories were significantly affected due to travel restrictions and imposed lockdown by the various governments worldwide. Since the risk of infection was high, workers were reluctant to come to work which led to delays in production. For Instance, operations of U.S.-based Benchmark Electronics, Inc. were negatively affected worldwide as its facilities were shut down in 2020, resulting in a loss of productivity. The supply chain environment and delays in shipments also hampered the company’s growth during the period. The electronic contract manufacturing and design services model is driven by a contract manufacturer’s ability to specialize in economies of scale in services, industrial design expertise, raw materials procurement, and pooling resources along with offering value-added services such as warranties and repairs. These allow OEMs to avoid having to run tedious or complex large-scale industrial operations. Moreover, OEMs outsource their circuit assembly requests to reduce time-to-volume and time-to-market production through the utilization of technology solutions, design and engineering services, and manufacturing services by electronic contract manufacturing and design services providers. On account of these factors, the electronic contract manufacturing services market is expected to gain traction during the forecast period. The proliferation of mobile devices, such as tablets and smartphones, has been the key propeller of the electronic contract manufacturing and design services market over the last few years. The medical industry is anticipated to witness significant growth owing to the increasing demand for medical devices. Strict regulatory compliance and advanced technology are required for the manufacturing of medical devices. Thus, outsourcing such activities enables OEMs to accelerate their R&D activities and reduce the cost of devices to gain a competitive advantage, which is expected to spur market growth. Browse through Grand View Research's Semiconductors Industry Research Reports.
Electronic Contract Manufacturing and Design Services Market Segmentation Grand View Research has segmented the global electronic contract manufacturing services market based on services, end-user, and region: Electronic Contract Manufacturing and Design Services Outlook (Revenue, USD Billion, 2018 - 2030)
Electronic Contract Manufacturing and Design Services End-Use Outlook (Revenue, USD Billion, 2018 - 2030)
Electronic Contract Manufacturing and Design Services Regional Outlook (Revenue, USD Billion, 2018 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global electronic contract manufacturing and design services market include
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