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Southeast Asia PCB Industry Report 2023-2032: Sector Set to Grow as Living Standards Increase
January 5, 2023 | Business WireEstimated reading time: 2 minutes
Printed circuit board is the carrier of the electrical connection of electronic components, is an important component of cell phone parts. At present, the development of printed circuit board industry in Southeast Asian countries varies greatly. According to the publisher's analysis, Thailand and Malaysia's printed circuit board industry is more mature. Among them, the printed circuit board industry is one of the important industries in Thailand, which has thousands of PCB suppliers. In 2021, its printed circuit board output value has exceeded US$2 billion, with an average annual growth rate of about 20%. Vietnam, Singapore, Indonesia and the Philippines also have a certain scale of the printed circuit board industry, while other countries are still relatively weak or have not yet developed the printed circuit board industry.
According to the publisher's analysis, the economic levels of the 10 Southeast Asian countries vary greatly, with Singapore being the only developed country with a per capita GDP of about US$73,000 in 2021. But Myanmar and Cambodia had a GDP per capita of less than US$2,000 in 2021. The population and minimum wage levels also vary greatly from country to country, with Brunei, which has the smallest population, having a total population of less than 500,000 people in 2021, and Indonesia, which has the largest population, having a population of about 275 million people in 2021.
The most economically advanced countries in Southeast Asia do not have a legal minimum wage, with the actual minimum wage exceeding US$400 per month (for foreign maids), while the lowest minimum wage level in Myanmar is only about US$93 per month.
Most countries in Southeast Asia have a low smartphone penetration rate and have a lot of upside potential. With the development of mobile internet and e-commerce in each country, the smartphone penetration rate is also gradually growing. Take Vietnam as an example: Vietnam's cell phone sales have gradually increased, and in 2021 Vietnam's smartphone sales reached 15.9 million units, up 11.9% year-on-year.
Overall, according to the publisher's forecast, the size of Southeast Asia printed circuit board industry will maintain growth in 2023-2032. On the one hand, the printed circuit board industry is a labor-intensive industry, Southeast Asian countries are rich in labor resources, low production costs, printed circuit board industry has a bright future, attracting global cell phone manufacturers to Southeast Asia to transfer production capacity.
On the other hand, the economic growth of Southeast Asian countries, the improvement of the living standards of residents, the growth of demand for electronic products such as smart phones, will also promote the development of the printed circuit board industry.
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