How Printed Circuit Boards Power Our Everyday Gadgets

Estimated reading time: 2 minutes

According to the latest study from BCC Research, the demand for Printed Circuit Boards: Technologies and Global Markets was valued at $67.9 billion in 2023 and is projected to grow from $70.9 billion in 2024 to $92.4 billion by the end of 2029, at a compound annual growth rate (CAGR) of 5.4% from 2024 through 2029.

This report looks at current trends in the global printed circuit board (PCB) market, using data from 2023 and forecasts from 2024 to 2029. It breaks down revenue by market segments such as assembly technology and PCB type, and by region, including North America, Europe and Asia-Pacific.

It explores what's driving and challenging the market's growth, identifies leading PCB manufacturers, and reviews new technologies and competitive factors in the industry. Additionally, the report assesses the impact of environmental, social, and governance (ESG) issues on the PCB sector.

Some Interesting facts:

• Even after the pandemic ended, its effects were still being felt in 2023. The global PCB market suffered a significant decline due to factors like destocking and rising interest rates to curb inflation. The automotive and consumer electronics industries faced severe shortages of PCBs, which were in high demand because of 5G and the Internet of Things (IoT). This shortage led to higher prices, longer lead times, and stock-outs, affecting PCB manufacturers' production.
• China, the U.S., Taiwan, and South Korea are major PCB producers. In 2023, China produced 53.3% of the world's PCBs thanks to its large production capacity, cost-effective manufacturing, and strong supply chain.
• The trade conflict between the U.S. and China has significantly impacted the PCB market. U.S. imports from China dropped by 20.4% in 2023. As a result, the U.S. is shifting some PCB production to other regions, including Southeast Asia, with countries such as Vietnam and Taiwan becoming popular choices to avoid tariffs and diversify supply chains.
• Multilayer and high-density interconnection (HDI) are the most popular types of PCBs. They offer more design flexibility and higher circuit density, making them suitable for complex and compact electronics. They also provide better signal integrity, which is essential for high-speed communication in computer motherboards, smartphones, medical devices and aerospace electronics.

Factors contributing to this market's growth include:

• Growing use of autonomous and electric vehicles (AVs/EVs): More vehicles are being designed to drive themselves and run on electricity instead of gasoline. This shift is driven by the desire for safer, eco-friendly transportation and is transforming the automotive industry by introducing new technologies and reducing reliance on fossil fuels.
• Demand for consumer electronics and IoT devices: Consumer electronics and IoT devices are becoming increasingly central to modern lifestyles, homes and workplaces. More and more people want gadgets like smartphones, smartwatches and smart home products. These devices make life easier and more connected by allowing us to control and monitor various aspects of our lives through the internet.
• Rising adoption of 5G technology: More people and businesses are starting to use the latest mobile network, which is faster and more reliable than previous ones (4G and LTE). This improved connectivity supports faster internet speeds, better streaming, and the ability to connect many devices at once.