Global Flexible PCB Output Expected to Surpass $20 Billion by 2025, with AI Glasses Emerging as a New Growth Driver

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The Taiwan Printed Circuit Association (TPCA) and the Industrial Technology Research Institute (ITRI) released the "2025 Global Flexible PCB Industry Outlook" in August. The report indicates that the global flexible PCB market value will reach US$18.87 billion in 2024, a 2.8% annual increase, with mobile phones being the largest application category. Looking ahead to 2025, the market size is expected to expand to US$20.08 billion, a 6.4% annual growth rate. However, tariff policies and fluctuations in end-user demand remain major uncertainties. Emerging applications such as AI glasses are expected to inject new momentum into the industry and accelerate the diversification of flexible PCB applications.

A 2024 Review: Mobile Phone Applications Dominate, with Zhen Ding Retaining Its Position as the Global Leader in Flexible PCBs

The global flexible PCB market performed steadily in 2024, driven by a global economic recovery and increased demand for mobile phones and automotive applications. However, flexible PCBs have limited application in AI servers, benefiting only in the HDD storage sector. Global mobile phone shipments remain stable at over one billion units annually, making mobile phones the largest application area for flexible PCBs, accounting for 55.8%. They are widely used in display touch modules, camera modules, antennas, and connector cables.

In non-mobile phone applications, computers accounted for 18.3%, automobiles for 15.8%, and wearables for 6.7%. The expansion of the electric vehicle market has driven a simultaneous increase in demand for long-length battery flexible circuits for automotive applications, but the market remains dominated by Chinese and Japanese manufacturers.

In terms of market share, Taiwan's Zhen Ding Technology maintains the top spot globally with 19.9%, followed by China's Dongshan Precision (14.6%), Japan's Mektron (13.0%), Korea's BH (6.8%), and Japan's Nitto Denko (4.7%). The top three manufacturers hold a combined market share of nearly 50%, demonstrating the industry's high concentration.

2025 Outlook: Steady Growth, but the Shadow of Tariffs Remains

The flexible circuit board industry will maintain its growth momentum in 2025, but performance will vary across application sectors. The mobile phone market, impacted by tariffs, economic uncertainty, and the expansion of the secondary market, is projected to grow by only 0.6% to 1.24 billion units globally. However, as AI technology migrates to mid-range devices, the penetration rate of AI-powered smartphones is projected to reach 37%, with shipments reaching 460 million units. This is expected to boost FPC usage and overall market value.

The PC market remains relatively stable, benefiting from enterprise users' demand for Windows 11 upgrades. Shipments are projected to reach 270 million units in 2025, a 4.1% year-over-year increase. AI PCs will account for 41% of this total, representing 110 million units.

Compared to other applications, the automotive industry faces more significant challenges in 2025. The US's 25% tariff on imported vehicles has further exacerbated uncertainty in the global supply chain and trade environment. Global automobile shipments are projected to reach 90 million units in 2025, a 1.5% year-over-year increase. Electric vehicle shipments are projected to reach 26.3 million units, a 17.0% year-over-year increase. However, rising inventory levels and increasingly fierce price competition among Chinese automakers are hindering future growth in the electric vehicle market.

Although AI servers do not directly utilize FPCs in high-speed computing modules, demand for HDD storage continues to grow steadily, driving the continued strong performance of FPCs used in read/write arms. Overall, the industry still faces multiple uncertainties and risks. While tariffs may stimulate short-term demand, they could also weaken momentum in the second half of the year. Furthermore, fluctuations in the US dollar exchange rate against China, Japan, Taiwan, and South Korea will also impact the global competitive landscape for flexible circuit boards.

Emerging Markets: AI Glasses, a New Generation of Smart Wearable Devices

AI glasses will be a new focus for flexible circuit board applications in 2025. Smart glasses have continued to evolve since the launch of Google Glass in 2012. With increasing computing power and the widespread adoption of generative AI applications, AI glasses are expected to become the next generation of AI endpoints.

Global smart glasses shipments were projected to reach 10.188 million units in 2024, including 2.711 million units of AI glasses. This number is projected to soar to 8.828 million units in 2025, a 225.6% year-over-year increase, becoming the primary driver of the market. AI glasses place higher demands on flexible circuit boards in terms of design precision, heat dissipation, and durability, opening up high-value-added markets for manufacturers. Furthermore, the application of flexible circuit boards in medical and humanoid robotics is also booming and warrants continued attention.

TPCA Show to Grandly Debut in October, bringing together the global PCB supply chain and leading speakers.

This year's TPCA Show, held at the Nangang Exhibition Center from October 22 to 24, will bring together the world's leading PCB and substrate supply chains, showcasing the latest technological advancements at a record scale.

On the opening day, Chairman Zeng Zizhang of Unimicron Electronics will deliver an opening speech. On the same day, TPCA will host an Industry Leaders Summit, inviting senior executives from across the entire supply chain, from EMS to PCB, to engage in in-depth discussions and analyze market trends and partnership opportunities.

On October 23, the "Semiconductor and PCB Heterogeneous Integration Summit Forum," hosted by Zhen Ding Technology, will explore the connection and application prospects between PCBs and semiconductors.

The concurrently scheduled IMPACT International Symposium will feature leading speakers from TSMC, AWS, Intel, and Sony, making it the largest and most influential event of the year for the PCB and electronics industries. Industry professionals and those interested in PCB development are cordially invited to join us.​​​​​