The global electronic contract manufacturing and design services market size is expected to grow from $409.85 billion in 2021 to $453.68 billion in 2022 at a compound annual growth rate (CAGR) of 10.69%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The electronic contract manufacturing and design market size is expected to reach $702.53 billion in 2026 at a CAGR of 11.55%.
What is the Global Electronic Contract Manufacturing and Design Services Market?
The electronic contract manufacturing and design services market consists of sales of electronic contract manufacturing and design services by entities (organizations, sole traders, and partnerships) that refer to a set of activities conducted to manufacture and design electronic devices. The electronic contract manufacturing and design services market consists of engineering designing of electronics devices, assembly manufacturing, functional testing of devices, distribution, and order fulfillment on behalf of OEMs (Original Electronic Manufacturers). The complexity and wide variety of electronic devices make OEMs choose electronic contract manufacturers to outsource their products for the efficient manufacturing process and to focus on an internal operation such as new product development with greater complexity and higher margins.
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What drives the Global Electronic Contract Manufacturing and Design Services Market?
The increase in demand for consumer electronics is significantly contributing to the growth of the electronic contract manufacturing and design services market. Consumer electronics are the instrument, machines, and apparatus that are used by end-users or consumers on daily basis, which provide one or more functionalities in a home or for a particular individual for professional or personal use. Consumer electronics include televisions, computers, laptops, smartphones or watches, and tablets. The rising demand for consumer electronics increases the need for outsourcing of electronics components from electronic contract manufacturing companies, which reduces the cost of manufacturing, assembling of products, and design services and increases operational efficiency in manufacturing. For instance, according to Consumer Electronics and Appliances Manufacturers Association (CEAMA), the Indian appliances and consumer electronics market is expected to grow more than two-folds in the next five to six years and reach up to $26.81 billion. Also, according to ClearSale, the revenue in the consumer electronics segment is anticipated to increase by more than US$365 billion in 2020 and more than US$450 billion by 2024. Therefore, the increase in demand for consumer electronics is driving the growth of electronic contract manufacturing and design services.
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Global Electronic Contract Manufacturing and Design Services Market Segments
The global electronic contract manufacturing and design services market is segmented:
By Type: Designing, Assembly, Manufacturing, Others
By Application: Consumer Electronics, Electronic Components, Computers and Peripherals, Industrial Electronics, Others
By End-User: Healthcare, Automotive, Industrial, Aerospace and Defense, IT and Telecom, Power and Energy, Consumer Electronics, Others
By Geography: The regions covered in the electronic contract manufacturing and design services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Electronic Contract Manufacturing and Design Services Global Market Report 2022provides market size and growth forecasts for the global electronic contract manufacturing and design services market, global electronic contract manufacturing and design services market share, electronic contract manufacturing and design services market segments and geographies, electronic contract manufacturing and design services market competitive landscape including leading competitors’ revenues, profiles and market shares. The electronic contract manufacturing and design services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Electronic Contract Manufacturing and Design Services Industry Playersinclude Flex Ltd., Hon Hai Precision Industry Co., Ltd., Benchmark Electronics, Celestica Inc, Venture Corporation Limited, Fabrinet, Plexus Corp., Sanmina Corporation, Compal Electronics, Inc., Universal Scientific Industrial Co Ltd, New Kinpo Group, Creating Technologies LP, shenzhen kaifa technology, LCS Company, and Bassett Industries, Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
