Analysis by Type (Single-Sided, Double-Sided, and Multi-Layer PCB); by Fuel Type {Internal Combustion Engines (ICEs), Electric, and Hybrid}; by Vehicle Type (Autonomous Vehicle and Conventional Vehicle); and by Application (Airbag Controls, Anti-lock Brake Systems, Anti-Theft Systems, Audio-Video Systems, Digital Displays, Engine-Timing Systems, Ignition Systems, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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The global automotive printed circuit board (PCB) market is estimated to garner a revenue of ~USD 16 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 10 Billion in the year 2022. The growth of the market can be attributed to the rising demand for PCBs over the past few years, with an increased focus on improving the technology and ongoing innovations associated with automobiles. In modern cars, a user can find several new features compared to the model which is 10 years older, since technology is developing and competition among key-manufacturers is escalating. Hence, a large gap appears in the automotive industry for PCBs to fill, and it is projected to increase the market’s growth in the upcoming years. It was found that the global sales of PCBs amounted to more than 80 billion in 2018.
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Global automotive printed circuit board (PCB) market trends such as, strict government regulations regarding CO2 emissions and emission standards, backed by the fact that electric vehicles are becoming more and more popular in developed nations are anticipated to hike the market growth over the forecast period. Hence, a demand for the market is expected to be generated by the increasing demand for electronic systems and IoT in automobiles. Also, there has been an increase in government measures in order to encourage the sales of electric vehicles. For instance, the Government of Japan (GOJ) was proposing to subsidize a part of the cost of purchasing CEVs, such as Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Electric Vehicles (FCEVs). The maximum CEV subsidies awarded per vehicle in 2021 were around USD 7,200 Dollars. Furthermore, the needs of the customer are becoming more important to automotive manufacturers around the world, and regional trends are evolving to reflect consumer preferences.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 10 Billion |
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Forecast Year Market Size (2033) |
~ USD 16 Billion |
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Regional Scope |
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Growth Drivers
Growing Demand for Autonomous Vehicles – It is estimated that autonomous vehicles will account for around 12% of car registrations worldwide by 2030.
Innovation in printed circuit board (PCB) devices is responsible for advancements in driverless car sensor technologies. PCBs are highly used in autonomous vehicles as they meet hardware interface requirements, durability and reliability. Hence, the surge in demand for autonomous vehicles is expected to escalate the automotive PCB market in the forecasted period.
Escalation in the Number of Connected Cars – for instance, it is estimated that by 2025, the global fleet of connected cars will be more than 400 million, up from some 237 million in 2021.
Growing Production Volume of Vehicles - for instance, the aggregate global production of vehicles in 2021 touched 80 million.
Increasing Production of Light Vehicles – which is projected to reach around 99 million light vehicles to be produced globally by 2025.
Challenges
The global automotive printed circuit board (PCB) market is segmented and analyzed for demand and supply by fuel type into internal combustion engines (ICEs), electric, and hybrid. Out of these types of segments, the electric segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing sales and production volume of electric cars worldwide and money invested in PCBs as they play an important role in electric vehicles. Electrical vehicles are highly advanced and use electricity to perform all the requisite tasks, which boosts the demand for PCBs. For instance, it was discovered that the sales of electric vehicles doubled globally in 2021, reaching approximately 7 billion units.
The global automotive printed circuit board (PCB) market is also segmented and analyzed for demand and supply by type into single-sided, double-sided, and multi-layer PCB. Amongst these segments, the multi-layer PCB segment is expected to garner a significant share. Multi-layer PCBs are 50 layers thicker than other types of PCBs and provide dual transmission. Such features of multi-layer PCBs make them quite suitable to handle a wide range of complicated electrical tasks. Multi-layer PCBs has around 10 to 48 conducting layers, which makes them nearly 1.5 mm thick. Automotive industry now relies on the use of electrical component with the launch of electric cars in the market. Since every feature such as headlights, GPS, interior screens, and others are completely controlled by electronics, therefore, automobile manufacturers prefer multi-layer PCBs.
Our in-depth analysis of the global automotive printed circuit board (PCB) market includes the following segments:
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By Type |
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By Fuel Type |
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By Vehicle Type |
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By Application |
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The Asia Pacific automotive printed circuit board (PCB) market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the presence of a strong auto parts manufacturers network in the region, along with the growing production of integrated circuits and other electronic parts with rising production of vehicles. For instance, the production volume of integrated circuits in China amounted to more than 350 billion pieces in 2021, with a ~37% increase compared to 2020. Additionally, up-surged utilization of autonomous and electric vehicles baked by the higher implementation of government initiatives to control the emission of harmful gases by the vehicles on the road is estimated to enlarge the market size in the region over the forecast period. For instance, in 2021, the electric vehicle (EV) production in Asia Pacific was projected to hit approximately 180,000, which was an increase of around 50% compared to the previous year. In 2020, nearly 120,000 electrical vehicles were produced in the region. Therefore, all these factors are estimated to influence the regional market growth positively over the forecast period.
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising demand for advanced driver assistance systems (ADAS) and increasing production of light vehicles are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: Complex designing and manufacturing processes are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Schweizer Electronic AG, Unimicron Group, Meiko Electronics Co., Ltd., Millennium Circuits Limited, KCE Electronics Public Company Limited, NOK Corporation, Amitron Corp., Samsung Electro-Mechanics Co., Ltd. TTI, Inc., and others
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, fuel type, vehicle type, application, and by region.
Ans: The electric segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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