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Electronic Contract Manufacturing and Design Services Global Market Report 2022
Major players in the electronic contract manufacturing and design services market are Flex Ltd. , Hon Hai Precision Industry Co. , Ltd. , Benchmark Electronics, Celestica Inc, Venture Corporation Limited, Fabrinet, Plexus Corp.
New York, July 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electronic Contract Manufacturing and Design Services Global Market Report 2022" - https://www.reportlinker.com/p06282384/?utm_source=GNW
, 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.
The global electronic contract manufacturing and design services market 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 market is expected to reach $702.53 billion in 2026 at a CAGR of 11.55%.
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.
The electronic contract manufacturing and design services market is segmented by type into designing; assembly; manufacturing; others. These are used in various applications such as consumer electronics; electronic components; computers & peripherals; industrial electronics; others; used by various end user industries including healthcare; automotive; industrial; aerospace and defense; it and telecom; power and energy; consumer electronics; others.
Asia-Pacific was the largest region in the electronics contract manufacturing and design services market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
Strategic partnerships and collaborations are the key trends being followed by the companies operating in the electronic contract manufacturing and design services market.This is due to the presence of a large number of electronics manufacturing companies operating in the market and to extend their growth in new areas to be a leader in the market.
For instance, in September 2021, BioSig Technologies, Inc., an American medical device company, and the Plexus Corp, an American based contract electronics manufacturing company formed a technological and strategic partnership for commercialization and development of a new biomedical signal processing platform, which provides a full range of application in arrhythmia care for BioSig’s subsidiary NeuroClear Technologies.
In March 2020, Universal Scientific, a China-based electronic design and manufacturing services company acquired Asteelfash Group for an undisclosed amount.Through this acquisition, Universal Scientific aims to expand its overseas manufacturing sites and operational systems to meet Europe and the United States market needs.
Asteelfash Group is a France based multinational electronics contract manufacturing company.
The countries covered in the Electronic Contract Manufacturing and Design Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06282384/?utm_source=GNW
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