Tuesday, 14 February 2023 09:38 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / February 14, 2023 / According to a Transparency Market Research study, the global automotive PCB market was valued at US$ 13.2 Bn in 2022 and is estimated to grow at a CAGR of 7.7% during the forecast period from 2022 to 2031.
An automotive print circuit board (PCB) is a thin board developed using an insulation material, such as plastic or fiberglass, and a conductive metal. Some of the component parts of a PCB are resistors, transistors, and integrated circuits.
PCBs have been used in both IC engine vehicles and electric vehicles, and have also been used in different vehicle types such as minicompact, compact, supermini, luxury, executive, mid-size, and others including sports utility vehicles and multi-purpose vehicles.
PCBs are available in three types of substrates-rigid, flexible, and rigid flex-and can be procured from original equipment manufacturers or the aftermarket.
New automotive PCB launches are helping prominent companies in gaining an edge over competitors and in generating significant revenue. Additionally, leading market players are collaborating with other companies to expand presence and increase revenue share.
Prominent manufacturers are likely to increase production capacities to meet consumer requirements.
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Key Findings of Market Study
- Increase in Integration of Advanced Technologies in Automobiles: The automotive industry has witnessed steady growth in the past few years. Prominent manufacturers are striving to integrate advanced technologies, such as IoT and artificial intelligence, to develop sustainable automobiles that are eco-friendly and safe. Growing integration of different advanced technologies in vehicles is likely to fuel demand for automotive PCBs and expand market size.
- Rise in Demand for Single Layer PCBs: In terms of type, the global market has been trifurcated into single layer PCB, double layer PCB, and multilayer PCB. The single layer PCB segment is projected to account for dominant market share in the next few years. Single layer PCBs are extensively used in wiping & lighting and electronic throttle systems, and are cost-effective products. These factors are fueling product demand and driving the segment.
- Increase in Automotive PCB Usage in ADAS Applications: Based on application, the global market has been segmented into ADAS, body & comfort, infotainment, powertrain, and others. The ADAS segment is anticipated to account for dominant share in the next few years. Surge in implementation of different safety regulations is expected to fuel ADAS adoption in automobiles. PCBs in ADAS help to control and process data from cameras and sensors. This is propelling automotive PCB market development.
Automotive PCB Market - Key Drivers
- Increase in demand for automotive electronic components
- Rise in introduction of new autonomous and semi-autonomous automobiles
- Supportive government policies for the adoption of electric vehicles to reduce reliability on fossil fuels is likely to trigger demand for automotive PCBs
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Automotive PCB Market - Regional Landscape
- The market in Asia Pacific is expected to account for dominant share during the forecast period. Surge in consumer demand for passenger vehicles, increase in demand for electric vehicles, and large presence of leading automotive manufacturers in developed and developing economies, such as China and India, are anticipated to bolster market development in the region. Prominent players are likely to set up R&D centers and automotive PCB manufacturing units due to ease of availability of land and labor. This is likely to accelerate business growth in the region.
- North America is anticipated to witness robust growth during the forecast period due to supportive government policies for the production of automotive PCBs in the U.S. and Canada. Presence of robust automotive industry in North America is likely to boost the automotive PCB market in the next few years.
Automotive PCB Market - Key Players
The global market is competitive and has several international and regional players. Entry of new players is likely to intensify competition during the forecast period.
Well-established market players are investing significantly in R&D to produce improved automotive PCBs that meet consumer requirements. Surge in demand for improved automotive PCBs is likely to create business opportunities for prominent players in the next few years.
Leading players in the market are Chin Poop Industrial Company Limited, Meiko Electronics Company Limited, CMK Corporation, and Tripod Technology Corporation.
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The global market has been segmented as follows:
- Type
- Single Layer PCB
- Double Layer PCB
- Multilayer PCB
- Fuel Type
- IC Engine
- Electric
- Application
- ADAS
- Body & Comfort
- Infotainment Powertrain
- Others
- Vehicle
- Minicompact
- Compact
- Supermini
- Luxury
- Executive
- Mid-size
- Utility (sports utility vehicles and multi-purpose vehicles)
- Level of Automation
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
- Substrate
- Rigid
- Flexible
- Rigid Flex
- Sales Channel
- OEM
- Aftermarket
- Regions
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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