The global electronic contract manufacturing and design services market size is expected to reach USD 1,060.2 million by 2030, according to a new study by Polaris Market Research. The report “Electronic Contract Manufacturing and Design Services Market Share, Size, Trends, Industry Analysis Report, By Service (Electronic Design & Engineering, Electronic Assembly, Electronic Manufacturing, and others); By End-Use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An extensive rise in the purchasing power of consumers, the increasing prevalence of consumer electronics coupled with the rapid growth in internet connectivity are the few major factors projected to drive the global market at a significant growth rate over the forecast period. In the last few years, the penetration of smartphones and laptops has gained tremendous growth along with the change in consumer preferences and the need for advanced technology around the globe. Hence, the demand for electronic devices and services is likely to have a significant boost over the coming years.
In 2021, Apple Inc. will manufacture 70% of smartphones sold in India, with significant growth of 30% recorded two years ago. It is a major factor pushing the country towards the “Make in India” initiative following the Indian government’s Production-linked Incentive (PLI) plan, which was started in the financial year 2021.
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The growing implementation of advanced and innovative technologies through several electronic manufacturers and contractors across the globe to offer new products and services and strengthen their market position is fueling the demand for electronic contract manufacturing and design services over the coming years.
In September 2022, Apple Inc. announced their plan to start the manufacturing of iPhone 14 in India in the next coming quarter. Indian region has emerged as Apple’s top manufacturing stipulation in Asia, followed by China. The main aim for starting this manufacturing process in India is to reduce the dependence of production facilities on China.
Furthermore, the growing popularity of environment-friendly electronic products, which can be easily recycled and reduce the amount of carbon dioxide emission, is further likely to fuel the market demand and growth throughout the forecast period. For instance, in January 2021, VTech launched its latest green electronics learning products to reduce the dependence on fossil-based plastics with the help of several sustainable alternatives.
Electronic Contract Manufacturing and Design Services Market Report Highlights
Polaris Market Research has segmented the electronic contract manufacturing and design services market report based on service, end-use, and region:
Electronic Contract Manufacturing and Design Services, Service Outlook (Revenue - USD Million, 2018 - 2030)
Electronic Contract Manufacturing and Design Services, End-Use Outlook (Revenue - USD Million, 2018 - 2030)
Electronic Contract Manufacturing and Design Services, Regional Outlook (Revenue - USD Million, 2018 - 2030)