Mar 05, 2021

Electronics manufacturing services to grow US$118.49bn

Electronics
SmartManufacturing
growth
Market
Georgia Wilson
2 min
Electronics
Latest insights from Technavio reveal that the global electronics manufacturing services market between 2020 and 2024 will grow US$118.49bn...

This week, Technavio released its Electronics Manufacturing Services Market by Enduser and Geography Forecast and Analysis 2021-2025. In the report Technavio revealed that the global electronics manufacturing services market between 2020 and 2024 is expected to grow by US$118.49bn. 

With the increased adoption of smart manufacturing being a key factor in the market's growth, the report identifies Asia-Pacific (APAC) as the key growth region for the industry. The region is expected to deliver significant opportunities between 2020 and 2024. However, something for industry leaders to watch out for is continuously complex supply chains and shrinking margins that may pose challenges to the growth.

Trends in the global electronics manufacturing services market

When it comes to the end user, the market experienced a maximum growth in computing and consumer appliances. It is said this is driven by the rising demand for consumer electronics devices. It is expected that this segment of the market will be significant during the forecasted period.

Looking at the geographic landscape for the industry, Technavio reports that 79% of the market growth for the global electronics manufacturing services market will originate from the APAC region between 2020 and 2024. 

Growing economic activities, as well as the region’s ongoing urbanisation is said to be crucial for driving the growth of the market. Specifically, China, Taiwan, and India are expected to be key markets for the electronics manufacturing services market in APAC.

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Who is Technavio?

Technavio is a leading global technology research and advisory company, founded in 2003. The company provides research and analysis on emerging market trends, providing actionable insights for businesses to identify market opportunities.

For more information on manufacturing topics - please take a look at the latest edition of Manufacturing Global.

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