Hyderabad, Aug. 10, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Electronics Manufacturing Services Market Report (2023-2028),” the EMS market is estimated at USD 569.28 billion in 2023. It is expected to register a CAGR of 8.50% during the forecast period.
Electronics manufacturing services are required by organizations that design, manufacture, test, distribute, and offer return and repair services for electronics and assemblies for OEMs. Many companies are outsourcing to third-party manufacturing service providers to reduce inventory and focus on sales, marketing, and R&D.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 569.28 billion |
| Market Size (2028) | USD 856 billion |
| CAGR (2023-2028) | 8.50% |
| Study Period | 2020-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The growing demand for electronic devices. |
| The adoption of more third-party manufacturing services. |
Who are the Top Companies in the Electronics Manufacturing Services Market?
The electronics manufacturing services market is fragmented in nature, owing to the presence of several market players and the gradual adoption of these services in various industries. To expand their market presence, these players are using strategies like product development and innovation.
Significant players in the electronics manufacturing services market are,
- Vinatronic Inc.
- Longmax Industries Ltd.
- Benchmark Electronics Inc.
- Hon Hai Precision Industry Co. Ltd (Foxconn)
- Flex Ltd
- Sanmina Corporation
- Jabil Inc.
- SIIX Corporation
- Nortech Systems Incorporated
- Celestica Inc.
- Integrated Micro-electronics Inc.
- Creation Technologies LP
- Wistron Corporation
- Plexus Corporation
- TRICOR Systems Inc.
- Sumitronics Corporation
Demand for EMS from Industrial Applications to Drive the Market
- Due to the environmental revolution, the demand for highly efficient industrial motors is increasing from electric motor controls. Also, to support the market penetration of new technologies, these services are being increasingly integrated at low costs, driving the demand for electronic products in digital signal controllers.
- Electronics manufacturing for industrial automation is boosting the growth of this segment. Market players in the industrial automation segment require access to all data generated on the system. Various regions are deploying SCADA to gather accurate data.
Asia-Pacific to Register Significant Market Share
- India and China are expected to grow in the market due to their robust position in consumer electronics, semiconductor, and other telecommunication manufacturing industries.
- The development of technology like 5G networks and IoT is boosting the adoption of electronic products, thereby increasing the demand for IoT in electronic devices.