PCB & PCBA Market Share & Trends [2033]

PCB & PCBA Market Overview

The PCB & PCBA Market size was valued at USD 80675.4 million in 2024 and is expected to reach USD 107327.29 million by 2033, growing at a CAGR of 3.3% from 2025 to 2033.

The global printed circuit board (PCB) market was valued between USD 67.9 billion and USD 86.8 billion in 2023, depending on the measurement approach. Estimates for 2024 range from USD 75.9 billion to USD 91.8 billion. Shipments in North America fell sharply, with PCB volumes declining by 24.1 % year‑over‑year in September 2024. Meanwhile, PCB assembly (PCBA) volumes are substantial: global imports totaled about 360 394 shipments in the 12‑month period ending October 2024, up 24 % from the prior year. Of these, Vietnam ranked first with 382 719 PCBA import shipments, followed closely by India at 374 297 shipments; the United States imported 108 660 assemblies during the same period.

Asia‑Pacific accounts for over half of the PCB output, capturing approximately 47–56 % market share according to multiple estimates. Bare PCB production in 2024 was projected at USD 80.33 billion, supported by increasing adoption of multilayer and HDI technologies: HDI segment alone exceeded USD 19.5 billion in 2024. On the PCBA side, the assembly segment exceeded USD 90 billion in 2023.

Key Findings

Driver: Increasing unit shipments of PCBs driven by miniaturization in consumer electronics and rapid expansion of IoT devices.

Top Country/Region: Asia‑Pacific leads with more than 47 % of global PCB production and over 25 % of PCBA market share.

Top Segment: HDI (High-Density Interconnect) PCBs, valued above USD 19.5 billion in 2024.

PCB & PCBA Market Trends

The printed circuit board (PCB) industry continues to transition toward miniaturization and high-efficiency platforms. In 2024, rigid, multi-layer HDI, flexible, and rigid-flex boards comprised over 50 % of total PCB shipments, driven by demand in smartphones, communication infrastructure, and automotive electronics. The HDI segment alone achieved sizes between USD 9.1 billion and USD 11.1 billion in 2024–2025, reflecting an increase of approximately 22 % from a 2024 baseline of USD 9.1 billion to an anticipated USD 11.1 billion in 2025. Another significant trend is in the automotive PCB segment, which expanded from roughly USD 7.6 billion in 2020 to USD 9.53 billion by 2024, now representing over 12.2 % of global PCB volume. This shift is propelled by surging EV and ADAS electronics, with EVs accounting for more than 10.5 million units in circulation by 2022 and constituting nearly 18 % of global sales.

Consumer electronics are contributing heavily to volume, as annual smartphone shipments remain around 1.3 billion units globally. The rise of wearables and IoT gadgets—projected to increase from 12.4 billion units in 2023 to 25.2 billion by 2027—has strengthened demand for compact PCBs and densely-packed HDI architectures. On the PCBA side, total board assembly value exceeded USD 90 billion in 2023. This is underpinned by growing adoption of surface mount technology (SMT), which made up more than 30 % of the assembly process in 2022. Automated assembly is further gaining traction as manufacturers aim to meet complex geometries and thermal challenges posed by small form-factor boards and high-frequency applications like 5G infrastructure.

PCB & PCBA Market Dynamics

The global PCB & PCBA sector is shaped by an intricate interplay of drivers, restraints, opportunities and challenges—all anchored in measurable trends, shipment volumes and regional data.

DRIVER

Rising demand for high-performance electronics

The proliferation of smartphones (~1.3 billion units shipped annually), IoT gadgets (12.4 billion units in 2023) and electric vehicles (EVs exceeding 10.5 million units in circulation) is pushing for denser, more integrated PCBs and assemblies. Automotive PCBs alone reached USD 9.79 billion in 2023, with Asia‑Pacific contributing over 43 % of that volume in 2024. In 2024, rigid, HDI, flex and rigid-flex types combined for more than half of shipments, with HDI hitting USD 9.1 billion and trending toward USD 11.1 billion in 2025. SMT processes now make up over 30 % of board assembly operations, reflecting the shift toward surface-mount, compact designs.

RESTRAINT

Raw material fluctuations and supply-chain bottlenecks

Manufacturers face volatility in copper, resin and laminate prices, combined with geopolitical tensions that affect logistics, particularly in resin and copper supply chains. While global PCB market value is estimated at around USD 75 billion–USD 80 billion in 2024, uncertainty in raw material costs constrains tight-margin segments such as rigid 1–2 sided boards. North America’s PCB volumes dropped 24.1 % year-over-year in September 2024, partly due to delayed shipments and component shortages. Environmental regulations—RoHS, REACH—impose additional compliance costs on manufacturing, especially for high-frequency and multilayer boards.

OPPORTUNITY

Innovation in sustainable design and advanced substrates

Eco-design is gaining traction: vitrimer-based PCBs have demonstrated polymer recovery of 98 % and fiber recovery of 100 %, enabling up to four repair cycles with minimal performance loss. The high-end PCB segment, worth USD 68.3 billion in 2024, features advanced substrates—HDI, IC substrates, rigid-flex—for AI/5G infrastructure. Microwave/RF PCBs, valued at USD 148.6 million in 2024, are vital for 5G-/RF-intensive applications, now accounting for nearly 60 % of global telecom infrastructure boards. PCBA volumes reached approximately 360,394 shipments in the year to October 2024, rising 24 %—a sign of demand in EMS and contract manufacturing.

CHALLENGE

Miniaturization strain on assembly accuracy

As board geometries tighten, SMT process yields drop and rework rates rise. PCBA complexity increased with ~30 % of assemblies now using fine-pitch components below 0.5 mm, requiring 10–20 µm alignment precision. Automation ROI thresholds demand annual assembly volumes above ~100,000 units, limiting flexibility for smaller OEMs. Additionally, rising innovation cycles—annual product refreshes averaging 2.3 cycles—force factories to accommodate rapid tooling changes, straining supply‑chain coordination and capacity utilization.

PCB & PCBA Market Segmentation

The PCB & PCBA market is split across type and application, each with distinct footprints:

By Type

Rigid 1–2‑Sided: This category accounted for around USD 18 billion in shipment value in 2023, constituting approximately 22 % of total PCB units shipped. Volume reached 2.6 billion units globally, mainly for power supplies and household appliances.
Standard Multilayer: With approximately USD 29 billion in 2023 throughput and about 3.4 billion units shipped, this type holds roughly 35 % of total board shipments. Typical layer counts range from 4 to 10.
HDI (High-Density Interconnect): Already measured at USD 9.1 billion in 2024, expected to rise toward USD 11.1 billion by 2025. HDI accounts for nearly 18 % of PCB volumes, driven by smartphone and 5G device usage.
Microvia / Build-Up: Estimated at 1.2 billion units in 2023, generating around USD 8.5 billion in value—approx. 10 % of global PCB market. Popular in compact consumer electronics.
IC Substrate: Valued at approximately USD 7.3 billion in 2023, with shipment volumes near 250 million units, mostly for mobile processors and high-end memory packages.
Flexible Circuits: Generated close to USD 4.9 billion in 2023, with 1.1 billion flexible and rigid-flex units produced—used in wearables, medical sensors, and laptop hinges.
Rigid-Flex: Around 320 million boards shipped in 2023, worth about USD 3.2 billion, preferred in aerospace and military equipment.
Others: Specialty types—e.g. aluminum-core, metal-backed—accounted for USD 2.1 billion, sending out roughly 410 million units, mainly for LED lighting and power electronics.

By Application

Consumer Electronics: Shipped approximately 5.5 billion units in 2023, representing about 45 % of global PCB volume, with value close to USD 38 billion.
Computer: Desktop and laptop PCBs totaled 1.8 billion units in 2023, with value near USD 12 billion, roughly 14 % of the total PCB market.
Communications: Growth tied to 5G and telecom infrastructure boosted output to 1.2 billion units in 2023, valued at USD 9.7 billion.
Industrial/Medical: PCB units reached 840 million, worth about USD 7.5 billion, used in automation equipment and medical imaging.
Automotive: Approximately 720 million PCBs shipped in 2023, valued around USD 9.5 billion, making up over 12 % of market volume.
Military/Aerospace: High-reliability PCBs numbered around 150 million units in 2023, valued at USD 4.6 billion, representing about 6 % of the market.
Others: Encompassing lighting, power tools, instrumentation, this category shipped around 980 million boards in 2023, generating approximately USD 6.2 billion.

PCB & PCBA Market Regional Outlook

The PCB & PCBA market demonstrates clear regional disparities driven by manufacturing concentration, shipment volumes, and product specialization. Asia‑Pacific remains the manufacturing powerhouse, North America emphasizes high‑value segments, Europe maintains niche strength, and the Middle East & Africa area presents modest but growing opportunity.

North America

PCB shipments in April 2025 were down 6.8 % versus April 2024, yet bookings were up 23.5 %, pushing the year‑to‑date booking increase to 20.5 %. In May 2023, PCB shipments rose 6.7 % year‑over‑year, with bookings up 4.1 %; the book‑to‑bill ratio hit 0.89. In 2023, U.S. PCB sales approached USD 11.21 billion. Although volumes show monthly downturns, North American firms hold strong order backlogs and advanced-capacity in HDI, flexible and rigid-flex technologies.

Europe

PCB market was estimated at USD 2.60 billion in 2024 and is forecast near USD 2.67 billion in 2025, with around 4 % incremental growth during that period. Germany has digitally connected 98.1 % of its households by 2022, underpinning strong demand for telecom and industrial PCBs. European manufacturers specialize in high-frequency and industrial-grade boards driven by automation, 5G rollout, and tier‑one OEM demand.

Asia‑Pacific

holds between 47 % and 56 % of global PCB output, accounting for nearly 90 % of units shipped in 2023. In 2023, its PCB market size reached roughly USD 40.9 billion. Asia‑Pacific PCBA segment claimed more than 25 % of global assembly activity in 2023. The region remains the lead production base for multilayer, HDI, flexible and substrate boards, leveraging powerhouse economies in China, Taiwan, Japan, South Korea and emerging factories in India.

Middle East & Africa

PCB & PCBA market totalled around USD 1.525 billion in 2024, representing approximately 2 % of global output. GCC nations like the UAE, Saudi Arabia, Egypt, Turkey and South Africa together contributed between USD 240 million (South Africa) and USD 653 million (GCC). Production remains limited, often supplementing import-heavy electronics manufacturing, but regional infrastructure projects—especially in renewable energy systems—are nudging growth.

List of Top PCB & PCBA Companies

Nippon Mektron
Unimicron
SEMCO
Young Poong Group
Ibiden
ZDT
Tripod
TTM
SEI
Daeduck Group
HannStar Board (GBM)
Nanya PCB
CMK Corporation
Shinko Electric Ind
Compeq
AT&S
Kingboard
Ellington
Topcb
DSBJ
Kinwong
Samsung
Wus
Fujikura
MEIKO ELECTRONICS
SCC

Nippon Mektron: A global leader in flexible PCB manufacturing with over 30 production sites in Japan, Thailand, China, and Taiwan. In 2023, its annual exports from Japan totaled approximately USD 4.98 billion, positioning it among the top three PCB producers worldwide.

Unimicron: Ranked first in Taiwan’s PCB sector from 2009 through 2010 and recaptured the top substrate supplier position for nine consecutive years starting in 2016. By 2012, Unimicron secured a global PCB market share of 3.7 %, shipping around 2.4 billion high-density interconnect (HDI) and flexible boards that year

Investment Analysis and Opportunities

The PCB & PCBA industry continues to attract substantial investment from both government and private sectors, driven by the rising demand for electronic components across segments such as EVs, AI infrastructure, 5G, medical devices, and industrial automation. In Asia-Pacific, Southeast Asian nations have seen capital inflows as manufacturing shifts from China. For example, Thailand’s PCB investment applications surged by 35 %, reaching ฿1.14 trillion (~USD 33.5 billion) in 2024, spurred by redirected electronics supply chains and government incentives. Meanwhile, Taiwanese PCB equipment suppliers expanded into Southeast Asia, with regional business growth rising by 50 % and total investments reaching USD 2.2 billion in 2023. In India, the central government allocated ₹13,104.50 crore (~USD 1.6 billion) to promote chip and electronics manufacturing in 2024, backing four semiconductor manufacturing units and nine electronics component projects. These initiatives are expected to generate over 15,700 direct jobs.

In North America, schemes such as the U.S. CHIPS Act and Thailand-style BOI initiatives have supported capacity growth and relocation. Thailand reported rising PCB plant investments since 2023 under these incentives. Semiconductor expansion—including associated PCB and PCBA facilities—has risen accordingly in the U.S. and Canada. Private equity and strategic investors are targeting advanced PCB technologies, especially IC substrates, HDI, flexible, and rigid-flex types by investing in automation and advanced fabs. Oil & gas and aerospace OEMs are forging partnerships with fabs to secure high-reliability PCB supply chains, with microwave/RF investment valued near USD 148.6 million in telecom boards alone.

New Product Development

The PCB and PCBA industry is seeing a surge of innovation from 2023 into 2024, driven by advances in materials, manufacturing methods, and sustainability-focused designs. One major trend is the advancement of HDI (High-Density Interconnect) technology. In 2024, manufacturers are deploying finer line widths below 50 µm and smaller spaces, enabling layering beyond 30 layers in compact formats. Laser drilling and sequential lamination methods now support microvias in dense configurations, enabling design of boards under 0.15 mm pitch. These improvements support foldable phones and wearable devices, where space is at a premium. Flexible and rigid-flex PCBs have seen fresh developments with 3D printing, shifting production toward rapid prototyping in low total volumes. Liquid crystal polymer (LCP) and graphene-enhanced flexible substrates are becoming prevalent. Flexible Hybrid Electronics (FHE) are integrating rigid and bendable zones in a single board, ideal for medical sensors and automotive in-vehicle displays. A breakthrough area is vitrimer-based recyclable PCBs (vPCBs). Multiple research teams—such as University of Washington and ESPCI ParisTech—have demonstrated that vPCBs offer 98 % polymer recovery, 100 % glass fiber reuse, and 91 % solvent recovery. These boards can be reheated, reshaped, repaired up to four cycles, and reintegrated into existing solder and laminating processes. This development targets circular manufacturing goals and could significantly reduce PCB waste streams.

Emerging on‑demand prototyping techniques like ""Fibercuit"" employ fiber laser engraving to fabricate flexible dual-layer circuits in under one hour. This supports rapid development of kirigami form-factor devices and embedded wearables, providing small teams with immediate proof‑of‑concept tools without typical fabrication lead times. Another innovation is the SolderlessPCB system, enabling component reuse via detachable 3D-printed housings—eliminating traditional reflow soldering. This design allows SMD parts to be swapped up to ten times per board, reducing waste during iterative prototyping and decommissioning. Manufacturers are adopting AI- and 3D-printing-integrated lines, automating layout optimization and producing complex substrates for AI edge computing and 5G mmWave modules. Digital twin integration enables real-time process adjustments, improving yields on dense HDI boards. Lastly, high-frequency microwave/RF boards are being shifted toward PFAS-free laminates, responding to EU environmental regulations, with an estimated 60 % of telecom infrastructure PCBs now using non-PFAS materials.

Five Recent Developments

Renesas–Altium Integration (June 2023): Renesas standardized all PCB development on Altium 365’s cloud platform. This includes publishing its ECAD libraries and enabling BOM lookup—cutting design-to-manufacture lead times by up to 25 %.
OKI Ultra-High Multilayer Line (August 2024): OKI Circuit Technology equipped its Joetsu facility with a new ultra-high-layer PCB line. The line supports via pitches of 0.23 mm, drills holes as small as 0.10 mm, and boosted capacity by approximately 1.4× over the previous system.
Global Flexible PCB Market Rebound (August 2024): According to TPCA/ITRI, the flexible PCB segment recovered from a 7.9 % contraction to reach USD 18.36 billion in 2023, then rebounded to an estimated USD 19.7 billion in 2024—a 7.3 % increase.
Transline RF/mmWave PCB Solutions (2024): Transline Technology debuted offerings for RF, microwave and mmWave PCBs at IMS 2024, addressing telecom and satellite markets with high-frequency designs suitable for 5G and beyond.
actnano's PFAS-Free Coating (November 2024): actnano achieved ISO 9001:2015 certification and introduced nanoGUARD™, a PFAS-free conformal coating that is 100 % RoHS/REACH compliant and protects PCBA components in harsh environments

Report Coverage of PCB & PCBA Market

The market report on PCB & PCBA presents a detailed and structured analysis, covering core market dynamics, technical segments, regional outlooks, and competitive insights. It systematically segments the market by Type (Single‑Sided, Double‑Sided, Multi‑Layer, HDI, Flexible, Rigid‑Flex, Others), Application (Consumer Electronics, Automotive, Industrial/Medical, Communications, Aerospace/Military, Others), and Geography (North America, Europe, Asia‑Pacific, Latin America, Middle East & Africa), aligning with industry-standard frameworks. The Scope section details historical data (2017–2023) and projected estimates (2024–2028), illuminating board shipment volumes, production capacity figures, and PCBA assembly volumes—such as the ~360,000 PCBA shipments recorded in the year ending October 2024. It also includes forthcoming forecasts, estimating global PCB output at approximately USD 75.85 billion in 2023, with near-term projections reaching USD 77–80 billion by 2024.

Segmentation breakdown includes value and volume metrics down to the layer/substrate level, citing that standard multilayer accounts for ~35 % of boards (~3.4 billion units) and HDI covers ~18 % (~USD 9–11 billion) . It cross-references assembly data, showing SMT representing over 30 % of PCBA processes. For regional coverage, the report provides historical and forecasted volumes across key zones. Asia‑Pacific is quantified as responsible for 47–56 % of global PCB output and nearly 90 % of unit volumes ≈5–6 billion units annually. North America and Europe are covered in detail with monthly shipment data and book‑to‑bill ratios (e.g., April 2025 shipments ↓6.8 %, bookings +23.5 %) . Latin America insights include recent growth due to foreign direct investment. Market dynamics include structured analysis of drivers (e.g. smartphone shipments ~1.3 billion; IoT units 12.4 billion in 2023; automotive PCB value USD 9.5 billion), restraints (raw material volatility, shipment delays), opportunities (recyclable PCB technologies capturing 98–100 % material recovery) and challenges (fine‑pitch SMT yield pressures).