In a recent published report, Kenneth Research has updated the market report for Electronic Contract Manufacturing Services Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Electronic Contract Manufacturing Services Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Electronic Contract Manufacturing Services Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Electronic Contract Manufacturing Services Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
According to a new study published by Polaris Market, the global Electronic Contract Manufacturing Services market is anticipated to reach USD 554.2 billion by 2026. With the rising competition in the electronics industry, increasing cost reduction pressure on OEMs, complexity of electronic products, and decreased product lifecycles, the demand Electronic Contract Manufacturing Services market has boosted globally.
For attaining this, OEMs are seeking support from electronic contract manufacturing companies. These OEMs (hirer) subcontract electronic manufacturing contract companies to take advantage from their design expertise, supply chain management, and manufacturing capabilities. This helps the OEMs to leverage resources, reduce costs, access prominent manufacturing technologies, as well as reduce fixed capital investments and fulfil the Electronic Contract Manufacturing Services market demand.
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In addition to this, electronic contract manufacturing also helps in retaining in-house activities and control responsibilities including, quality assurance, product cost management, network solutions integration, customer service, order management, customer interactions, and introduction of new products. These factors are highly responsible for propelling the Electronic Contract Manufacturing Services market growth for electronic contract manufacturing services during the forecast period.
The design & engineering segment is expected to notice a high growth during the projected period attributed to increasing preference of OEMs for subcontracting their design requirements. Also, the global market is observing an increase in growth, with the surging demand for electronic circuit boards attributed to its rising significance in several electronic devices including, smart phones and tablets. Several OEMs are subcontracting their circuit assembly requirements to contract manufacturers, resulting in significant increase in their profit margins.
The market operates in a highly competitive environment particularly, the players located in Taiwan and China are providing very economical subcontracted services for manufacturing. The current major focus of these vendors is to support and promote green technologies in their manufacturing processes. Another trend noticed in the current market scenario is increase in acquisitions, mergers and partnership activities. Moreover, the Electronic Contract Manufacturing Services market growth in the North American region is propelled by automotive as well as medical industries. Several R&D centers as well as healthcare institutes in North America are focused on the development of innovative diagnostic products that they plan to outsourcing from contract manufacturers. Such factors are expected to boost the market in the region.
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The major players operating in the electronic contract manufacturing services market include Flextronics International Ltd, Hon Hai Precision Industry (Foxconn), Universal Scientific Industrial Co Ltd, Shenzhen Kaifa Technology, Beyonics Technology, New Kinpo Group, Benchmark Electronics, Sanmina-SCI, Zollner Elektronik, Celestica, Jabil, Inc., and Elcoteq SE among others.
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