Automotive PCB Market Analysis

Automotive PCB Market Overview:

Automotive PCB Market Size valued at USD 6.5 Billion in 2023. The Automotive PCB market industry is projected to grow from USD 6.89 Billion in 2024 to USD 10.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.28% during the forecast period (2024 - 2032). Increased utilization of advanced & comfort features in vehicles and increase in sales of electric vehicles are the key market drivers improving the growth of market.

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Automotive PCB Market Trends

The growing adoption of electric vehicles is driving the market growth

Market CAGR for the automotive PCB market is being fueled by the growing adoption of electric vehicles. The increasing tendency towards advanced technology-based vehicles, including lightweight ones, is estimated to be the fueling factor for the automotive printed circuit board market globally. The growing concern for the global emission from vehicles and rising government initiatives to increase the sales of electric vehicles. Electric vehicle has rising demand due to strict government norms in major countries related to Co2 emission and standards for emission.

The automotive manufacturers globally are beginning to adopt customer-eccentric needs and altering regional patterns of the customer's choices. The companies are increasing automotive electronic content for each vehicle significantly. As per the estimates, the electronic content per vehicle is anticipated to be 50% in 2030. The printed circuit board manufacturers and suppliers, with the development and change in application scenario of the auto industry, is, anticipated that the flexible board will benefit from the 5G era, smartphone upgrades, increasing IoT, and the rise in an automotive electronics companies. PCB is the backbone of electronic components; its manufacturers are adapting to the new changing environment and investing largely to match the frequency which will support the advanced features & comfort features. The recent demand for the safety features like collision avoidance systems, lane departure warnings, pedestrian protection systems, and telematics solutions has shown a prominent increase and will fuel the demand for PCB associated with these applications in the coming year.

The need for more features and accessories in cars that are powered by the rising complex electronic systems is expected to boost the growth of automotive PCB markets globally. The growing production of both passenger and commercial cars with features like the use of radar systems, such as millimeter-wave radar, in many ADAS(Advanced driver assistance systems) is going to fuel the PCB market. In order to promote the purchase of EVs and turn the region's Eco-drive zone by 2025, the government of Norway is providing different schemes. The request for the automotive PCB market is expected to rise throughout the forecast year because of the growing sales of electric vehicles and the adoption of DAS technology.

For instance, the government of Japan has begun to offer one-time incentives to electrical vehicle owners to promote its aim of eliminating the adoption of internal combustion engine vehicles in this nation by 2050. Similarly, the government of India has made compulsion use of advanced brake systems in all fresh models of commercial vehicles. Thus, driving the Automotive PCB market revenue.

Automotive PCB Market Segment Insights:

Automotive PCB Type Insights

The Automotive PCB Market segmentation, based on type, includes Single or Double Layer, Multi-Layer, High-Density Interconnect, Flexible PCB, and Others. The multi-layer segment dominates the market, accounting for the largest market revenue. This type of PCB provides dual transmission and is about 50 layers thick, which makes it suitable for a broad range of complex electrical tasks. Furthermore, high-density interconnect and flexible PCB are light and flexible that meet the trend of the developed electronic devices for miniaturization, thinning, and wear-ability due to their wending and folding properties. These are used in electric vehicles. The rest of the categories are growing significantly due to an increase in demand for safety and connectivity requirements, thus fueling the PCB market.

Automotive PCB Application Insights

The Automotive PCB Market segmentation, based on application, includes ADAS, Body & Comfort, Infotainment, and Others. The ADAS category dominated the market and is expected to lead throughout the forecast period. The recent development in ADAS features and implementation in vehicles has increased. The customer's inclination towards luxury features and rising disposable income are fueling the ADAS market, thus increasing the demand for PCB in the automotive market.

Figure 1: Automotive PCB Market, by Application, 2022 & 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Automotive PCB Regional Insights

By region, the study gives market insights into North America, Asia-Pacific, Europe, and the Rest of the World. The Asia Pacific Automotive PCB market, dominates this market, owing to an increase in the adoption of personal mobility and growing government initiative, utilization of electric vehicles, and autonomous vehicles. The presence of large manufacturing units, the increasing development and innovation, and the easy availability of devices and services via region-based suppliers are promoting the growth of the market.

Further, the main countries studied in the market report are The US, Canada, German, the UK, Italy, Spain, China, France, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Automotive PCB Market Share By Region 2022 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

Europe's Automotive PCB market accounts for the second-largest market share as they are early adopters of new automotive PCB trends and the second manufacturing center of electronic components globally. Further, the German Automotive PCB market held the largest market share, and the UK Automotive PCB market was the rapid-growing market in the European region.

The  North American Automotive PCB Market is expected to grow at the frapid CAGR from 2023 to 2032, as the government is taking the initiative for the development related to automobile components promoting the manufacturing. Moreover, China’s Automotive PCB market held the largest market share, and the Indian Automotive PCB market was the rapid-growing market in the Asia-Pacific region.

Automotive PCB Key Market Players & Competitive Insights

Leading market participants are investing heavily in research and development in order to spread their product lines, which will help the Automotive PCB market grow even more. Market participants are also undertaking a various strategic activities to spread their global footprint, with important market developments including new product launches, mergers and acquisitions, contractual agreements, higher investments, and collaboration with other organizations. To enlarge and survive in a more competitive and increasing market climate, the Automotive PCB industry must offer cost-effective items.

Manufacturing locally to reduce operational costs is one of the key business tactics utilized by manufacturers in the global Automotive PCB industry to benefit clients and increase the market sector. In recent years, the Automotive PCB industry has provided some of the most significant advantages to the automotive industry. Major players in the Automotive PCB market, including PT Infineon Technologies Batam, Meiko Electronics Co. Ltd., STMicroelectronics N.V., Lumax Industries Limited, Samsung Electro-Mechanics, KCE Electronics Ltd., Amitron Corp., CMK Corp., TTM Technologies, Chin Poon Industrial, Tripod Technology., and others, are attempting to increase market demand by investing in research and development operations.

Samsung Electro-Mechanics is a multi-component manufacturer; globally, it develops and manufactures advanced electronic components to mechanical components. The company focuses on developing its business in high-frequency wireless materials and power/precision mechanics, boards, chip parts, camera modules, and communication modules. In February 2021, the company changed its expanding strategy through MLCC online promotion with a European electronic components medium. With this promotion strategy, the company aims to strengthen its global marketing capabilities, and firstly it started it from Germany, Spain, and Hungary with local online electronic components websites. In July 2020, they launched five types of Multi-Layer Ceramic capacitors ((MLCCs) for automotive powertrains and ABS.

Lumax Industries Limited, established in the year 1945, is the leading automobile lighting business in India. It has the capability to provide premium quality automotive lighting solutions for four-wheeler, two-wheeler, and commercial vehicles in Indian and global markets. The manufacturing plants are spread in six states of India; Haryana, Maharashtra, Gujarat, Uttarakhand, Karnataka, and Tamil Nadu; globally, it has collaborated with Stanley, Japan, a worldwide leader in vehicle lighting and illumination products for automobiles, and with SL Corporation of South Korea. In February 2020, Lumax Industries Limited, to incorporate electronic parts and components, extended its joint venture business with Stanley Electric Co. Ltd. This extension helped the company to produce printed circuit boards for the automotive lighting application.

Key Companies in the Automotive PCB market include

• PT Infineon Technologies Batam


• Meiko Electronics Co. Ltd.


• STMicroelectronics N.V.


• Lumax Industries Limited


• Samsung Electro-Mechanics


• KCE Electronics Ltd.


• Amitron Corp.


• CMK Corp.


• TTM Technologies


• Chin Poon Industrial


• Tripod Technology

Automotive PCB Industry Developments

January 2024: A domestic manufacturing entity and a diversified B2B electronic manufacturing services (EMS) company, Amber Group, has signed agreements to acquire a 60% interest in Ascent Circuits Pvt. Ltd. through ILJIN Electronics, another company of the Amber Group in place. Ascent Circuits located in South India is a famous Printed Circuit Boards (PCBs) manufacturer serving renowned customers such as ISRO, BEL, BHEL and many more sectors including Automotive, Telecom and Consumer Electronics.

The main objective of this strategic move is to strengthen Amber’s EMS portfolio by enhancing local value addition and integrating backward into passive components of PCB assemblies. This supports the group’s approach towards the electronics arm by bolstering backward integration for its electronics (EMS) business focusing on Aerospace & Defence, Medical , Telecom , Consumer Electronics and Automotive applications aligned with ‘Make in India’ and ‘Atmanirbhar Bharat’ vision.

Driven by supportive manufacturing policies of the government; Amber aims at expanding its footprint in the electronic (EMS) sector focusing on R&D and PCBA manufacturing capabilities through Bare PCB Boards integration. FY’25 onwards will witness major developments that place Amber at the forefront of electronics EMS amid expected growth FY’25 onwards.

Consumer Durables; EMS; Railway Subsystems & Mobility are three divisions where Amber Group operates delivering solutions to various sectors like telecoms, automotive, consumer electronics, railways and defense.

February 2024: Renesas Electronics Corporation will buy Altium Limited which is a company producing PCB design software. The acquisition worth about A$9.1bn is aimed at creating an integrated system for designing electronics and its lifecycle management.

This step is taken due to the increasing complexity faced by system designers when they have to go through several steps involving multiple stakeholders. Renesas together with Altium aims at making this process simple by having component selection; evaluation, simulation; PCB physical design integrated at system level

April 2022: PT Infineon Technologies Batam Indonesia, which is a fully owned subsidiary of Infineon Technologies Corp, will expand its production capacity in Indonesia by 2024. This will make the Batam site the second largest from Infineon Technologies Corp after their Melaka, Malaysia plant for automotive PCBs.

July 2022: Meiko Electronics Co., Ltd. announced the acquisition of NEC Embedded Products, Ltd., which is a manufacturer of computers, peripheral devices, software, and printers, in order to strengthen and spread its electronics manufacturing services business.

Automotive PCB Market Segmentation:

Automotive PCB Type Outlook

• Single or Double Layer


• Multi-Layer


• High-Density Interconnect


• Flexible PCB


• Others

Automotive PCB Application Outlook

• ADAS


• Body & Comfort


• Infotainment


• Others

Automotive PCB Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America