Global Electronics Manufacturing Services Market to Hit Sales of $740.4 Billion By 2028 | India is Becoming Hub for Electronic Manufacturing Services
Global electronics manufacturing services market was valued at USD 476.5 billion in 2021, and it is expected to reach a value of USD 740.4 billion by 2028, at a CAGR of more than 6.50% over the forecast period (2022–2028).
Westford, USA, Sept. 06, 2022 (GLOBE NEWSWIRE) — In a world where electronics are becoming more and more pervasive, the demand for electronics manufacturing services market is continuing to grow. This is likely due to the ever-growing popularity of products such as smartphones, smart TVs, laptops, ovens, refrigerators, ACs, and tablets, as well as the increasing demand for faster and more efficient production processes. As a result, there is an increasing need for companies who can efficiently produce these types of devices.
One of the biggest benefits of using an electronics manufacturing services provider is their ability to quickly and efficiently adapt to changes in demand. This means that they can quickly ramp up or down production capabilities as needed, which can be essential in a rapidly-changing market like electronics. In addition, many providers in the global electronics manufacturing services market have extensive experience in producing various types of electronic devices, which can give them an advantage when it comes to creating specific designs. As a result, several companies have outsourced their electronics manufacturing to third-party suppliers.
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The increasing demand for electronics manufacturing services has led to several companies offering these services at lower prices than the traditional suppliers. This growing trend may prompt more companies to outsource their electronics production in the near future. To compete in the electronics manufacturing services market, SkyQuest has identified various factors that affect business operations and compel them to opt for electronic business services:
- Lower costs associated with outsourcing
- Ability of supplier to meet customer’s specifications
- Supplier’s experience in producing electronic products
- Availability of qualified personnel
- Domestic or international sourcing
SkyQuest has published a report on global electronics manufacturing services market. The report provides a detailed market analysis about key companies, market share, market dynamics, competitive landscape, trends, opportunities, current growth momentum, shifting consumers preference, pricing analysis, government regulation, supply chain analysis, and import-export data, among others.
India is becoming Hub for Electronic Manufacturing Services
The growth of the Indian electronics manufacturing services market is driven by strong prospects for the market, strong government support and an expanding pool of skilled workers. Indian companies are now focusing on e-commerce and other non-traditional markets as they strive to expand their product portfolios and global reach. This shift is helping to drive down costs and create a more efficient supply chain for products that increasingly rely on electronic components.
It has been found in SkyQuest study on electronics manufacturing services market that over 60% Indian are likely to be a part of the consuming class by 2029. Also, India, along with China and other nations in the Asia Pacific region, would account for 50% of the world’s growth in private consumption between 2022–2029, which is around 20% as of 2021. India’s electronics production in FY22 is estimated to be $86 billion, including domestically made electronics components worth $12 billion and imports worth $18 billion. Research predicts that India electronics manufacturing services market for electric vehicles is expecting to grow from $7.5 million in 2022 to $95 billion by 2026, growing at a rate of 86.8%. The EMS business of televisions is projected to reach $238 billion by 2026 from $79 billion at a CAGR of 30.9%.
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It is estimated that the wearable/hearable EMS business in India will grow from $2.6 billion in FY22 to $26 billion by 2026. Additionally, the telecom and network products category is projected to grow from $73 billion in 2021 to $141 billion with a growth rate of 17.8%.
For years, Chinese companies have dominated the global electronics manufacturing services market, but that is starting to change. The country’s impressive growth rate, rising incomes, and increasing consumption of electronics products have made India a formidable competitor. Indeed, in 2021, India earned exports worth $336 billion – making it the world’s fifth largest exporter after China, the United States, Germany and Japan. While Chinese companies still hold a significant lead in terms of manufacturing capacity and value added, India’s surge represents a major transformation in the global electronics landscape.
As India continues to grow as a leading player in the global electronics manufacturing services market, its industry must continue to tap into innovative technology solutions to stay ahead of the curve. Rising wages and improved infrastructure should help this process happen, while robust government backing will be essential to boost the growth rate.
Hidden away in a corner of India, a startup is emerging as the hub for electronic manufacturing services. The startup, called Coimbatore-based CMMI (Consortium of Manufacturers and Institutions), has been successfully supplying these services to many small and medium-sized businesses (SMBs) across the country. According to a report by SkyQuest, SMBs account for the lion’s share of India’s $3.3 trillion economy. And while it is still too early to ascertain how much of this growth will be generated by digital services, it is clear that electronic manufacturing will play a major role in this sector in the electronics manufacturing services market. What’s more, the global economy is warming up to Indian entrepreneurs and their businesses. The Rise of Indian Entrepreneurs: Global Attractiveness Rankings 2021”, India has now moved up to the third position from eighth in the 2021 edition of the EY Global Entrepreneurship Index. This has been largely due to increased acceptance of risk-taking and an increased appetite for innovation. As a result, Indian entrepreneurs are now better positioned.
SkyQuest’s report on global electronics manufacturing services market is focused on providing deeper insights on global EMS market, which majorly focuses on country level analysis, current and future dynamics of the market, government policies, overall manufacturing environment for each country, import and export data for most of the leading countries in the market. In addition to this, the report provides a detailed EMS analysis by sectors.
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Leading Players in Global Electronics Manufacturing Services Market
- Sanmina Corporation (US)
- Hon Hai Precision Industry Co. Ltd (Taiwan)
- Benchmark Electronics Inc. (US)
- Flex Ltd (Singapore)
- Jabil Inc. (US)
- Celestica Inc. (Canada)
- Wistron Corporation (Taiwan)
- Plexus Corporation (US)
- Fabrinet (Thailand)
- COMPAL Inc. (Taiwan)
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