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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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.
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.
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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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