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Automotive PCB Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Type (Single or Double layer, multi-layer, HDI, FPC, and Others), By Application (ADAS, Body & Comfort, Infotainment, and Others) and Regional Forecast, 2024-2032

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI105577

 

KEY MARKET INSIGHTS

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The global automotive PCB market size was valued at USD 9.15 billion in 2023. The market is projected to grow from USD 9.52 billion in 2024 to USD 15.10 billion by 2032, exhibiting a CAGR of 5.9% during the forecast period.


The printed circuit board in automotive is a complex circuit system used in cars/trucks to control most electronic operations. Moreover, it is used in automotive, consisting of printed pathways connecting multiple components, including ICs, transistors, and resistors. In addition, this type of circuit board is used in several automotive applications such as entertainment and navigation systems, HUD ADAS system control modules (engine management systems and fuel regulators), antilock brake systems, and many other advanced features.  The automotive original equipment manufacturers and electronic component manufacturers companies are increasing their use in vehicles.


The PCB circuit boards were only used for basic headlights, wipers, and many other applications in the past decade. Still, it’s been seen in every feature, application, and part of the vehicles, including powertrain components, to make the driving experience safer and easier. Moreover, the leading automotive manufacturing companies use flexi-rigid, HDI-type printed circuit boards for various applications because they can withstand extreme temperatures and vibrations.


The COVID-19 pandemic, due to the enforcement of lockdown restrictions globally, severely affected the automotive industry. The lockdown and economic crisis induced due to the COVID-19 pandemic severely impacted many electronic component provider companies. Many suppliers experienced significant resource bottlenecks in the global supply and logistics chains in the year that negatively affected their businesses. Many PCB manufacturers faced challenges due to factory shutdowns, reduced production capacities, and logistics issues. This resulted in the delay of the supply of PCBs affecting the market.


Automotive PCB Market Trends


Increasing Demand for Connected and Electric Vehicles to Transform Market Outlook


The demand for connected cars & electric vehicles is rising rapidly. The automotive industry is substantially transforming with the rise of connected and electric vehicles. For instance, in January 2024, BYD introduced its advanced driver assistance systems (ADAS) and other smart car tech. It unveiled its "Xuanji" smart-car architecture and DLink intelligent cockpit, as well as two-way satellite communications. BYD recently disclosed that it won regulatory approval in July to test Level 3 ADAS on China's highways.


The connected and electric vehicle requires an advanced electronic system to support the features such as an infotainment system, GPS Navigation, advanced driver assistance system (ADAS), and electric powertrain components. PCBs play a crucial role in integrating these complex electronic systems. The growth is attributed to increasing features; the automotive industry is increasingly integrating connectivity features into vehicles, such as vehicle-to-vehicle communication, in-car Wi-Fi, and smartphone integration. The proliferation of IoT technology in automotive applications drives the demand for automotive PCB.


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Automotive PCB Market Growth Factors


Increasing Use of Advanced & Comfort Features in Vehicles to Boost Market Growth


The growing inclination towards advanced technology-based vehicles, including lightweight ones, is projected to drive the global automotive printed circuit board market growth. As a backbone of electronic components in the vehicle, PCB manufacturers are also adapting to the changing environment and investing heavily to match the frequency that will support the advanced features & comfort features that will be used in vehicles in the future. Moreover, the new energy vehicles, connected vehicles, and upcoming autonomous vehicles will add a lot of new application/features scenarios to the charging, energy storage, power distribution, voltage conversion equipment, and others.


Automotive manufacturers and consumers are placing greater importance on vehicle safety and reliability. PCBs in automotive applications are designed to meet stringent safety standards and withstand harsh operating conditions such as temperature fluctuation, vibrations, and moisture. These boards are engineered to provide high reliability and long-term performance, ensuring the safe operation of various vehicle systems. These steps and features compulsion is anticipated to spur the market globally.


RESTRAINING FACTORS


Complex Design Structure, Supply Chain Challenges, and Cost Considerations May Hamper the Market Growth


Printed circuit board varies according to the vehicle’s design and application requirements. The increase in features leads to a higher vehicle cost and adds extra expenses in terms of installation, serviceability, and others. The complex structure of these circuit boards reduces the shelf life of vehicles. Thus, these factors are expected to have a significant impact on the growth of the market. The cost is a significant factor in the automotive industry. PCBs with advanced features and technologies may come at a higher cost than traditional PCBs. Cost consideration can limit the adoption of advanced PCB technologies in the vehicle. Thus, it hampers market growth. The manufacturer/OEM depends on a complex global supply chain, with components and materials sourced from various regions. Disorders in the supply chain, such as natural disasters or a pandemic, can lead to shortages, delays, or increased costs. These challenges can affect the production capacity and availability of automotive PCBs, limiting market growth.


Automotive PCB Market Segmentation Analysis


By Vehicle Type Analysis


Growing Adoption of Electric & Hybrid Passenger Vehicles Boost the Market Growth


The market is projected into passenger car and commercial vehicle based on vehicle type. The passenger car segment holds the highest automotive PCB market share globally and is anticipated to dominate during the forecast period. The rising need for safety, comfort features among millennials, and rising need for a safe and comfortable driving experience, the growing demand for electric and autonomous vehicles, etc., are all factors propelling the growth of the global market. The passenger vehicle segment is also witnessing a significant shift towards electric and hybrid vehicles due to environmental concerns and government regulations; this development drive market growth during the forecast period.


By Type Analysis


Advanced Features of Multi-Layer Type Segments Drive Market Growth


Based on the type, the market is segmented into single or double-layer, Multi-layer, HDI, FPC, and others. The multi-layer segment holds the largest share globally. This multi-layer printed circuit board type offers dual transmission and is about 50 layers thick, suitable for various complicated electrical tasks. Moreover, HDI and flexible PCB are light and flexible, which meets the development trend of electronic products toward miniaturization, thinning, and wearability, especially because of their winding and folding characteristics. Due to the increasing application of sensor technology and the gradual penetration of the Internet of Things (IoT) into automobiles, a few EV manufacturers companies started using HDI and flex PCB for powertrain solutions, chassis control systems, and automobile electronic control systems.


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By Application Analysis


Increasing Adoption of ADAS Feature in Vehicles Boost the Market Growth


The market is segmented into ADAS, body & comfort, Infotainment, and others based on application type. The advanced driver assistance system segment holds the largest market share worldwide and is expected to lead throughout the forecast period. ADAS features and vehicle implementation development has risen over the past few years. Moreover, multiple government bodies have mandated the safety features and already have regulations related to the anti-brake system, airbags, tire pressure monitoring, and many others.


Further, the rising disposable income and consumers' inclination toward luxury features propel the ADAS market growth. They will help to boost demand for the printed circuit board in the automotive market. In addition, infotainment systems, body & comfort also contribute significantly to the market's growth. The growing demand for interior features such as dashboard switches, stereo and audio components, digital screens and HUD display systems, onboard radar systems, navigation systems, and onboard diagnostics will grow significantly over the coming years.


REGIONAL ANALYSIS


The market is analyzed across North America, Asia Pacific, Europe, and the Rest of the world.


Asia Pacific Automotive PCB Market Size, 2023 (USD Billion)

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Asia Pacific stood at USD 5.01 billion in 2023 and will likely dominate the market. The increasing preference for personal mobility after COVID-19 will boost the need for automotive sales and printed circuit boards. The growing adoption of vital governmental initiatives and the use of electric and autonomous vehicles will likely encourage market development in the region during the forecast period.


Europe holds the second-largest share as they are an early adopter of the new market trends and the second manufacturing hub for electronic components globally. Moreover, rising demand for electric vehicles in the countries such as Norway, Germany, the U.K., and the Netherlands. The Netherlands is occupying major sales of all types of vehicles coupled with higher adoption of technologically advanced vehicles in the country are the factors responsible for boosting the market in Europe.


List of Key Companies in Automotive PCB Market 


Companies Focus on a Wide Range of Product Offerings to Gain Competitive Edge


Major players in the market include Meiko Electronics, Nippon Mektron, and TTM Technologies. The PCB manufacturers focus on providing technologically advanced Automotive PCBs for various vehicle customers worldwide.


Meiko Electronics is one of the leading PCB manufacturers that provides state-of-the-art products to the automotive industry for applications such as powertrains, safety systems, ADAS, lighting systems, and ITS (navigation). The company has pioneered the design, manufacturing, and sales of printed circuit boards and auxiliary electronics business. The company started offering a wide range of products, including PCBs such as double-sided/multi-layer through-hole, HDI, flexible, flex-rigid, high electric current, heat dissipation, embedded devices, solder stencils, PCB testers, imaging devices, imaging systems to support vehicle manufacturers of the global market.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • June 2023, Meiko Electronics announced that the company will invest $200 million to build a factory in northern Vietnam's mountainous province of Hoa Binh. The company plans to build the factory at the Bo Trai Song Da Industrial Park, covering 9.2 hectares. Meiko has so far invested in three plants in Vietnam, with a total investment of $500 million, employing 7,000 people and contributing $30 million.

  • November 2023, TTM Technologies announced that the company plans to build a new manufacturing establishment in Dewitt, New York. The company, which manufactures technology solutions, will invest USD 130 million into the greenfield high-tech manufacturing facility, developing 400 new jobs for the surrounding area. According to the company, investments will also be made in research and development to “further integrated-circuit substrate and HDI PCB technologies.

  • July 2022, Medico Electronics Co., Ltd. announced that the company acquired the shares (100% equities) of NEC Embedded Products, Ltd. Under the acquisition, the company will provide customers with the best products and services. NECEP is capable of handling orders for a wide variety of electrical and electronic equipment utilizing its embedded product development capabilities and cutting-edge technologies.

  • January 2022, Panasonic Corporation announced it had developed MEGTRON 8 Multi-Layer Circuit Board Materials Featuring Low Transmission Loss, designed for high-speed communication networking equipment such as routers and switches. MEGTRON is an industry-leading multi-layer circuit board material for high-speed and large-capacity transmission in many fields, such as high-speed communication networking equipment such as servers, routers, supercomputers, automobiles, and aerospace.

  • June 2021, Meiko Electronics announced plans to make total investments of USD 453.72 million in the 2021 to 2024 fiscal years, focusing on expanding the capacity for automotive PCB to meet robust demand for ADAS and electrical vehicle applications. Meiko continued it will also build a brand-new automotive PCB manufacturing plant in Vietnam over the next four fiscal years.


REPORT COVERAGE


The report provides a detailed automotive PCB market analysis and focuses on key aspects such as leading market players, competitive landscape, and vehicle type. Besides, the report includes insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market's growth in recent years.


An Infographic Representation of Automotive PCB Market

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REPORT SCOPE & SEGMENTATION



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Estimated Year



2024



Base Year



2023



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 5.9% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation


 



By Vehicle Type



  • Passenger Car

  • Commercial Vehicle



By Type



  • Single or Double layer

  • Multi-layer

  • HDI

  • FPC

  • Others



By Application



  • ADAS

  • Body & comfort

  • Infotainment

  • Others



By Region



  • North America (By Vehicle Type, By Type, By Application)


    • U.S.  (By Vehicle Type)

    • Canada (By Vehicle Type)

    • Mexico (By Vehicle Type)


  • Europe (By Vehicle Type, By Type, By Application)


    • U.K. (By Vehicle Type)

    • Germany (By Vehicle Type)

    • France (By Vehicle Type)

    • Rest of Europe (By Vehicle Type)


  • Asia Pacific (By Vehicle Type, By Type, By Application)


    • Japan (By Vehicle Type)

    • China (By Vehicle Type)

    • India (By Vehicle Type)

    • South Korea (By Vehicle Type)

    • Rest of Asia Pacific (By Vehicle Type)


  • Rest of the World (By Vehicle Type, By Type, By Application)






Frequently Asked Questions

As per a study by Fortune Business Insights, the market size was USD 9.15 billion in 2023.

The market is growing at a CAGR of 5.9% over the forecast period (2024-2032)

The passenger vehicle segment is expected to lead the market due to the adoption of electric passenger vehicles globally.

The market size in Asia Pacific stood at USD 5.01 billion in 2023.

Meiko Electronics, Nippon Mektron, and TTM Technologies are some of the top players in the market.

Asia Pacific held the largest market share in 2023.

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