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Automotive PCB Market Size, Share & COVID-19 Impact Analysis, By Type (Single or Double Layer, Multi-Layer, High-density Interconnect (HDI), Flexible (FPCB), and Integrated Circuits), By Application (ADAS, Body & Comfort, Infotainment and Others), By Vehicle Type (Passenger Cars, and Commercial Vehicles) and Regional Forecasts, 2021-2028

Region : Global | Format: PDF | Report ID: FBI105577

 

KEY MARKET INSIGHTS

The global automotive PCB market size was USD 5.90 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with automotive printed circuit boards witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant decline of -9% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 6.07 billion in 2021 to USD 9.96 billion in 2028, growing at a CAGR of 7.31% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The printed circuit board in automotive is a complex circuit system that is majorly used in cars/trucks to control most of the electronic operations. Moreover, it is used in automotive consist of printed pathways that connect multiple components, including ICs, transistors, resistors, and others. 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 in many other advanced features, the automotive original equipment manufacturers and electronic component manufacturers companies are increasing their use in vehicles. In the past decade, these circuit boards use was only seen for basic headlights, wipers, and many other applications, but currently, it’s been seen in every feature, application, and part of the vehicles, including powertrain components to enable driving experience to be safer and easier.


Moreover, the leading automotive manufacturing companies are using flexi-rigid, HDI type of printed circuit board for various applications owing to their ability to withstand extreme temperature and vibrations. Furthermore, the companies operating in the automotive printed circuit board industry are also taking an active step by offering new products, developments and adopting new strategies to grow their business in an untapped market.


Declining New Vehicles Production amid COVID-19 to Hamper Market Growth


The lockdown and economic crisis-induced due to the COVID-19 pandemic has severely impacted many electronic component provider companies. Many suppliers have experienced significant resource bottlenecks in the global supply and logistics chains in the year that had a perceptibly negative effect on their businesses.


Moreover, electronic supply to the industry was already facing a severe challenge due to the China & the U.S. trade and tariff war. As most of the global key players are dependent on the Chinese players for the raw material of the electronic system/components, more than 70% of the companies have faced the delay in their shipments.


Disrupted supply chains have significantly affected the automotive PCB orders in Asia Pacific and Europe. The market is expected to recover in the second half of 2021 owing to government affairs of some regions like North America and Europe returning to normal. In addition, the fastest recovery rates in some regions and rising alternate vehicles sales are expected to boost the demand for the market in the near period.


LATEST TRENDS


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Rising Adoption of Electric Vehicles and Use Of Flex Rigid PCB are Prominent Trends


Automotive manufacturers around the globe are started to adopt customer-centric needs and changing regional patterns in accordance with the choices of customers. Electric vehicles have seen rising demand in major countries due to the stringent government norms related to Co2 emission and standards for the emission. The rising demand for the electronic system, IoT in vehicles will create a demand for the market.


Furthermore, as per the research, the companies are increasing automotive electronic content per vehicle significantly.  As per estimates from the study, that in the year 2000, electronic content per vehicle was 22%, and in 2020 is 35%, and the same is expected to be 50% in 2030. In addition, with the development in the auto industry and change in application scenario in future, printed circuit board manufacturers and suppliers expecting that the flexible board will benefit or best suited for operation as they are more precise and benefit from 5G era, smartphone upgrades, the rise of the internet of things, and the increase in automotive electronics complexity.


DRIVING 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 be the driving factor for the global automotive printed circuit board market growth. As a backbone of electronic components in the vehicle, PCB manufacturers are also adapting to the new changing environment and investing heavily to match the frequency that will support the advanced features & comfort features that shall 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, and voltage conversion equipment, and others.


Furthermore, the current demand for the safety features such as collision avoidance systems, pedestrian protection systems, lane departure warnings, and telematics solutions have seen prominent growth and will drive the demand for PCB associated with these applications in the future. Governments of different regions are actively involved in the safety concern of the vehicles that eventually will lead to creating demand for such these circuit boards associated with it. For instance, the Indian government has mandated the use of advanced brake systems in all new models of commercial vehicles as per the Motor Vehicle Act, 2015. In addition, the European and North American governments have implemented safety regulations related to the installation of the power window, airbags, and anti-lock braking systems (ABS) in every vehicle. Thus, these steps and features compulsion is anticipated to spur the market globally.


RESTRAINING FACTORS


Complex Design Structure and Operation Failures May Restrain Market Growth


Printed circuit board varies according to the vehicle’s design and application requirements. The increase in features leads to a higher cost of the vehicle and also adds extra expenses in terms of installation, serviceability, and others. Moreover, some PCB do not operate efficiently with the fluctuating temperature conditions, and their operations fail in some cases in challenging temperatures and with external interferences. 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.


SEGMENTATION


By Type Analysis


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Multi-layer Segment Dominates the Market


Based on type, this market is segmented into a single or double layer, multi-layer, high density interconnects (HDI), FPCB, and others.


The multi-layer segment holds the largest share globally, and the HDI segment is expected to lead the market during the forecast period. This multi-layer printed circuit board type offers dual transmission and is about 50 layers thick, which is suitable for a broad range of 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.


The other segment, which includes LED, rigid-flex, high-frequency, and aluminum backed printed circuit board is comparatively growing significantly. The demands for safety, convenience, and connectivity require circuit board design to keep pace and will demand the market in the future.


By Application Analysis


ADAS Segment Dominates the Market Backed by Rising Disposable Incomes


Based on applications, the market is segmented into ADAS, body & comfort, infotainment, and others.


The advanced driver assistance system segment holds the largest share globally, and the same is expected to lead throughout the forecast period. Currently, development in ADAS features and implementation in vehicles has drastically risen over the 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 consumer’s inclination towards luxury features are propelling the growth of the market of ADAS and will help to boost demand for the printed circuit board in automotive market. In addition, infotainment systems, body & comfort also contribute significantly towards the growth of the market. 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.


By Vehicle Type Analysis


Passenger Car Segment is Expected to Hold the Largest Market Share


The vehicle type criterion is bifurcated into passenger cars and commercial vehicles.


The passenger car segment holds the largest share in the market globally and is expected to dominate during the forecast period. The rising need for safety & comfort features among millennials and rising need for safe and comfortable driving experience, growing demand for electric and autonomous vehicles, etc., are all factors propelling the growth of the market around the globe. In addition, shifting consumer preferences from sedans to SUVs has propelled the demand for passenger cars & their luxury features worldwide.


The light commercial vehicle segment is estimated to be the fastest-growing market owing to the rise in demand for comfort & convenience features in the vehicles.


REGIONAL INSIGHTS


Asia Pacific Automotive PCB Market Size, 2020 (USD Billion)

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Asia Pacific stood at USD 2.49 billion in 2020 and is likely to dominate the market. The increasing preference for personal mobility after Covid-19 will boost the automotive sales and printed circuit boards need. The growing adoption of vital governmental initiatives, use of electric vehicles, and autonomous vehicles is likely to promote the development of the market in the region during the forecast period.


Moreover, the shift in the manufacturing base of major electronic and communication manufacturers to low-cost countries such as China, Taiwan, and South Korea is expected to support the demand for PCBs in the APAC in the future. In addition, rising development & innovation and easy availability of devices and services through region-based suppliers such as Nippon Mektron, ZD Tech, Tripod Technologies, Unimicron, and Sumitomo will help to lead APAC in future years.


Europe holds the second-largest position in the market as they are early adopters of the new automotive PCB market trends and second manufacturing hub for an electronic component across the globe. Moreover, rising demand for electric vehicles in the countries such as Norway, Germany, the U.K., and the Netherlands and also occupying major sales of all typed vehicles coupled with a higher adoption rate of technologically advanced vehicles in the country are the factors responsible for boosting the market in Europe.


North America holds a significant share in the market. The U.S. contributes more than 60% shares in the North American market. Furthermore, the government is actively looking into the development relating to automotive components, and this will promote manufacturing and contribute to the growth of the global automotive (PCB) market. In addition, the contribution of the rest of the world region is very less as compared to the other regions; this is due to low adoption of technology, and less presence of all typed vehicles. However, it is expected to grow in the future.


KEY INDUSTRY PLAYERS


Business Expansion from Meiko Electronics to Brighten its Market Prospects


Meiko Electronics is the world’s leading PCB manufacturer that provides state-of-the-art products to the automotive industry for applications such as powertrain, safety system, ADAS, lighting system, and ITS (navigation). The company has pioneered in the design, manufacturing, and sales of printed circuit boards and auxiliary electronics business. The company started offering their 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 system to support vehicle manufacturers of the global market.


The company was planning to build a new automotive PCB plant at Japan's Yamagata prefecture in the year 2022, with the focus placed on expanding capacity to meet robust demand for ADAS and electrical vehicle applications.


LIST OF KEY COMPANIES PROFILED:



  • CMK Corp. (Japan)

  • Chin Poon Industrial (Taiwan)

  • Meiko Electronics (Japan)

  • Nippon Mektron (Japan)

  • TTM Technologies (U.S.)

  • KCE Electronics (Thailand)

  • Tripod Technology (Taiwan)

  • Unimicron Technology (Taiwan)

  • Kingboard Chem GRP (China)

  • Amitron Corp (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • February 2021– Samsung Electro-Mechanics company has changed its expansion strategy through MLCC online promotion via a European electronic components medium. Starting with this promotion, Samsung Electro-Mechanics plans to strengthen its global marketing capabilities, and initially, this is being carried out in Germany, Spain, and Hungary through local online electronic components websites. In July 2020, the company developed five types of Multi-Layer Ceramic Capacitor (MLCCs) for automotive powertrains and ABS.

  • February 2020 – To include electronic parts and components, the leading electronic component manufacturing company named Lumax Industries Limited announced the extension of its existing joint venture business with Stanley Electric Co. Ltd. Further, this extension company is starting with the production of printed circuit board for the automotive lighting application and further will extend its product line to Heating Ventilation Air Conditioning (HVAC) panel in the near future.

  • April 2019 – Taiwan-based Tripod Technology has signed a contract of $64.8 million for the construction of additional production lines at its manufacturing site in Xiantao, China. With this expansion project, the company will focus on expanding capacity for multilayer boards to increase the added-value of its printed circuit board products, along with its deployments in the high-margin automotive boards.


REPORT COVERAGE


An Infographic Representation of Automotive PCB Market

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The global automotive PCB market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth over recent years.


Report Scope & Market Segmentation











































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



By Type



  • Single or Double layer

  • Multi Layer

  • High Density Interconnect (HDI)

  • Flexible PCB (FPCB)

  • Others  



By Vehicle Type



  • Passenger Cars

  • Commercial Vehicles



By Application



  • ADAS

  • Body & comfort

  • Infotainment

  • Others



By Geography



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

    • U.S. (By Vehicle Type)

    • Canada (By Vehicle Type)

    • Mexico (By Vehicle Type)



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

    • China (By Vehicle Type)

    • Japan (By Vehicle Type)

    • India (Vehicle Type)

    • Rest Of Asia Pacific (By Vehicle Type)



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



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 5.90 billion in 2020 and is projected to reach USD 9.96 billion by 2028.

In 2020, Asia Pacific stood at USD 2.49 billion.

The market is projected to grow at a CAGR of 7.31% and will exhibit steady growth during the forecast period (2021-2028).

The multi-layer type segment is the leading segment in this market.

The increasing demand for advanced safety, comfort, and convenient features and the rising adoption of advanced driver features in each vehicle are expected to drive market growth.

CMK Corp. is the leading player in the global market.

Asia Pacific dominated the market in terms of share in 2020.

The increasing adoption of electric mobility and favorable government initiatives to use lightweight materials are expected to drive the adoption.

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