Automotive PCB Market Size, Share & Industry 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

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, HUDs, ADAS, system control modules (engine management systems and fuel regulators), antilock brake systems, and many other advanced features. Automotive OEMs and electronic component manufacturers companies are increasingly using PCBs in vehicles.

The PCB circuit boards were only used for wipers, basic headlights, and other applications in the past decade. However, they are now integrated into every feature 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 as they can withstand extreme temperatures and vibrations.   

The COVID-19 pandemic, due to which lockdowns restrictions were enforced globally, severely affected the automotive industry. The lockdowns and economic crisis induced due to the COVID-19 pandemic severely impacted many electronic component provider companies. Many suppliers experienced significant resource bottlenecks in global supply and logistics chains, which negatively affected their businesses. Many PCB manufacturers faced challenges such as factory shutdowns, reduced production capacities, and logistics issues, resulting in delays PCBs supply and adversely 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 rise of EVs is significantly transforming the automotive industry. For instance, in January 2024, BYD introduced its Advanced Driver Assistance Systems (ADAS) and other smart car technologies. It unveiled its "Xuanji" smart-car architecture, DLink intelligent cockpit, and two-way satellite communications. BYD recently disclosed that it won regulatory approval in July to test Level 3 ADAS on China's highways.

Connected and electric vehicles require advanced electronic systems to support 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 in the automotive industry is driven by increasing integration of 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 further drives the demand for automotive PCBs.

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Automotive PCB Market Growth Factors

Rising Implementation of High-Tech Features Along with Focus on Comfort Boosts Market Progression

The growing inclination toward advanced technology-based vehicles, including lightweight options, is projected to drive the global automotive PCB market growth. As a backbone of electronic components in vehicles, PCB manufacturers are adapting to changing demands by investing heavily in technologies that support advanced features and comfort functions for future vehicles. Moreover, new energy vehicles, connected vehicles, and upcoming autonomous vehicles will add a lot of new applications/features in energy storage, charging, voltage conversion equipment, power distribution, 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, moisture, and vibrations. 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 are anticipated to spur market growth globally.

RESTRAINING FACTORS

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

Printed circuit boards vary according to the vehicle’s design and application requirements. The increase in features leads to a higher vehicle cost and adds extra expenses for installation, serviceability, and other services. 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. Cost is a significant factor in the automotive industry and PCBs with advanced features and technologies may come at a higher cost than traditional PCBs. This cost consideration can limit the adoption of advanced PCB technologies in the vehicle, thereby hampering market growth. Manufacturers/OEMs depend on a complex global supply chain, with components and materials sourced from various regions. Disruptions 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, thus limiting market growth.

Automotive PCB Market Segmentation Analysis

By Vehicle Type Analysis

Passenger Car Segment to Lead with Increased Adoption of Electric and Hybrid Passenger Vehicles

Based on vehicle type, the market is projected into passenger car and commercial vehicle. 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 a comfortable driving experience, the growing demand for electric and autonomous vehicles are factors propelling the growth of the market.

The commercial vehicle segment is witnessing a significant shift toward electric and hybrid vehicles due to environmental concerns and government regulations. This development is anticipated to drive market growth during the forecast period.

By Type Analysis

Multi-Layer PCBs Dominate as Their Advanced Features Assist in Complicated Electrical Tasks

Based on type, the market is segmented into single or double layer, multi-layer, HDI, FPC, and others. The multi-layer segment holds the largest market share globally. Multi-layer printed circuit board type offers dual transmission and can have up to 50 layers of thickness, making it suitable for various complicated electrical tasks.

HDI and flexible PCB are light and flexible, aligning with the trend of electronic products toward miniaturization, thinning, and wearability, especially due to 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, few EV manufacturers have started using HDI and flex PCB for powertrain solutions, chassis control systems, and automobile electronic control systems.

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By Application Analysis

Government Mandates for Vehicle Safety Increases Implementation of ADAS Systems 

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

Rising disposable income and consumers' inclination toward luxury features are propelling ADAS market growth, which, in turn, boosts demand for printed circuit boards in the automotive market. In addition, infotainment systems, body and comfort applications, also contribute significantly to market 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 INSIGHTS

Based on geography, the market is analyzed across North America, Asia Pacific, Europe, and the rest of the world.

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Asia Pacific stood at USD 4.44 billion in 2023 and will likely dominate the market. The increasing preference for personal mobility after the COVID-19 pandemic has boosted the need for automotive sales and printed circuit boards. Additionally, the growing adoption of vital governmental initiatives and the increased use of electric and autonomous vehicles are likely to encourage market development in the region during the forecast period.

Europe holds the second-largest share as it is an early adopter of new market trends and the second-largest manufacturing hub for electronic components globally. Moreover, the region has observed a rising demand for electric vehicles in Norway, Germany, the U.K., and the Netherlands. The Netherlands, in particular, has witnessed major sales of all types of vehicles, coupled with a high adoption rate of technologically advanced vehicles, making it a key factor in boosting the market in Europe.

Key Industry Players

Leading Players Offer Varied Product Portfolio 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. The growth is attributed to the increasing adoption of electric vehicles

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 imaging devices, embedded devices, flex-rigid, double-sided/multi-layer high electric current, through-hole, heat dissipation, HDI, flexible, solder stencils, PCB testers, imaging systems to support vehicle manufacturers of the global market. This development drives the market growth for the automotive PCB market.

List of Top Automotive PCB Companies:

•  Chin Poon Industrial (Taiwan)


•  Meiko Electronics (Japan)


•  TTM Technologies (U.S.)


•  KCE Electronics (Thailand)


•  Tripod Technology (Taiwan)


•  Unimicron Technology (Taiwan)


•  Amitron Corp (U.S.)


• MEKTEC CORPORATION (Japan)


• CMK Corp. (Japan)


• RAYMING Technology (China)

KEY INDUSTRY DEVELOPMENTS:

• June 2023: Meiko Electronics announced that the company would invest USD 200 million to build a factory in northern Vietnam's mountainous province of Hoa Binh, the Bo Trai Song Da Industrial Park, covering 9.2 hectares. Meiko invested in three plants in Vietnam, with a total investment of USD 500 million, employing 7,000 people and contributing USD 30 million to the local economy.


• November 2023: TTM Technologies announced plans to build a manufacturing establishment in Dewitt, New York. The company, which manufactures technology solutions, would 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 enhance integrated-circuit substrate and HDI PCB technologies.


• July 2022: Medico Electronics Co., Ltd. announced its acquisition of 100% of the shares of NEC Embedded Products, Ltd, to offer better services and products. NECEP utilizes its embedded product development capabilities and advanced technologies and has the capacity to handle significant orders for a wide variety of electronic and electrical equipment.


• January 2022: Panasonic Corporation announced the development of 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 for total investments of USD 453.72 million for the 2021 to 2024 fiscal years, focusing on expanding capacity for automotive PCBs to meet robust demand for ADAS and electrical vehicle applications. Meiko also planned to build a brand-new automotive PCB manufacturing plant in Vietnam over the next four fiscal years.

REPORT COVERAGE

The report provides a detailed 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 growth of the market in recent years.

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