EMS Market to hit $650bn by 2024

Electronic Manufacturing Services (EMS) Market is expected to reach USD 650 billion by 2024; according to a new research report by Global Market Insights, Inc. The rapid rise in the demand for consumer and smart electronic devices across the globe is driving the electronic manufacturing services market growth.

 

Increasing demand for devices, such as smartphones and tablets, accounts for the development of new collaborations and partnerships between service providers and OEMs. As a result, electronic manufacturing services market players deploy efficient manufacturing machines and service delivery facilities that further fuel the industry development. The demand for efficient & safe smart devices from manufacturers allows service providers to improvise their technical capabilities. Additionally, increasing investments in outsourcing activities by OEMs for availing the logistics, manufacturing, and testing services add up to the consumption of the products.

The demand for green and energy-efficient devices & components that creates a need for these services further contributes to the electronic manufacturing services market growth. To cater to these demands, OEMs are developing strategic partnerships with the service providers that aids them in controlling manufacturing costs. The service providers offer product design, development, and manufacturing operations according to the demand from OEMs. Due to these facilities, OEMs achieve appropriate product supplies and save major development costs. This trend allows the EMS market players to develop green manufacturing facilities and energy-efficient products that support the global sustainable goals.

 

Electronic manufacturing services market (EMS) market will be driven by the electronic manufacturing, which is expected to exceed 55% of the revenue share due to the continuous demand for electronic components in various industry verticals such as automotive, consumer electronics, and others. The products include manufacturing of printed circuit boards, microelectronics, optoelectronics, and radio frequency & wireless devices for the electronics, medical, and telecommunication applications. The growing concerns regarding the production of technically and legally compliant products by the OEMs enforce them to utilize these products on a larger scale. This is attributed to the efficiency, high-quality, and application-specific products offered by the service providers. Moreover, these providers also offer services based on the low to high quantity of product demand from OEMs.