European Printed Circuit Board Market Expected to Be Worth USD 2020.9 Million by 2025

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ResearchAndMarkets.com has added the “Europe Printed Circuit Board Market - Growth, Trends, and Forecasts (2020 - 2025)" report to its offerings list. The European Printed Circuit Board Market was valued at USD 1913.1 million in 2019, and it is expected to reach USD 2020.9 million by 2025, registering a CAGR of 1.53% during the period (2020 - 2025). The printed circuit board (PCB) industry experienced rapid growth in the last few years, primarily owing to the continuous development of consumer electronics devices and increasing demand for PCBs in all electronics and electrical equipment.

The Internet of Things (IoT) is providing new opportunities to the manufacturers of consumer electronics, wearable devices, such as smartwatches that incorporate chips and flexible sensors. Breakthrough in designing these devices and manufacturing technology may have a great impact on the PCB market. The number of systems connected over the internet expanded in the region over the past decade.

Europe is responsible for nearly 40% of the global IoT market, accounting for about 20 billion connections by 2020, of about 6 billion in Europe. Europe is expected to account for more than a third of global Industrial IoT investments by 2020, the market in the region is expected to grow at an impressive average annual rate of more than 22%, reaching a value of EUR 287 billion in 2020, and Industrial IoT is Europe's largest IoT market (CBI, Ministry of Foreign Affairs).

The current experience of multiple industries during the region's lockdown, owing to the coronavirus pandemic, showed manufacturers the importance of the need to run operations remotely, irrespective of the staff location, and for uninterrupted communications with customers and suppliers. This understanding is expected to drive the demand for PCBs after the lockdown ends.

Key Market Trends

Automotive Segment is Expected to Hold Significant Market Share

The market demand for PCBs in the European Automotive industry is mainly being driven by the adoption of several technologies, like ADAS systems. Over the last decade, the E.U. institutions have played an active role in promoting ADAS policy and research.

Moreover, according to the European Free Trade Association (EFTA), registrations of electric cars in Europe jumped 57.4% in the first quarter of 2020. As the electric vehicles primarily constitute motor controller circuitry built on PCBs, it is further expected to drive their demand in the foreseen period.

Further, several market incumbents are forming strategic partnerships to incorporate UWB technologies, thus positively impacting the demand growth of PCBs in the sector. For instance, in August 2019, NXP Semiconductors N.V. and Volkswagen collaborated to implement Ultra-Wideband (UWB) technology and further study its future applications. In a Volkswagen concept car, the companies showed the capabilities of Ultra-Wideband for advancing security, safety, and convenience in vehicles.

Healthcare Segment to Witness Significant Growth

With the healthcare sector witnessing advanced inventions, like wearables, board cameras, and blood pressure monitors, the PCBs used in their circuitry, help by subsequently giving an accurate data for diagnosis, health stats of patients, and keeping up with health progress or emerging health issues.

Competitive Landscape

The Europe Printed Circuit Board Market is highly competitive owing to the presence of multiple players in the market. The market appears to be moderately concentrated with the major players adopting strategies such as product innovation, mergers, and acquisitions in order to increase the performance of their product and stay competitive in the market. Some of the major players in the market are Jabil Inc., Aspocomp Group PLC, Benchmark Electronics Inc., among others.