Westford, USA, Sep 06, 2022 (GLOBE NEWSWIRE) — In a world where electronics are becoming increasingly ubiquitous, the demand for electronics manufacturing services market continues to grow. This is likely due to the growing popularity of products such as smartphones, smart TVs, laptops, ovens, refrigerators, air conditioners and tablets, as well as the growing demand for faster and more efficient production processes. effective. As a result, there is a growing need for companies that can efficiently produce these types of devices.
One of the main advantages of using an electronics manufacturing service provider is their ability to adapt quickly and efficiently to changes in demand. This means they can quickly scale production capacities up or down as needed, which can be essential in a rapidly changing market like electronics. Additionally, many vendors in the global electronics manufacturing services market have extensive experience in producing various types of electronic devices, which can give them an edge when it comes to creating specific designs. . As a result, several companies have outsourced their electronics manufacturing to third-party vendors.
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The growing demand for electronics manufacturing services has led several companies to offer these services at lower prices than traditional vendors. This growing trend may prompt more companies to outsource their electronics production in the near future. To compete in the e-commerce services market, SkyQuest has identified various factors that affect business operations and compel them to opt for e-commerce services:
- Reduction of costs associated with outsourcing
- Supplier’s ability to meet customer specifications
- Supplier’s experience in the production of electronic products
- Availability of qualified personnel
- National or international supply
SkyQuest has published a report on the global electronics manufacturing services market. The report provides detailed market analysis on key companies, market share, market dynamics, competitive landscape, trends, opportunities, current growth momentum, changing consumer preferences, analysis pricing, government regulation, supply chain analysis, and import-export data, among others. .
India is becoming the hub for electronics manufacturing services
The growth of the Indian electronics manufacturing services market is driven by strong market prospects, strong government support, and a growing pool of skilled workers. Indian companies are now focusing on e-commerce and other non-traditional markets as they strive to expand their product portfolios and global reach. This change helps reduce costs and create a more efficient supply chain for products that increasingly rely on electronic components.
It has been found in the SkyQuest study on the electronics manufacturing services market that more than 60% of Indians are likely to be in the consumer class by 2029. Additionally, India, along with China and other countries in the Asia-Pacific region, would account for 50% of global private consumption growth between 2022 and 2029, which is about 20% from 2021. India’s electronics production in the fiscal year 22 is estimated at $86 billion, including domestically produced electronics worth $12 billion and imports worth $18 billion. The research predicts that India’s market for electronics manufacturing services for electric vehicles is expected to grow from $7.5 billion in 2022 to $95 billion by 2026, growing by 86.8%. The TV EMS business is expected to reach $238 billion by 2026, from $79 billion at a CAGR of 30.9%.
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Wearable/audible EMS business in India is estimated to grow from $2.6 billion in FY22 to $26 billion by 2026. Additionally, the telecommunications and networking products category is expected to increase from 73 billion dollars in 2021 to 141 billion dollars with a growth rate of 17.8%.
For years, Chinese companies have dominated the global electronics manufacturing services market, but that’s starting to change. The country’s impressive growth rate, rising incomes and increasing consumption of electronic products have made India a formidable competitor. Indeed, in 2021, India had exports worth $336 billion, making it the fifth largest exporter in the world after China, the United States, Germany and Japan. While Chinese companies still hold a significant lead in terms of manufacturing capacity and added value, India’s rise represents a major transformation in the global electronics landscape.
As India continues to grow as a leading player in the global electronics manufacturing services market, its industry must continue to tap into innovative technological solutions to stay ahead. Rising wages and improving infrastructure should help this process, while strong government support will be essential to boost the growth rate.
Hidden away in a corner of India, a startup is emerging as the hub for electronics manufacturing services. The startup, called CMMI (Consortium of Manufacturers and Institutions), based in Coimbatore, is successfully providing these services to many small and medium-sized enterprises (SMEs) across the country. According to a SkyQuest report, SMEs account for the lion’s share of India’s $3.3 trillion economy. And while it is still too early to tell how much of this growth will be driven by digital services, it is clear that electronics manufacturing will play a major role in this sector in the electronics manufacturing services market. Moreover, the global economy is heating up for Indian entrepreneurs and their businesses. The Rise of Indian Entrepreneurs: Global Attractiveness Rankings 2021”, India has now risen from eighth position to third position in the 2021 edition of the EY Global Entrepreneurship Index. This is largely due to an increased acceptance of risk taking and an increased appetite for innovation. As a result, Indian entrepreneurs are now better positioned.
SkyQuest’s Global Electronic Manufacturing Services Market report aims to provide deeper insights into the global EMS market, which majorly focuses on country-level analysis, current and future market dynamics, government policies, overall manufacturing environment for each country, import and export data for most of the market leading countries. In addition to this, the report provides a detailed analysis of the EMS by sectors.
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Key Players of the Global Electronic Manufacturing Services Market
- Sanmina Corporation (USA)
- Hon Hai Precision Industry Co. Ltd (Taiwan)
- Benchmark Electronics Inc. (USA)
- Flex Ltd (Singapore)
- Jabil Inc. (USA)
- Celestica Inc. (Canada)
- Wistron Corporation (Taiwan)
- Plexus Corporation (USA)
- Fabrinet (Thailand)
- COMPAL Inc. (Taiwan)
Related Reports in the SkyQuest Library:
Global touchscreen market
Global airport robot market
Global game console market
Global Humanoid Robots Market
Global Electromechanical Switches Market
SkyQuest Technology is a leading growth consulting firm providing market intelligence, marketing and technology services. It has more than 450 satisfied customers worldwide.
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