The global electronic contract manufacturing and design services market size is expected to reach USD 788.7 billion by 2027, registering a CAGR of 8.4% over the forecast period 2020 to 2027.
The electronics industry is highly competitive in nature owing to the increasing complexity of electronic products and rising pressure on OEMs for reducing costs. Moreover, decreased product lifecycles have upped the demand for better contract manufacturing capabilities and related services. To achieve the same, OEMs are seeking support from contract manufacturers, which in turn, is driving the market over the forecast period.
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The growing functionalities, such as component assembly, engineering and design of printed circuit boards, sub-assembly manufacturing, and functional testing offered by contract manufacturers, are subsequently expected to drive the market over the forecast period. Electronic contract manufacturing is a form of engineering and manufacturing outsourcing services that provides a wide range of core manufacturing capabilities. Moreover, outsourcing of ancillary activities helps OEMs to focus on their core competencies, which helps them to improve their operational efficiencies, reduced production costs, and reduced fixed capital investment requirements.
The electronic contract manufacturing and design services model is driven by a contract manufacturer’s ability to specialize in...
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