Global electronics manufacturing services market was valued at USD 476.5 billion in 2021, and it is expected to reach a value of USD 740.4 billion by 2028, at a CAGR of more than 6.50% over the forecast period (2022–2028).
Westford, USA, Sept. 06, 2022 (GLOBE NEWSWIRE) — In a world where electronics are becoming more and more pervasive, the demand for electronics manufacturing services market is continuing to grow. This is likely due to the ever-growing popularity of products such as smartphones, smart TVs, laptops, ovens, refrigerators, ACs, and tablets, as well as the increasing demand for faster and more efficient production processes. As a result, there is an increasing need for companies who can efficiently produce these types of devices.
One of the biggest benefits of using an electronics manufacturing services provider is their ability to quickly and efficiently adapt to changes in demand. This means that they can quickly ramp up or down production capabilities as needed, which can be essential in a rapidly-changing market like electronics. In addition, many providers in the global electronics manufacturing services market have extensive experience in producing various types of electronic devices, which can give them an advantage when it comes to creating specific designs. As a result, several companies have outsourced their electronics manufacturing to third-party suppliers.
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The increasing demand for electronics manufacturing services has led to several companies offering these services at lower prices than the traditional suppliers. This growing trend may prompt more companies to outsource their electronics production in the near future. To compete in the electronics manufacturing services market, SkyQuest has identified various factors that affect business operations and compel them to opt for electronic business services:
Lower costs associated with outsourcing
Ability of supplier to meet customer’s specifications
Supplier’s experience in producing electronic products
Availability of qualified personnel
Domestic or international sourcing
SkyQuest has published a report on global electronics manufacturing services market. The report provides a detailed market analysis about key companies, market share, market dynamics, competitive landscape, trends, opportunities, current growth momentum, shifting consumers preference, pricing analysis, government regulation, supply chain analysis, and import-export data, among others.
India is becoming Hub for Electronic Manufacturing Services
The growth of the Indian electronics manufacturing services market is driven by strong prospects for the market, strong government support and an expanding 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 shift is helping to drive down costs and create a more efficient supply chain for products that increasingly rely on electronic components.
It has been found in SkyQuest study on electronics manufacturing services market that over 60% Indian are likely to be a part of the consuming class by 2029. Also, India, along with China and other nations in the Asia Pacific region, would account for 50% of the world’s growth in private consumption between