The Europe Printed Circuit Board Market was valued at USD 1913.1 million, and it is expected to reach USD 2020.9 million , registering a CAGR of 1.53% during the period. 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.
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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.
– Through applications, like Polar Grit X, which help doctors keep a tab on their patient’s health, the major component of these devices is PCBs. Therefore, PCBs are significantly contributing to the European healthcare industry, making the creation of these medical devices highly possible.
Europe Printed Circuit Board Market Size Inclinations and Development Status Highlighted During Forecast Period 2022-2031
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