A PCB (printed circuit board) is a board base for physically supporting and wiring the components in most electronic applications. PCBs consist of printed pathways which connect different components on the PCB, such as transistors, resistors, and integrated circuits. PCB is used in several automotive applications including power relays, ECU control modules, antilock brake systems, digital displays, transmission sensors, on board radar, and stereo & audio components.
Rising demand for more accessories and features in cars that can be powered by increasingly sophisticated electronic systems, by consumers, is expected to drive the automotive PCB market during the forecast period. Increasing production of both passenger as well as commercial vehicles is further expected to propel the automotive PCB market during the forecast period. Increasing penetration of radar systems such as millimeter wave radar in various ADAS (advanced driver assistance systems) is anticipated to boost the automotive PCB market during the forecast period.
The growing consumer preference towards bring your own device (BYOD) is expected to hamper the growth of the automotive PCB market during the forecast period. The operation failures in PCBs is anticipated to further decline the growth of the automotive PCB market in the next few years.
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Based on number of layers, the automotive PCB market can be classified into single-layer PCBs, double-layer PCBs, and multi-layer PCBs. The single-layer PCB segment is estimated to expand at a rapid pace during the forecast period owing to its cost-effectiveness and ease of manufacturing. Increasing usage of single-layer PCBs in electronic systems that are utilized in lighting systems, wiper systems, and electronic throttle module is projected to drive the automotive PCB market in the next few years.
Based on application, the automotive PCB market can be segmented into ADAS & safety systems, body, comfort & lighting, infotainment components, and powertrain components. The ADAS & safety systems segment is anticipated to witness considerable growth in the automotive PCB market during the forecast period owing to the rising public preference for vehicles equipped with ADAS and other safety systems for security purposes.
Based on vehicle type, the automotive PCB market can be segregated into passenger vehicles and commercial vehicles. Luxury vehicles (passenger Vehicle) segment is estimated to hold the largest market size during the forecast period, as these vehicles are equipped with advanced vehicle electronics functions for comfort and convenience. The vehicle manufacturing companies are trying to introduce advanced functions, such as voice recognition, gesture control, and fatigue monitoring, to stand out among the competition. The increasing number of such applications is fueling the growth of automotive PCB market for luxury light vehicle segment.
Based on fuel type, the automotive PCB market can be classified into ICE (internal combustion engine), electric, and hybrid. The ICE segment is expected to expand at a considerable growth rate at the beginning of the forecast period due to the increasing production of ICE-operated vehicles across the world. However, the electric vehicles segment is likely to expand at a high growth rate towards the end of the forecast period owing to the increasing demand for electric vehicles, which is estimated to be witnessed primarily toward the end of the forecast period.
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Based on level of automation, the automotive PCB market can be segmented into autonomous vehicles, semi-autonomous vehicles, and conventional vehicles. The semi-autonomous vehicles segment is expected to expand at a considerable growth rate during the initial few years of the forecast period owing to the growing public preference for ADAS equipped semi-autonomous vehicles at the beginning of the forecast period for safety and security purposes. Increasing efforts being undertaken by OEMs as well as governments of various nations across the world to develop and implement the concept of fully autonomous vehicles on the road is likely to propel the automotive PCB market toward the end of the forecast period.
Based on end-user, the automotive PCB market can be segregated into economic vehicles, mid-priced vehicles, and luxury vehicles. Luxury vehicles are primarily equipped with ADAS (advanced driver assistance systems). ADAS require PCBs for their operation. Demand for ADAS equipped luxury vehicles has been increasing in the last few years, which in turn is projected to propel the automotive PCB market during the forecast period.
Based on sales channel, the automotive PCB market is divided into OEM (original equipment manufacturer) and aftermarket. The aftermarket segment is anticipated to grow at the fastest rate owing to the operational failures associated with PCBs after their prolonged use.
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Based on geographical region, the automotive PCB market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The automotive PCB market in Asia Pacific is expected to expand at a significant growth rate during the forecast period, on account of the increasing production of both passenger and commercial vehicles in Asia Pacific and the strong presence of key vehicle manufacturers in some countries of Asia Pacific such as China, Japan, and South Korea.
Key players operating in the global automotive PCB market include CMK CORPORATION, CHIN-POON INDUSTRIAL CO., LTD., MEIKO ELECTRONICS CO., LTD., NIPPON MEKTRON, LTD., KCE ELECTRONICS PUBLIC COMPANY LIMITED, TTM Technologies, Unimicron Germany, and Daeduck Electronics Co., Ltd.
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