Reading time ( words)
The global printed circuit board market is forecast to grow at a CAGR of 6.14% during the period 2017-2021.
The latest trend gaining momentum in the market is the growing adoption of IoT devices. Globally, there has been rapid development in deploying smart devices that can adjust according to the changing dynamics of next-generation consoles, laptops, televisions, and mobile devices to be introduced into the market. This will result in having additional electrical and communication components in devices, thus increasing the number of printed circuit boards. Printed circuit boards are platforms on which ICs and connections to other electronic devices are installed and served as the brains of electrical devices. The high growth of IoT devices will accelerate the demand for printed circuit boards from OEMs of smart devices.
According to a report, one of the major drivers for this market is the high adoption of printed circuit boards in connected vehicles. The connected vehicles are defined as the vehicles that are equipped with wireless and wired technologies and can connect with mobile computing devices such as smartphones. Users can unlock their car, check the status of batteries on electric cars, track the location of the car, or remotely start the climate control system with the help of a smartphone. The increasing focus on customer safety and the tightening of vehicle safety regulations resulting from an increase in the number of accidents are leading to the growth of connected cars.
Further, the report states that one of the major factors hindering the growth of this market is the fluctuations in raw material prices.