Electronic Contract Manufacturing & Design Services Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
“Electronic Contract Manufacturing & Design Services Market Worth $658.0 Billion By 2025�
The global electronic contract manufacturing and design services market size is expected to reach USD 658.0 billion by 2025, according to a new study by Grand View Research, Inc., registering a CAGR of 7.9% over the forecast period. The electronics industry is highly competitive in nature owing to increasing complexity of electronic products and rising pressure on OEMs for reducing costs. Moreover, decreased product lifecycles have upped demand for better manufacturing capabilities and related services. To achieve the same, OEMs are seeking support from contract manufacturers, in turn, driving the market over the forecast period. OEMs subcontract with electronics manufacturing service (EMS) companies and benefit from their expertise in design, manufacturing, and supply chain management. Furthermore, reduced initial investments and increased operational efficiencies allow OEMs to focus on their core competencies. This has led to surging demand for electronic contract manufacturing and design services by OEMs. Moreover, establishment of in-house manufacturing units is a key challenge faced by majority of OEMs. Thus outsourcing is a preferred option to keep pace with increasing competition. The market is projected to witness significant growth due to rising demand from end-use industries, including healthcare, aerospace and defense, IT and Telecom, and automotive. The healthcare industry is expected to witness substantial growth owing to increasing demand for medical devices. Surging need for optimizing resources and technological developments in manufacturing facilities have led to increased adoption of EMS among end-use industries. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/the-global-electronic-contractmanufacturing-services-market
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