The global printed circuit board (PCB) market for electric vehicles (EVs) is experiencing significant growth, driven by the increasing adoption of EVs worldwide. In 2024, the industry was valued at US$ 1.7 Bn, and it is projected to grow at a CAGR of 8.5% from 2025 to 2035, reaching US$ 4.4 Bn by the end of 2035.
Market Dynamics
Key Drivers
- Growing Investments and Strategic Partnerships in the EV Supply Chain
- Automakers and technology firms are investing heavily in EV efficiency, battery performance, and connectivity, boosting demand for advanced PCBs.
- In 2023, U.S. EV sales surged by 60%, and the European Commission reported over US$ 6 Bn in EV infrastructure investments.
- The U.S. Department of Commerce allocated US$ 3 Bn under the CHIPS and Science Act to enhance domestic PCB manufacturing.
- Rising Integration of Autonomous and Connected Vehicle Technologies
- The demand for high-speed, multilayer PCBs is increasing due to the shift from Level 3 to Level 4 autonomous driving.
- The National Highway Traffic Safety Administration (NHTSA) estimates that ADAS implementation can reduce accidents by 27%.
- Vehicle-to-everything (V2X) connectivity can enhance traffic efficiency by 35%, necessitating high-quality PCBs.
- Government Regulations and Safety Standards
- Governments worldwide are enforcing stringent safety and emission regulations, encouraging automakers to adopt advanced electronic systems.
- The Federal Communications Commission (FCC) has dedicated the 5.9 GHz band for vehicle safety, promoting AI-based decision-making in EVs.
Market Segmentation
By Type
- Multilayer PCBs
- Held a 73.98% market share in 2024.
- Essential for battery management, power supply, and connectivity.
- Enable high thermal efficiency, reliability, and compact design.
- Double-Sided PCBs
- Used in infotainment systems and basic power control modules.
- Single-Sided PCBs
- Applied in simpler EV applications with minimal complexity.
Regional Insights
Leading Region: East Asia
- Accounted for 68.3% of the market in 2024.
- Strong electronics manufacturing base and government support drive dominance.
- Leading PCB manufacturers in China, Japan, and South Korea are investing in R&D and automation.
Technological Advancements
- Flexible PCBs
- Increasingly used due to their lightweight and space-efficient design.
- Essential for battery management systems and sensors.
- High-Density Interconnect (HDI) PCBs
- Support high-speed data transfer and complex EV functionalities.
- Improve signal integrity and thermal management.
Competitive Landscape
Major players in the PCB market for EVs are focusing on R&D, strategic alliances, and manufacturing expansion to meet growing demand. Key players include:
- AT&S Austria Technologie & Systemtechnik Aktiengesellschaft
- Chin Poon Industrial Co., Ltd.
- LG Innotek
- MEIKO ELECTRONICS Co., Ltd.
- TTM Technologies
- Unimicron Technology Corporation
- Zhen Ding Tech. Group
These companies are leading innovation in multilayer, flexible, and HDI PCBs, positioning themselves as critical players in the evolving EV industry.
Conclusion
The printed circuit board market for electric vehicles is set for exponential growth, fueled by technological advancements, regulatory compliance, and increased EV adoption. With investments in domestic production, strategic partnerships, and innovative PCB designs, the industry is expected to play a crucial role in shaping the future of sustainable and intelligent mobility.
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