Saudi Arabia Automotive PCB Market to Grow at a CAGR of 12.5% during Forecast Period
Published | 21 June 2022
Saudi Arabia Automotive PCB Market is growing at a high CAGR owing to the increased incorporation of advanced safety, convenience, and comfort systems and the increase in demand for hybrid electric vehicles (HEV) and battery electric vehicles (BEV)…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Automotive PCB Market is projected to grow at a CAGR of 12.5% by the end of 2028. The Saudi Arabia Automotive PCB Market is booming because of the increasing market share of advanced electronics in vehicles and growing purchasing power of the consumers. Also, good consumer awareness of safety features in developing regions are the key factors driving the Saudi Arabia Automotive PCB Market. Moreover, rising government focus on some of the ADAS features and the execution of basic safety systems such as ABS, anti-lock braking system, and TPMS. This is prompting the growth of Saudi Arabia Automotive PCB (Printed Circuit Board) Market during the forecast period. Furthermore, Saudi Arabia Automotive PCB Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, increased features result in a higher vehicle cost as well as additional costs for installation, serviceability, and other factors, which in turn may act as a huge restraining factor for the market growth.
Increasing Incorporation of Advanced Safety Features and Rising Adoption of Electric Vehicles are driving Saudi Arabia Automotive PCB Market
Automobile manufacturers around Saudi Arabia have begun to adopt customer-centric needs and shift regional trends in response to consumer preferences. Electric vehicles have witnessed an increase in demand for electronic systems and IoT in vehicles which drives the market demand. Moreover, according to the report, RIYADH, Saudi Arabia will purchase between 50,000 and 100,000 electric vehicles over the next decade from Lucid Group Inc., which is backed by the kingdom’s sovereign-wealth fund, is a motivation for the carmaker to push to increase sales revenue. Companies are dramatically increasing the amount of automotive electronic material per car. Furthermore, as the automotive industry evolves and application scenarios change, printed circuit board (PCB) manufacturers and suppliers anticipate that flexible boards will benefit or be best suited for operation because they are more precise and benefit from the 5G era, smartphone upgrades, the rise of the Internet of Things (IoT), and the increasing complexity of automotive electronics.
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The key driving factors for the flourishing Saudi Arabia Automotive PCB Market further include the rising customer demand for more advanced features in cars that can be powered by increasingly complicated electrical systems. Also, increased passenger and commercial vehicle production is expected to provide lucrative market growth prospects. Moreover, the rising use of radar systems such as millimeter-wave radar in various ADAS (advanced driver assistance systems) is credited to the fast growth of the Saudi Arabia Automotive PCB Market. All of these factors aid to contribute to the growth of the Saudi Arabia Automotive PCB Market during the forecast period (2022-2028).
The increasing customer desire for BYOD (Bring Your Own Device) and the approach of ECU (electronic control unit) consolidation are two major factors limiting the growth of the automotive PCB industry. Unlike traditional cockpit electronics systems, this BYOD technology eliminates the requirement for the vehicle's embedded display and infotainment systems. It also minimizes the use of PCBs, which are necessary to run these technologies, indirectly. Furthermore, OEMs are using BYOD technology since it is simple to use and helps reduce the overall cost of the car. Moreover, depending on the vehicle's design and application requirements, the printed circuit board might be variable. Increased features result in a higher car price, as well as additional expenditures for installation, maintenance, and other variables, this is in turn challenging for the market growth.
Segmental Coverage
The Saudi Arabia Automotive PCB Market is divided into three categories: single-sided PCB, double-sided PCB, and multi-layer PCB. Multi-Layer PCB holds the largest market share in the Saudi Arabia Automotive PCB Market. This is due to the fact that multi-layer PCBs allow dual transmission and are around 50 layers deep, making them excellent for a wide range of demanding electrical applications. Furthermore, multi-layer PCBs are created using the lamination technique. Copper foil is printed between two or more sheets of material to create a solid layer that permits circuits and traces to be stacked on top of each other. This feature allows significantly more flexibility because there is no limit to the number of layers that can be put into a board's architecture.
Impact of COVID-19 on Saudi Arabia Automotive PCB Market
The COVID-19 pandemic-induced lockdown and economic crisis have affected several electronic component manufacturers. Many suppliers experienced substantial resource constraints in their material supply and logistics chains throughout the year, which had a notable negative impact on their operations. Furthermore, Saudi Arabia's automotive PCB orders have been severely impacted by disrupted supply chains. The market, on the other hand, is improving and is likely to return to normal as the government's assistance grows. During the projection period (2022-2028), the fastest recovery rates in some regions and increased alternate vehicle sales are likely to drive the growth of the Saudi Arabia Automotive PCB Market.
Competitive Landscape
The leading market players in the Saudi Arabia Automotive PCB Market are Samsung Electro-Mechanics, Unimicron Technology, Arab Engineers Company, Al-Etkan Kingdom, Pioneer PCB factory, Argus Embedded Systems, Daeduck Electronics Co., Ltd., Meiko Electronics, Tripod Technology Corp., and other prominent players. The Saudi Arabia Automotive PCB Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia Automotive PCB Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Automotive PCB Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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