European Union's Printed Circuit Market Poised for Robust 9.6% CAGR Growth Through 2035

IndexBox has just published a new report: EU - Printed Circuits - Market Analysis, Forecast, Size, Trends and Insights.

The article provides a comprehensive analysis of the European Union's printed circuit market. It forecasts strong growth from 2024 to 2035, with market volume expected to reach 3.1 billion units (CAGR +9.6%) and value to hit $264.5 billion (CAGR +11.9%). In 2024, consumption was 1.1 billion units valued at $76.4 billion, with Austria, Germany, and France as top consumers. Production reached 1.9 billion units, led by Germany, Spain, and Austria. Intra-EU trade is significant, with exports surging to 949 million units, though both import and export average prices have declined, indicating a shift in the product mix or competitive dynamics.

Key Findings

• EU printed circuit market is forecast to grow to 3.1B units ($264.5B) by 2035, with CAGRs of +9.6% in volume and +11.9% in value
• In 2024, consumption declined to 1.1B units but increased in value to $76.4B, with Austria, Germany, and France leading in volume
• Production surged 16% to 1.9B units in 2024, with Germany, Spain, and Austria as the largest producers
• Intra-EU exports soared 43% to 949M units, led by Spain and Germany, while average export price fell sharply to $4.4 per unit
• Estonia recorded the highest per capita consumption and was among the fastest-growing markets in both volume and value terms

Market Forecast

Driven by rising demand for printed circuit in the European Union, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +9.6% for the period from 2024 to 2035, which is projected to bring the market volume to 3.1B units by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +11.9% for the period from 2024 to 2035, which is projected to bring the market value to $264.5B (in nominal wholesale prices) by the end of 2035.

Consumption

European Union's Consumption of Printed Circuits

After two years of growth, consumption of printed circuits decreased by -5.2% to 1.1B units in 2024. In general, consumption saw a mild decline. The volume of consumption peaked at 1.4B units in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

The value of the printed circuit market in the European Union expanded significantly to $76.4B in 2024, rising by 7.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a pronounced decrease. The level of consumption peaked at $102.3B in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were Austria (208M units), Germany (200M units) and France (137M units), with a combined 48% share of total consumption. Italy, Spain, Poland, Romania, Estonia, the Czech Republic and the Netherlands lagged somewhat behind, together comprising a further 35%.

From 2013 to 2024, the biggest increases were recorded for Estonia (with a CAGR of +15.9%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, the largest printed circuit markets in the European Union were Germany ($14.6B), Austria ($14.1B) and France ($8.3B), with a combined 48% share of the total market. Italy, Spain, the Netherlands, Poland, Romania, Estonia and the Czech Republic lagged somewhat behind, together accounting for a further 29%.

Estonia, with a CAGR of +11.4%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of printed circuit per capita consumption in 2024 were Estonia (26 units per person), Austria (23 units per person) and the Czech Republic (2.8 units per person).

From 2013 to 2024, the biggest increases were recorded for Estonia (with a CAGR of +15.9%), while consumption for the other leaders experienced a decline in the per capita consumption figures.

Production

European Union's Production of Printed Circuits

In 2024, production of printed circuits increased by 16% to 1.9B units, rising for the third consecutive year after two years of decline. The total production indicated moderate growth from 2013 to 2024: its volume increased at an average annual rate of +3.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +64.7% against 2021 indices. The pace of growth appeared the most rapid in 2023 when the production volume increased by 23%. Over the period under review, production attained the peak volume in 2024 and is expected to retain growth in the immediate term.

In value terms, printed circuit production rose rapidly to $76.5B in 2024 estimated in export price. Over the period under review, production, however, recorded a noticeable setback. The growth pace was the most rapid in 2017 when the production volume increased by 16% against the previous year. Over the period under review, production reached the peak level at $99B in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2024 were Germany (350M units), Spain (286M units) and Austria (244M units), together accounting for 46% of total production. France, Italy, Poland, the Netherlands, Romania, Slovakia and Hungary lagged somewhat behind, together accounting for a further 39%.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Slovakia (with a CAGR of +15.4%), while production for the other leaders experienced more modest paces of growth.

Imports

European Union's Imports of Printed Circuits

In 2024, overseas purchases of printed circuits decreased by -18.3% to 187M units for the first time since 2020, thus ending a three-year rising trend. Total imports indicated a notable increase from 2013 to 2024: its volume increased at an average annual rate of +3.6% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 41% against the previous year. Over the period under review, imports hit record highs at 229M units in 2023, and then dropped markedly in the following year.

In value terms, printed circuit imports contracted notably to $7.5B in 2024. The total import value increased at an average annual rate of +1.7% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 27%. The level of import peaked at $9.4B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

Imports By Country

Germany (39M units) and the Czech Republic (38M units) represented roughly 41% of total imports in 2024. Hungary (17M units) took the next position in the ranking, followed by Romania (14M units), Spain (13M units), Italy (12M units) and Poland (12M units). All these countries together took near 36% share of total imports. The following importers - the Netherlands (6.6M units), Slovakia (6.3M units) and France (6.2M units) - together made up 10% of total imports.

From 2013 to 2024, the biggest increases were recorded for the Czech Republic (with a CAGR of +18.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($1.7B) constitutes the largest market for imported printed circuits in the European Union, comprising 23% of total imports. The second position in the ranking was taken by the Czech Republic ($631M), with an 8.5% share of total imports. It was followed by France, with a 7.3% share.

In Germany, printed circuit imports remained relatively stable over the period from 2013-2024. In the other countries, the average annual rates were as follows: the Czech Republic (+4.6% per year) and France (+1.5% per year).

Import Prices By Country

The import price in the European Union stood at $40 per unit in 2024, stabilizing at the previous year. Over the period under review, the import price saw a mild shrinkage. The pace of growth was the most pronounced in 2014 when the import price increased by 17% against the previous year. As a result, import price attained the peak level of $57 per unit. From 2015 to 2024, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($87 per unit), while the Czech Republic ($17 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Hungary (+4.1%), while the other leaders experienced more modest paces of growth.

Exports

European Union's Exports of Printed Circuits

For the fifth consecutive year, the European Union recorded growth in overseas shipments of printed circuits, which increased by 43% to 949M units in 2024. Over the period under review, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 115%. Over the period under review, the exports hit record highs in 2024 and are likely to see gradual growth in the immediate term.

In value terms, printed circuit exports shrank to $4.2B in 2024. The total export value increased at an average annual rate of +2.0% over the period from 2013 to 2024; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 17%. The level of export peaked at $4.6B in 2023, and then reduced in the following year.

Exports By Country

In 2024, Spain (208M units) and Germany (189M units) represented the largest exporters of printed circuits in the European Union, together achieving 42% of total exports. Slovakia (74M units) took a 7.8% share (based on physical terms) of total exports, which put it in second place, followed by the Netherlands (7.4%), Romania (7.1%), Italy (5.4%) and Hungary (5.1%). The following exporters - Austria (40M units), France (39M units) and Poland (38M units) - each amounted to a 12% share of total exports.

From 2013 to 2024, the biggest increases were recorded for Spain (with a CAGR of +44.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($1B) remains the largest printed circuit supplier in the European Union, comprising 24% of total exports. The second position in the ranking was taken by Spain ($359M), with an 8.6% share of total exports. It was followed by the Netherlands, with an 8.3% share.

From 2013 to 2024, the average annual growth rate of value in Germany was relatively modest. In the other countries, the average annual rates were as follows: Spain (+12.8% per year) and the Netherlands (+9.5% per year).

Export Prices By Country

In 2024, the export price in the European Union amounted to $4.4 per unit, with a decrease of -36.4% against the previous year. Overall, the export price showed a abrupt decline. The most prominent rate of growth was recorded in 2014 when the export price increased by 63%. As a result, the export price attained the peak level of $79 per unit. From 2015 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Austria ($7.5 per unit), while Spain ($1.7 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Hungary (-8.5%), while the other leaders experienced a decline in the export price figures.