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Analysis |

The European EMS market reached new highs in 2023

The European EMS market grew to new record levels in 2023. However, the new year might present challenges.

According to an annual study by in4ma – sponsored by IPC Electronics Europe GmbH – the European electronics manufacturing services market grew by an impressive 11% last year. EMS businesses' Printed Circuit Board Assembly (PCBA) production reached a record high of EUR 57.3 billion in 2023, highlighting electronics manufacturing's critical significance in the European economy and industrial base.

Dieter Weiss, founder and president of in4ma and primary architect of the survey, noted that 306 legal entities provided data for this year's survey, representing a 50% increase in participation in just three years.

According to the survey data, 81% of EMS companies reported higher revenues than the previous year. Employment within the EMS industry also increased in 2023 – adding approximately 14,000 new employees, bringing the total to just over 254,000 people, which indicates a growth of 5.9%, IPC writes in a blog post.

EMS PCBA production accounted for just 43% of total European PCBA output, which means that there is still room for long-term expansion. The market remained top-heavy – with less than 4% of total EMS businesses in Europe generating more than 70% of the revenue.

According to the researchers, market consolidation will continue in 2024, as seen by the 12 merger and acquisition transactions executed in the first two months of the new year. Overall, the European EMS market is could to contract by up to 1% in 2024.


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April 11 2024 7:39 am V22.4.25-1
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