COVID-19 has certainly made a huge impact on various global industries including the Electronics Manufacturing Services (EMS) market. According to recent reports, the total electronics assembly value of the EMS market is expected to grow to approximately $1.4 trillion by 2024, which is a significant increase from its current value.
The EMS market provides a range of services including product design, engineering, components sourcing, assembly, testing, and logistics. These services can be availed by different industries such as automotive, healthcare, consumer electronics, industrial, and telecommunication.
The COVID-19 pandemic has disrupted global supply chains causing a major challenge for the EMS market. The sudden closure of factories and manufacturing units coupled with the shortage of essential components has resulted in a major setback for the EMS market. The pandemic has highlighted the importance of agility, flexibility, and resilience for the EMS market.
However, the EMS market is gradually recovering from the pandemic as various activities have resumed. The market is adapting to the new normal and is focusing on value-added services to enhance the customer experience. With the increasing demand for customized products and services, value-added services are becoming the key growth driver for the EMS market.
Value-added services refer to additional services that enhance the functionality and performance of the product. These services include repair and maintenance, technical support, customization, and upgrade services. The value-added services not only add value to the product but also enhance the customer experience resulting in increased customer satisfaction and loyalty.
The global electronics manufacturing services market is a highly competitive market with major players such as Foxconn, Flextronics, Jabil, and Sanmina. The market is expected to witness significant growth in the coming years due to factors such as the increasing demand for consumer electronics, the adoption of automation in electronics manufacturing, and the increasing trend of outsourcing.
The COVID-19 pandemic has certainly impacted the EMS market, but with the gradual recovery and the increasing focus on value-added services, the market is expected to witness immense growth in the coming years. The EMS market is evolving and adapting to the changing market and customer trends, which is evident from the increasing demand for customization and value-added services.
In conclusion, the EMS market is a vital component of the global electronics industry and is expected to witness significant growth in the coming years. The COVID-19 pandemic has presented both challenges and opportunities for the market, and with the increasing focus on value-added services, the market is expected to thrive in the coming years. The EMS market is evolving, and it is vital for businesses to adapt and stay updated with the latest market trends to remain competitive.