December 2019

North American Electronics Industry Growth is Slow but Remains Positive

North American electronics industry growth has slowed this year but most growth rates remain positive as of October 2019. Printed circuit board (PCB) sales growth strengthened to 3.5 percent compared to the same period last year. Electronics manufacturing services (EMS) growth slowed to 0.8 percent year over year as of October. The steep decline in semiconductor sales continues, but the negative growth rate appears to have bottomed out at -29 percent. These year-over-year growth rates reflect three-month rolling averages.

The leading indicators remain positive as of October 2019. The U.S. Manufacturing Purchasing Managers’ Index (PMI), which tends to lead industry sales by two to six months, has been declining all year but has stayed in positive territory (i.e., above 50) and it strengthen slightly in October. The 3/12 rate of change for U.S. new orders for electronic products, which leads industry sales by one to three months, remains nearly flat at 0.1 percent growth.

Another leading indicator is IPC’s PCB book-to-bill ratio. It is based on three-month rolling averages of orders and sales, and normally leads industry sales by three to nine months. The book-to-bill ratio has strengthened in recent months, reaching 1.11 in October driven by a rebound in orders. Ratios above parity (1.00) indicate greater demand than supply, which may be a precursor of sales growth for electronics manufacturers, while ratios below parity indicate the reverse.

These indicators suggest that sales growth is likely to continue but remain slow in the coming months for the North American EMS and PCB segments of the industry.

View Graph as a PDF


  1. This information is provided by IPC International, Inc.?
  2. Other industry data can be found at
  3. Three-month rolling averages smooth out some of the volatility in monthly data to show clearer trends.
  4. The U.S. Department of Commerce revised its historical data on U.S. new orders for computers and electronic products, as of May 16, 2019. This graph reflects the revised data.
  5. As of November 2019, PMI data is from the U.S. Manufacturing Purchasing Managers Index, a more relevant leading indicator for the electronics industry than the general Purchasing Managers Index, which was used previously.

Sources: IPC statistical programs for the EMS and PCB industries; SIA for semiconductor data; U.S. Census Bureau for U.S. new orders for computer and electronic products; and IHS Markit for the U.S. Manufacturing Purchasing Managers’ Index.

Market Research Reports

World Market Size Estimates

  Billions of U.S. Dollars For Year Source
Printed Circuit Boards (PCBs) $62.4 2018 Prismark Partners
Electronics Manufacturing Services (EMS and ODM) $542 2018 New Venture Research
Electronic Equipment (Including Components) $1,892 2018 Reed Electronics Research

Note: Changes in currency exchange rates affect these dollar amounts from year to year.

Lead-Free Trends

Source: IPC Global Solder Statistical Program and Global Solder Market Report

Find more information and data from other industry associations

幸运飞艇开奖记录 宁夏11选5下注平台 云南快乐10分开奖结果11选五 极速赛车规律345678 河北快三走势图形态 湖南快乐十分开奖结果查询今天 福利彩票中奖查询结果 北京塞车pk10官网开奖 广东11选5技巧 行业市盈率查询 怎么买港股股票 天津十一选五开奖结果查询结果 福利彩票快3玩法介绍 排列五预测软件苹果版 新股顶格申购 2010年7月上证指数 广东快乐10分乐彩时彩