With the advent of an increasing number of consumer device applications, the global molded interconnect devices (MID) market is expected to experience a substantial growth rate in the forthcoming years. The primary factor driving the industry would undeniably be the ability of the molded interconnect devices’ to integrate several mechanical & electrical functions in consumer devices while also enabling the reduction of circuit density & facilitating product miniaturization. Moreover, the devices typically require fewer number auxiliary components that help in lowering the failure rate, saving on costs and making the devices more reliable.
How would the miniaturization trend ensure growth of the LDS-based MID market?
A number of global aerospace, defense & industrial players are dedicating their focus on developing more advanced & compact models by merging electrical & mechanical functions in a product. In this regard, the LDS process is coming to be increasingly preferred as it allows for smaller devices with more integrated functionalities. This enables manufacturers to better save on production costs while offering aesthetically-enhanced features and reducing upon the production times. The LDS process has enabled new & efficient large-scale production practices and have also allowed for more innovative designs of products, boosting the LDS-based MID market size. Indeed, the LDS molded interconnect devices market is expected to grow at an impressive CAGR of 15% over 2018-2024.
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Which end-use sector is expected to contribute majorly to the overall MID market?
The automotive industry is anticipated to become one of the largest growth inducers of the MID market over the forecast period, particularly as the LDS process is widely used in the automotive sector. Automakers are known to implement the LDS process to develop more innovative automotive components with the aim of reducing the vehicle weight and enhancing reliability by eliminating wired circuitry & circuit boards. Exponential advancements in the automotive seatbelt safety system, brake sensors, position sensors, steering-wheel hubs, control switches and motorcycle LED lights are creating a number of growth opportunities for the MID market players. The low cost of the solution and the design flexibility are also projected to propel the MID market growth from the automotive sector.
How is MID market expected to fare across the Asia Pacific over the projected duration?
The presence of a number of major multinational consumer electronics device manufacturing companies such as Sony Corporation and Samsung Electronics will ensure the rapid growth of the APAC molded interconnect devices market. These global electronics corporations would be making sizable contributions to the market as they continue to expand and grow their product portfolios, thereby generating several lucrative opportunities for suppliers & vendors in the region.
Moreover, several major players in the region are also signing new collaboration agreements concerned with the development of novel, innovative technologies. A majority of companies in the APAC region are known for facilitating premium products at extremely competitive prices and implementing aggressive marketing strategies to bring in more profits. The rapid advancements in the technological domains coupled with rising commercialization of a number of innovative consumer products have facilitated high growth prospects that are slated to attract more players to APAC MID market. Incidentally, as per reliable estimates, Asia Pacific MID market is expected to cross $400 million by 2024.