China's Automotive Printed Circuit Board (Automotive PCB) Industry, 2023-2028

PCB is a printed circuit board and an important electronic component. It is mainly composed of two types of materials: insulating substrate and conductor. It plays the role of support and interconnection in electronic equipment. Automotive PCB refers to a PCB that is specially used in the field of automotive electronics. In automotive electronics, PCB mainly includes four major systems: power control system, safety control system, body electronic system, and entertainment communication. Therefore, the requirements for PCB include both high-volume and low-cost products and high reliability requirements.

In recent years, with the development of two-wheel drive in the electrification and intelligence of automobiles, the PCB market for automobiles has increased. The demand for high frequency and high speed has caused structural changes in the automotive PCB market. The growth space of high frequency and high speed PCB is relatively larger, the technical barriers are higher, and the market concentration is greater. On the one hand, compared with the traditional fuel engine drive system, the electronicization of automobiles increases the requirements for the PCB of the electronic control system. On the other hand, the core of the new energy vehicle is the battery, motor and electronic control. Compared with the traditional automobile, its electronic proportion is A substantial increase. These two factors have increased the use of PCBs in the automotive industry. Automotive PCBs are currently dominated by 4-6 layers, and the proportion of HDI, thick copper plates, and high-frequency boards is expected to increase. In 2018, automotive PCBs were dominated by 4-6-layer board products, accounting for 51.0% of the market. In 2020, the proportion of 4-6-layer boards dropped to 45.0%, while the proportion of RF boards, thick copper boards, and HDI products increased from 2018. 7.5%, 4.9%, 12.0% rose to 11.5%, 6.5%, 15.0%.

With the obvious trend of PCB production shifting from the United States, Europe and Japan to China, automotive PCBs, especially high-end automotive PCBs, will also be transferred to China in the future, and domestic manufacturers have greater opportunities. In recent years, the proportion of automotive business of A-share listed PCB manufacturers has increased significantly , there have been a number of PCB manufacturers whose automotive business accounts for more than 25%, and whose automotive business accounts for most of the revenue increment. At present, the major domestic PCB manufacturers have a relatively complete layout in the fields of automotive infotainment, lighting, powertrain and chassis (steering, braking), and many companies have entered Valeo, Delphi, Continental, Denso, Preh and Germany The supply chain system of mainstream Tier1 customers such as Sysway.