June 12, 2024

The Global Flexible Hybrid Electronics Market Growth Accelerated By Rising Demand For Wearables

Flexible hybrid electronics integrate rigid and/or flexible electronic components on thin, lightweight, and conformable substrates. These electronics are lightweight, portable, flexible, and robust in nature. They find application in wearable devices, medical devices, consumer electronics, automotive, and others. The growing demand for wearable devices is one of the major factors fueling growth of the flexible hybrid electronics market. Wearable devices incorporate flexible sensors, displays, and batteries to enable flexibility and portability. Rising demand for wrist wear, smart watches, augmented reality glasses, fitness trackers, and virtual/enhanced reality headsets incorporate flexible electronics components, thereby driving market growth.

The global Flexible Hybrid Electronics Market is estimated to be valued at US$ 139.62 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The demand for wearable devices is surging mainly due to increasing health awareness among individuals. People are actively tracking their health through wearable health devices such as fitness trackers and heart rate monitors. Also, increasing adoption of augmented reality and virtual reality devices further drives the flexible hybrid electronics market. AR/VR devices allow immersive digital experiences through incorporation of flexible displays and sensors. Rising demand for these devices will positively influence the market growth over the forecast period. However, high developmental costs and technical complexities associated with the manufacturing of flexible hybrid electronics pose challenges.

Segment Analysis
Stretchable circuits refer to electronic circuits that can elongate or deform while maintaining electrical function. This segment currently holds over 30% share of the flexible hybrid electronics market owing to growing use of stretchable circuits in wearable devices, medical devices, and Internet of Things applications. The ability of stretchable circuits to conform to complex surfaces while retaining functionality makes them well-suited for applications involving structures with non-planar or flexible forms.

Key Takeaways
The Global Flexible Hybrid Electronics Market Demand is expected to witness high growth. The market is projected to reach US$ 625.92 Mn by 2030 from US$ 139.62 Mn in 2023, expanding at a CAGR of 23%.

Regional analysis
Asia Pacific currently dominates the global flexible hybrid electronics market, accounting for more than 35% share. Rapid industrialization and strong presence of electronics manufacturing bases in countries such as China, South Korea, Japan, Taiwan are major factors driving the flexible hybrid electronics market in Asia Pacific. The region is expected to continue its dominance, expanding at the fastest CAGR through 2030 on back of extensive research on flexible electronics and growing electronics production.

Key players
Key players operating in the flexible hybrid electronics market are Atlas Copco AB, Caterpillar, Inc., Hitachi Construction Machinery, Komatsu Limited, Sandvik AB, Columbia Steel Casting Co., Inc., Doosan Corporation, USCO S.p.A, Volvo AB, and MB America, Inc. Atlas Copco AB and Hitachi Construction Machinery are recognized as technology leaders in the flexible hybrid electronics industry. Both companies have vast resources devoted to R&D of novel flexible hybrid materials and electronic components.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it