Yole: PCB market to reach $140B by 2031

Yole values the PCB industry at about $88 billion in 2025 and forecasts $140 billion by 2031 at an 8.1% CAGR. The average masks a split: the AI segment compounds at 45–70% a year while commodity boards barely grow, with AI-grade boards and materials rising from 30% to over half of the market.

• PCB content per Nvidia rack rises more than 200% in new generations
• Boards with 18+ layers to grow 15.7% a year, 4–6-layer boards just 2.3%
• Automotive PCB segment to reach $23B by 2031 at a 14% CAGR
• M9 laminate sells at four times the price of M7, due for Rubin Ultra in 2027