Global Electronics Association Reports Balanced Growth with Bookings Outpacing Shipments in the PCB Market

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The Global Electronics Association released the December 2025 results from its North American Printed Circuit Board (PCB) Statistical Program, reporting a book-to-bill ratio of 1.18.

Total North American PCB shipments in December 2025 increased 11.0% year-over-year but declined 12.8% compared to November. On a year-to-date (YTD) basis, shipments were up 12.8% compared to the same period last year.

PCB bookings in December also rose 11.0% year-over-year, while falling 17.7% month-over-month. December YTD bookings increased 15.0% compared to the same period in 2024.

Overall, North American PCB activity in December reflected a well-balanced market with healthy momentum. Bookings exceeded shipments for the month, which may indicate emerging demand growth. However, in the longer term, three-month and YTD data show shipments growing faster than bookings, suggesting manufacturers are working through existing backlogs and shipping more aggressively to meet current demand. While the growth outlook remains positive, sustaining momentum will likely depend on bookings accelerating rather than relying solely on fulfillment of prior orders.

"The North American PCB book-to-bill strengthened again in December, due in part to softer shipments,” said Dr. Shawn DuBravac, Global Electronics Association’s chief economist. “Bookings remain solid, signaling improving order momentum headed into this year.”

Detailed Data Available

Companies participating in the Global Electronics Association’s North American PCB Statistical Program have access to detailed data on rigid PCB and flexible circuit sales and orders. This includes separate rigid and flex book-to-bill ratios, growth trends by product type and company size, prototype demand, sales growth to military and medical markets, and other timely indicators.

Interpreting the DataBook-to-bill ratios are calculated by dividing the value of orders booked over the past three months by the value of sales billed during the same period among survey participants. A ratio above 1.00 indicates demand is outpacing supply, which is generally a positive signal for sales growth over the next three to 12 months. A ratio below 1.00 suggests the opposite.

Year-over-year and year-to-date comparisons provide the most meaningful view of industry growth, while month-to-month changes should be interpreted cautiously due to seasonal effects and short-term volatility. Because bookings tend to fluctuate more than shipments, changes in the book-to-bill ratio are most significant when sustained over three or more consecutive months.

The Global Electronics Association’s monthly PCB statistics are based on data from a representative sample of rigid PCB and flexible circuit manufacturers operating in the United States and Canada. The Association publishes the PCB book-to-bill ratio by the end of each month.

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