Driven by robust demand, steady supply, and a stabilising book-to-bill ratio at 1.03, the month of May proves to be a good month for the PCB industry in North America.
In May 2025, printed circuit board (PCB) shipments in North America rose by 21.4% year-on-year (YoY), according to a recent report by the Institute for Printed Circuits (IPC), now with the name of Global Electronics Association.
The region’s book-to-bill ratio stands at 1.03, signalling that supply and demand are closely aligned, a key indicator of a stabilising market.
The report highlighted that monthly, the May shipments were up 7.1% compared to April 2025. The year-to-date (YTD) shipments also showed a healthy 7.9% increase over the same period last year.
Meanwhile, bookings climbed 9.5% YoY, despite falling 12.9% from the previous month. The YTD bookings surged 18.3% compared to 2024.
“North American PCB shipments continued their upward trajectory in May, reflecting strong demand and improving supply chain dynamics, said Shawn DuBravac, IPC’s chief economist.
The data from the book-to-bill ratio chart illustrates a remarkable recovery over the past year. From a contraction in mid-2024 (with lows of 0.95 in June) to a peak of 1.33 in February 2025, the ratio suggests that production capacity has been recalibrating to meet increased demand.
The current figure of 1.03 reinforces the notion that the industry is reaching equilibrium.
Supporting this trend, the growth rate chart shows a reversal from negative figures in mid-2024 to good gains peaking in late 2024 and early 2025.
Bookings had a standout performance in December 2024 with 58.4% growth, but have since moderated. Shipments, however, continued to improve, rising 23.5% in April and 9.5% in May, indicating backlog clearance and healthier output.
“While bookings slowed from the previous month, indicating some near-term cooling in new orders, year-over-year growth remains solid. Demand is largely keeping pace with supply, pointing to a stable near-term outlook,” noted DuBravac.
