Ending 2025 on a high note, how did North America’s PCB industry post a 1.18 book-to-bill and double-digit shipment growth despite softer December volumes?
The North American printed circuit board (PCB) industry closed 2025 on a firm footing, supported by a strong book-to-bill ratio and double-digit growth in shipments, according to the latest data released by the Global Electronics Association.
In its December 2025 update, the association reported a book-to-bill ratio of 1.18, indicating that new orders continued to exceed shipments at the end of the year. A ratio above 1 is generally considered a positive indicator of near-term demand.
PCB shipments in December rose 11 per cent year-on-year. However, on a month-on-month basis, shipments declined by 12.8 per cent compared with November. Despite this sequential drop, year-to-date shipments for 2025 were up 12.8 per cent over the previous year, reflecting sustained growth across the year.
Bookings showed a similar trend. New orders in December increased 11 per cent compared with the same month in 2024, but fell 17.7 per cent from the preceding month. On a cumulative basis, year-to-date bookings grew 15.0 per cent year-on-year, outpacing shipment growth over the full year.
Over the three-month and year-to-date periods, shipments have grown faster than bookings, indicating companies are clearing backlogs and accelerating fulfilment of earlier orders rather than relying solely on fresh demand. As per the data, three-month moving averages show shipments down 1.1 per cent, while bookings were up 4.7 per cent.
Dr Shawn DuBravac, chief economist at the Global Electronics Association, said, “The North American PCB book-to-bill strengthened again in December, due in part to softer shipments.”
He added that bookings remain solid, indicating improving order momentum heading into the new year.
