Surging shipments, bookings rising 22.2%, and the book-to-bill ratio steady at 1.00: July 2025 marks a balance and momentum for North America’s PCB industry.
The North American printed circuit board (PCB) industry staged a strong performance in July 2025, with shipments climbing 20.7 per cent year-on-year, according to the Global Electronics Association, formerly IPC.
Compared with June, shipments were also up 11.3 per cent, bringing the year-to-date growth rate to 7.6 per cent. Bookings mirrored this strength, rising 22.2 per cent year-on-year in July, although they dipped 5.5 per cent compared to the previous month. Even so, year-to-date bookings remain 17.2 per cent ahead of last year’s pace.
The book-to-bill ratio, a key indicator of industry health, is balanced at 1.00, signalling an alignment of demand and supply.
“North American PCB activity firmed in July,” noted Shawn DuBravac, chief economist of the Global Electronics Association. “A pickup in shipments brought the book-to-bill into balance, indicating output is keeping pace with demand and demand remains strong,” he remarked.
The book-to-bill ratio’s movement over the past year reflects the industry’s changing rhythm. After slipping below parity in July and August 2024, it climbed steadily, reaching a peak of 1.33 in February 2025 before softening through the spring and levelling off in July.
Growth in shipments and bookings has also shown dramatic swings. Bookings surged in the latter part of 2024, including a sharp 58.4 per cent spike in December, which fuelled shipment growth in early 2025.
By mid-year, however, both measures moderated. July’s strong rebound in shipments, together with solid bookings, highlights an industry that has absorbed earlier volatility and moved into a more balanced phase.
The return of the book-to-bill ratio to 1.00 is significant. Analysts view this as an indicator of sustainable growth, with companies able to meet current demand without building excessive backlogs.
The simultaneous double-digit increases in both shipments and bookings underline continued investment in PCBs across sectors such as automotive, medical, defence and consumer electronics.
Although seasonal effects can skew month-to-month comparisons, the consistent year-to-date growth in both shipments and bookings suggests a stable expansion path for 2025.
The Global Electronics Association advises that bookings, being more volatile, should be interpreted in tandem with shipment data to gauge the strength of demand.
