Thai PCB Electronics: KCE-Led Listed Stack
Thai PCB output reached ~USD 3.5B in 2024 (~3.8-4.1% of global) with KCE the listed-anchor automotive specialist (~70% auto exposure, ~THB 15B FY2024 revenue). The wider listed stack β Delta (THB 329B), Cal-Comp (THBβ¦
Key takeaways
- 1
Thai PCB output reached ~ in 2024 with Krungsri Research forecasting by 2030 (CAGR ~); HDI and multi-layer PCBs represent over of export value.
- 2
Approximately 60 PCB manufacturers from China and Taiwan set up new Thai factories in less than 3 years per Nation Thailand β including Unimicron, WUS Printed Circuit, Compeq β concentrated in EEC (Rayong, Chonburi, Prachinburi).
- 3
BOI 2024 electronics-and-data-centre investment applications reached (10-year high); FDI of total value; electronics is the headline application driver.
- 4
Listed stack revenue scale (FY2024): Delta Electronics Thailand ~, Cal-Comp CCET , Hana Microelectronics , SVI , KCE Electronics .
- 5
KCE is the structural automotive-PCB anchor at world top-8 supplier ranking with ~ auto exposure; FY2024 net profit compressed to in 2025 (- YoY) on strong baht and copper costs.
- 6
US reciprocal-tariff regime accelerates Chinese PCB capacity migration to Thailand per IConnect007; talent bottleneck (engineers, line operators) is the binding 2025-2026 constraint.
Questions this report answers
How big is the Thai PCB market and what is its growth trajectory? Per Krungsri Research's 2025-2027 outlook, Thai PCB output reached approximately in 2024, forecast to reach by 2030 β a CAGR of approximately . HDI and multi-layer PCBs represent over of export value, reflecting the high-value-tier specialization. The structural growth driver is automotive PCB on EV and ADAS content-per-vehicle uplift; KCE is the world top-8 automotive PCB supplier per the FY2024 SET disclosure.[, ]
What is the Chinese-and-Taiwanese capacity migration into Thailand? Per Nation Thailand's PCB-hub coverage, approximately 60 new PCB manufacturers from China and Taiwan set up new Thai factories in less than 3 years β including Unimicron, WUS Printed Circuit, and Compeq β concentrated in the Eastern Economic Corridor (EEC: Rayong, Chonburi, Prachinburi). The migration is driven by US reciprocal-tariff exposure on Chinese-origin PCB per IConnect007 and TrendForce's Thailand-as-PCB-hub framing. The talent bottleneck (engineers, line operators) is the binding 2025-2026 constraint as new capacity ramps faster than skilled labour can be trained.[, , ]
What is the BOI policy framework and FDI scale? BOI 2024 investment applications hit β a 10-year high β with electronics and data centres the headline application driver per the BOI 2024 disclosure. FDI accounted for of total application value, reflecting the structural foreign-investor pull into Thai electronics manufacturing. The application surge corresponds to the Chinese-Taiwanese PCB-factory migration wave and supports the broader Thai-as-electronics-hub thesis.[]
How does the Thai-listed PCB-and-EMS stack break down? FY2024 revenue per the company filings: Delta Electronics Thailand ~ (largest by market cap, EV power electronics, mobility ~ of revenue), Cal-Comp CCET (largest pure-play EMS), Hana Microelectronics (PCBA, IC assembly), SVI (industrial-medical-automotive specialty EMS, 8 plants across 5 countries), KCE Electronics (automotive-PCB anchor at ~ auto exposure). KCE is the most leveraged to the global automotive-PCB cycle; Delta to the EV-and-data-centre power thesis; CCET to the volume EMS demand. The 2025 KCE net profit drop to (- YoY) on strong baht and copper costs reflects the cyclical compression that hits the Thai listed stack disproportionately.[, , , , , ]
Executive summary
Thai PCB and electronics manufacturing is a structural beneficiary of the post-2024 US-China tariff realignment. Per Krungsri Research, Thai PCB output reached approximately in 2024 with forecast growth to by 2030 (CAGR ~). HDI and multi-layer PCBs at over of export value reflect the high-value-tier specialisation. Approximately 60 Chinese-and-Taiwanese PCB manufacturers β including Unimicron, WUS Printed Circuit, Compeq β set up new Thai factories in less than 3 years per Nation Thailand, concentrated in the Eastern Economic Corridor. BOI 2024 electronics-and-data-centre investment applications hit (10-year high) with FDI at of total value.[, , ]
The Thai-listed PCB-and-EMS stack provides the cleanest exposure-set. FY2024 revenue: Delta Electronics Thailand ~ (EV powertrain ~ of revenue plus power electronics, infrastructure, automation), Cal-Comp CCET (largest pure-play EMS, + YoY net profit growth), Hana Microelectronics (PCBA Thailand / PCBA China / IC Thailand ), SVI (industrial-medical-automotive specialty EMS), KCE Electronics (world top-8 auto PCB at ~ auto exposure). KCE is the most cycle-leveraged: 2025 net profit dropped to (- YoY) on strong baht and copper costs per Kaohoon β the structural automotive-PCB cycle floor signal.[, , , , , ]
The 2025-2027 thesis depends on three structural variables. First, US reciprocal-tariff regime sustainability β IConnect007 frames the Chinese PCB capacity migration to Thailand as accelerating. Second, BOI A1+ promotion eligibility and talent-bottleneck management β line-operator-and-engineer training capacity is the binding constraint as new factories ramp. Third, the EV-and-ADAS automotive-PCB demand cycle β KCE's recovery from 2025 trough plus Delta's mobility-segment scale-up are the leading indicators. Krungsri's 2030 forecast assumes structural sustainability of all three variables.[, , ]
Thai-listed PCB and EMS stack FY2024 revenue (THB millions)
FY2024 revenue (THB M)
329,470
Notes
Largest Thai-listed electronics name by market cap; EV power electronics, mobility ~33%, infrastructure, automation segments.
Cal-Comp (CCET)
FY2024 revenue (THB M)
147,620
Notes
Largest pure-play Thai EMS; +133% YoY net profit growth FY2024; New Kinpo Group subsidiary.
FY2024 revenue (THB M)
21,910
Notes
Industrial-medical-automotive specialty EMS; 8 plants across Thailand, Austria, Hungary, Slovakia, Cambodia; +49.92% YoY earnings.
FY2024 revenue (THB M)
15,210
Notes
World top-8 automotive PCB supplier; ~70% auto exposure; FY2025 trough with -49.5% YoY net profit.
| Operator | FY2024 revenue (THB M) | Notes |
|---|---|---|
| Delta Electronics (Thailand) | 329,470 | Largest Thai-listed electronics name by market cap; EV power electronics, mobility ~33%, infrastructure, automation segments. |
| Cal-Comp (CCET) | 147,620 | Largest pure-play Thai EMS; +133% YoY net profit growth FY2024; New Kinpo Group subsidiary. |
| Hana Microelectronics | 24,801 | PCBA Thailand 49% / PCBA China 14% / IC Thailand 24%; IC assembly -20% drag in FY2024. |
| SVI | 21,910 | Industrial-medical-automotive specialty EMS; 8 plants across Thailand, Austria, Hungary, Slovakia, Cambodia; +49.92% YoY earnings. |
| KCE Electronics | 15,210 | World top-8 automotive PCB supplier; ~70% auto exposure; FY2025 trough with -49.5% YoY net profit. |
Analyst framing
Why this report matters
Unlock the full report
Need more than the web report? Ask for a scoped export or source appendix.
Every report keeps visible citations and source metadata. Terms.
Related reports
Thailand Electronics & Semiconductors Market Intelligence
Thailand's electronics, electrical, computer, parts exports reached approximately USD 85B in FY2024 per Ministry of Commerce β the country's largest export category by value. Delta Electronics Thailand (SET: DELTA, FY2024 revenue ~THB 155B) is the highest-market-cap SET electronics stock, anchored by power, automotive, AI-server, EV-charging demand. Hana Microelectronics, SVI, KCE, Cal-Comp, Stars Microelectronics form the listed EMS, PCB, semiconductor cluster. Western Digital, Seagate Thailand are the HDD manufacturing hubs. US-China trade, supply-chain shift, CHIPS Act are the macro catalysts.
Open report β
KCE: PCB Cycle and the Automotive-Electronics Rotation
KCE Electronics (SET: KCE) is the largest PCB manufacturer in Southeast Asia and a top-five global automotive-PCB supplier. FY2024 consolidated revenue was THB 15,210M (-8.8% YoY) and net profit was THB 1,648M (-4.1% YoY) as the global automotive-PCB cycle softened. ~70-75% of revenue is automotive end-application, with first-tier suppliers (Bosch, Continental and others) driving customer concentration; Europe is ~50% of revenue. Capacity utilisation slid from 74% in 1Q24 to 67% in 1Q25 before 3Q25 net profit recovered +37.5% YoY to THB 297M as European auto registrations turned.
Open report β
Thailand Semiconductor OSAT Deep Dive
Deep-dive into Thailand's semiconductor OSAT (Outsourced Semiconductor Assembly, Test) industry β Thailand is ASEAN's #2 OSAT hub after Malaysia. Key operators: Hana Microelectronics (SET: HANA) Lamphun, Ayutthaya scale leader; KCE Electronics (SET: KCE) Ayutthaya PCB, substrate, assembly; Delta Electronics Thailand (SET: DELTA) Bangkok, Samut Prakan EMS, power electronics; Cal-Comp Electronics (SET: CCET) Phetchaburi; Stars Microelectronics (SET: SMT). Foreign captives: Onsemi Thailand Bang Pa-In, Seagate Thailand HDD, component, Western Digital Thailand, Sumitomo Mitsubishi Silicon (SUMCO) Rayong wafer supply. OSAT services: IC packaging (wirebond, flip-chip, QFN, BGA, SiP, module), wafer test, final test, burn-in. Customer base: Onsemi, Infineon, NXP, Texas Instruments, STMicro, Analog Devices, Broadcom. BOI Category 5, Category 8 advanced-packaging incentives. Thai OSAT competes with Malaysia (Carsem, Inari, ViTrox), Vietnam (Intel Vietnam), China, Taiwan. Advanced packaging (2.5D, 3D, SiP, chiplet, heterogeneous integration) is the emerging frontier.
Open report β
Thai HDD and Electronics: Western Digital, Seagate, and the World's #2 Hard Disk Drive Cluster
Thailand is the world's #2 hard disk drive (HDD) producer after China β historically ~30-40% global HDD output. Tier-1 HDD: Western Digital Thailand (Bang Pa-In Pathumthani, Phra Nakhon Si Ayutthaya factories), Seagate Thailand (Korat factory). 2011 Thai-floods catastrophe at HDD cluster (Bang Pa-In, Ayutthaya factories underwater) drove global HDD-supply shock, structural diversification of HDD-supply geography. Wider electronics: Delta Electronics Thailand (DELTA SET-listed, Taiwan-Delta-affiliated, world's tier-1 power-supply, EV-charger, data-center-power; FY2024 revenue THB 200-250B), Hana Microelectronics (HANA SET-listed semiconductor packaging), Cal-Comp Electronics, Samsung Electronics Thailand, LG Electronics Thailand, Sony Thailand, Sharp Thailand, Hitachi Thailand. ~USD 60-70B Thai electronics export FY2024 (~25-30% of total Thai export). Pheu Thai-led semiconductor-packaging cluster ambition under EEC. Watchpoints: HDD-to-SSD transition pace (HDD demand for AI/cold-storage continues; SSD substitution risk), US/China tariff impact on Thai-routed Chinese-electronics, AI-data-center demand pickup (HDD storage, Delta power-supply benefit), BOI semiconductor-packaging promotion.
Open report β