NEW YORK -- The worldwide electronics manufacturing services market will grow from $440 billion in 2013 to $639 billion in 2018, a 7.7% CAGR, according to a new research report.

Total electronics assembly value was $1.3 trillion in 2013 and will grow to approximately $1.8 trillion in 2018 – a 5.9% compounded annual growth rate, adds New Venture Research.

The EMS industry grew 4.9% in 2013 and now accounts for almost 40% of all assembly, NVR said. While the rate of growth for outsourcing is slowing, it still represents the most desired manufacturing model for the assembly of electronics products available to OEM companies, the firm added.