The Indian Printed Circuit Board (PCB) market is experiencing substantial growth due to increasing demand from industries like electronics, automotive, telecommunications, and consumer electronics. PCBs are essential components in almost all electronic devices, serving as the backbone that connects various electronic components. With rapid digitalization, the proliferation of smart devices, and growing demand for electric vehicles, the Indian PCB market has seen remarkable expansion. In 2023, the market was valued at USD 4.53 billion, and it is projected to grow at a robust CAGR of 18.1% from 2024 to 2032, reaching approximately USD 20.17 billion by 2032.

India Printed Circuit Board (PCB) Market Size

The Indian PCB market size reflects its increasing importance in the electronics manufacturing landscape. Valued at USD 4.53 billion in 2023, the market size is expanding as the government promotes domestic electronics manufacturing to reduce import dependency and meet rising local demand. This market growth is primarily driven by:

Rise in Consumer Electronics: The growing popularity of smartphones, tablets, and smart home devices increases the demand for PCBs.

Automotive Industry Growth: With the shift toward electric vehicles, the automotive industry relies heavily on PCBs for essential components, fueling the demand for domestic PCB production.

Expansion in Telecommunications: The rollout of 5G infrastructure and increased connectivity needs have spiked the demand for PCBs in networking and telecom equipment.

With these driving forces, the Indian PCB market size is expected to continue its upward trajectory.

Trends in the India Printed Circuit Board (PCB) Market

Several notable trends are shaping the PCB market in India:

Focus on Domestic Manufacturing: To reduce dependency on imports, the Indian government is incentivizing domestic production of electronics, including PCBs. This trend aligns with the “Make in India” and “Atmanirbhar Bharat” initiatives, encouraging local production and investment.

Increasing Demand for Multilayer and HDI PCBs: With advanced electronic devices requiring more complex circuit designs, there is a rising demand for multilayer and High-Density Interconnect (HDI) PCBs, which are crucial for smartphones, tablets, and IoT devices.

Adoption of IoT and Wearable Technology: The popularity of wearable devices and IoT applications is expanding the use of PCBs in compact, high-efficiency formats, driving new designs and production techniques.

Growth in Electric Vehicles (EVs): The Indian automotive industry’s shift towards electric vehicles requires advanced PCBs for battery management and other electronic systems, increasing demand for specialized PCB designs.

India Printed Circuit Board (PCB) Market Segmentation

Manufacturing Type
Bare PCBs
Populated PCBs

Product Type
Rigid 1-2 Sided
Standard Multilayer
Flexible Circuits
HDI/Microvia/Build-Up
Rigid Flex
Others

Number of Layers
Single-Sided
Double-Sided
Multi-Layer

Type
Rigid PCBs
Flexible PCBs

Laminate Type
FR-4
Polyamide
CEM-1
Paper
Others

Application
Consumer Electronics
Communication
Industrial Electronics
Computers
Military and Aerospace
Automotive
Medical Instrumentation

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India Printed Circuit Board (PCB) Market Growth

The Indian PCB market is poised for impressive growth due to the proliferation of digital devices, EVs, and network infrastructure advancements. Key growth drivers include:

Increased Electronics Manufacturing: With the government’s push for domestic manufacturing, local production of electronics is ramping up, boosting PCB demand.

Investment in Telecom and 5G Infrastructure: The deployment of 5G networks across the country is leading to higher demand for PCBs used in telecom equipment.

Growth in Renewable Energy and Automation: Sectors like renewable energy, automation, and smart grids require advanced PCBs, further propelling market growth.

With these favorable conditions, the Indian PCB market is well-positioned for significant expansion in the coming years.

India Printed Circuit Board (PCB) Market Analysis

An analysis of the Indian PCB market reveals a dynamic landscape where both established players and new entrants are investing heavily in R&D and expanding their production capacities. Given the growing complexity of electronic devices, companies are focusing on innovation to deliver high-quality PCBs that cater to various industries, from consumer electronics to automotive. The analysis also shows the importance of reducing import dependency, as domestic players scale up to meet local and international demands, thus strengthening India’s position in the global electronics supply chain.

India Printed Circuit Board (PCB) Market Forecast (2024-2032)

Looking forward, the Indian PCB market is expected to maintain strong growth momentum, with a CAGR of 18.1% from 2024 to 2032, reaching nearly USD 20.17 billion by 2032. The forecast highlights several factors that will shape the future of the market:

Expansion of Electronics Manufacturing Clusters: The establishment of electronics manufacturing clusters across India will likely boost local PCB production and reduce dependency on imports.

Growth in Renewable and EV Sectors: As renewable energy projects and EV adoption rise, so will the demand for specialized PCBs.

Technological Advancements: Continuous advancements in PCB technology, particularly for multilayer and HDI PCBs, will fuel market growth.

This forecast underscores the substantial role that the PCB market will play in India’s electronics manufacturing ecosystem, helping meet domestic and export demands.

Competitor Analysis

The Indian PCB market features a mix of key players who are instrumental in driving innovation, quality, and production scale. Prominent companies include:

Hi-Q Electronics Pvt. Ltd: Known for its focus on quality, Hi-Q Electronics provides a range of PCB solutions, catering to automotive, telecommunications, and consumer electronics sectors with a strong emphasis on R&D.

Genus Electrotech Ltd: A major player in the Indian PCB market, Genus Electrotech specializes in delivering high-performance PCBs to industries like consumer electronics and telecommunications.

S.B Electronics: S.B Electronics focuses on providing customized PCB solutions, particularly in high-growth areas like automotive and telecom, known for its reliability and customer-centered approach.

Others: These companies, among others, are expanding their capabilities and investing in advanced production technologies to meet the rising demand and cater to industry-specific requirements.