Indian Printed Circuit Board (PCB) Market Size, Growth, Forecast Period Of 2024-2032

Indian Printed Circuit Board (PCB) Market Overview

In recent years, the Indian Printed Circuit Board (PCB) market size has witnessed remarkable growth, reaching a value of USD 4.52 billion in 2023. With a surge in technological advancements and the burgeoning demand for electronic devices across various sectors, the Indian PCB market is poised for substantial expansion, projected to grow at a CAGR of 18.1% from 2024 to 2032. By 2032, it is anticipated to reach a valuation of USD 20.17 billion, as reported by industry analysis from Market Research Hub (MRH).

The Role of PCBs in Technology

PCBs form the backbone of modern electronic devices, serving as the crucial platform for connecting and supporting electronic components. These intricate boards are integral in facilitating the functioning of a diverse range of electronic devices, including smartphones, computers, medical equipment, automotive systems, and more. Their significance lies in providing a compact, durable, and efficient means of interconnecting various electronic components within these devices.

Growth Drivers

Several factors contribute to the promising growth trajectory of the Indian PCB market. The burgeoning demand for smartphones, tablets, and other consumer electronics, fueled by the rising tech-savvy population and increasing disposable incomes, stands as a primary driver. Moreover, the government's initiatives to promote domestic manufacturing under schemes like 'Make in India' have bolstered the local production of electronic devices, subsequently propelling the demand for PCBs.

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Furthermore, the rapid digitization across industries, including healthcare, automotive, and telecommunications, has necessitated advanced electronic systems, thereby escalating the demand for high-quality PCBs. The push towards 5G technology deployment and the advent of Internet of Things (IoT) devices have also spurred the need for sophisticated PCBs capable of meeting stringent performance requirements.

Emergence of Advanced Applications

The evolution of technology has led to a paradigm shift in PCB applications. The demand for flexible and rigid-flex PCBs has surged, driven by their utilization in wearable devices, automotive electronics, and aerospace applications. These flexible PCBs offer enhanced flexibility, durability, and efficiency, catering to the evolving needs of modern electronic systems.

Moreover, the electric vehicle (EV) revolution has significantly impacted the PCB market. The increasing adoption of EVs has led to a surge in demand for PCBs used in electric vehicle battery management systems and onboard charging systems, positioning the PCB industry to capitalize on the burgeoning EV market in India.

Sustainability and Innovation

In line with global trends, the Indian PCB market is witnessing a shift towards sustainable practices. Manufacturers are focusing on eco-friendly materials and processes to reduce environmental impact. Additionally, continuous innovation in PCB manufacturing techniques, such as additive manufacturing and advanced assembly processes, is enhancing the quality, reliability, and performance of PCBs, thus fostering market growth.

Challenges and Opportunities

Despite the optimistic growth trajectory, the Indian PCB market faces challenges concerning raw material procurement, skilled labor availability, and stringent regulatory frameworks. Addressing these challenges presents opportunities for innovation and collaboration within the industry, fostering technological advancements and market expansion.

Indian Printed Circuit Board (PCB) Market Segmentation

The segmentation of the Indian Printed Circuit Board (PCB) market provides a comprehensive breakdown of its diverse landscape, showcasing various facets that influence its dynamics and growth. Here's an elaboration on each segmentation:

The market can be divided based on manufacturing type, product type, number of layers, segment, laminate type, application, and Indian states.

Market Breakup by Manufacturing Type

Bare PCBs
Populated PCBs

Market Breakup by Product Type

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

Market Breakup by Number of Layers

Single-Sided
Double-Sided
Multi-Layer

Market Breakup by Segment

Rigid PCBs
Flexible PCBs

Market Breakup by Laminate Type

FR-4
Polyamide
CEM-1
Paper
Others

Market Breakup by Application

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

Market Breakup by States

Maharashtra
Tamil Nadu
Karnataka
Gujarat
Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Indian printed circuit board (PCB) market. Some of the major players explored in the report by Expert Market Research are as follows: