India, with its rapidly growing technology and manufacturing sectors, has emerged as one of the key markets for PCBs. The increasing adoption of electronic devices, the rise of the automotive sector, and the government's push for self-reliance in electronics manufacturing are factors driving the demand for PCBs in India. As businesses and industries continue to rely more heavily on electronics, the need for PCBs is expected to continue its upward trajectory.

India Printed Circuit Board (PCB) Market Size

The India PCB market was valued at approximately USD 4.53 billion in 2024. This market size reflects the increasing demand for PCBs, driven by the ongoing digitalization of industries, the rise of the electronics sector, and the country’s status as a manufacturing hub. India is becoming a preferred destination for PCB production due to its competitive labor costs, government incentives, and the availability of a skilled workforce.

Looking ahead, the Indian PCB market is expected to grow significantly, at a compound annual growth rate (CAGR) of 18.10% between 2025 and 2034. By 2034, the market is expected to reach approximately USD 23.91 billion. This robust growth is driven by the increasing demand for PCBs in consumer electronics, automotive electronics, telecom infrastructure, and industrial applications.

India Printed Circuit Board (PCB) Market Trends

Several key trends are shaping the future of the PCB market in India:

Demand for High-Performance PCBs: As the complexity of electronic devices increases, the demand for advanced, high-performance PCBs is rising. This includes multi-layer PCBs, flexible PCBs, and rigid-flex PCBs that are used in high-tech applications such as mobile phones, laptops, and medical devices.

Expansion of the Automotive Sector: With the Indian automotive industry shifting toward electric vehicles (EVs) and advanced in-car electronics, the need for PCBs has surged. PCBs play a crucial role in EVs, especially in battery management systems, power electronics, and infotainment systems.

Growing Telecom Industry: The telecom sector in India, especially with the rollout of 5G technology, has led to an increased need for PCBs for communication devices and infrastructure. The need for higher-frequency PCBs is growing as telecom companies develop more sophisticated systems to support 5G.

Rise of IoT Devices: The growing popularity of the Internet of Things (IoT) is creating new opportunities for PCB manufacturers. IoT applications across various industries, including smart homes, healthcare, and manufacturing, require specialized PCBs to manage complex connectivity and power requirements.

Government Initiatives for Manufacturing: The Indian government has introduced various initiatives, including the "Atmanirbhar Bharat" (Self-Reliant India) campaign, to boost domestic manufacturing. These initiatives are encouraging the growth of the Indian PCB market by promoting electronics manufacturing, creating favorable policies, and providing incentives to companies in the PCB manufacturing ecosystem.

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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

India Printed Circuit Board (PCB) Market Growth

The India PCB market is set to experience significant growth in the coming years, driven by a combination of technological advancements and an expanding consumer base. Several factors contribute to this growth:

Increasing Electronics Consumption: The demand for electronic devices, including smartphones, tablets, and home appliances, is rising in India. This is creating an ever-growing need for PCBs as these devices rely on PCBs for their functionality.

Investment in Manufacturing Infrastructure: India is making substantial investments in improving its manufacturing infrastructure, including setting up PCB manufacturing plants. This is a direct result of the government's focus on making India a manufacturing hub for electronic components.

Technological Advancements: The Indian PCB market is embracing new technologies such as automation and Industry 4.0, which are improving production efficiency and lowering costs. These advancements are enabling manufacturers to meet the growing demand for high-quality, cost-effective PCBs.

Rising Export Potential: India is emerging as a global hub for electronics manufacturing, and PCB manufacturers in the country are benefiting from increased export opportunities. As companies around the world seek alternative sources of electronics components, India’s PCB industry is poised to capture a larger share of the global market.

India Printed Circuit Board (PCB) Market Analysis

The Indian PCB market is highly competitive, with various players offering a range of products catering to different industries. A detailed market analysis shows several key factors contributing to the success of the sector:

Skilled Workforce: India’s vast pool of skilled engineers and technicians is a key advantage for PCB manufacturers. The availability of a highly skilled workforce ensures that manufacturers can meet the quality and technical standards required for complex PCB designs.

Government Support: The Indian government’s initiatives to encourage electronics manufacturing have played a significant role in the growth of the PCB market. With favorable policies, subsidies, and tax incentives, the government is creating an environment conducive to the growth of the PCB industry.

Focus on R&D: Companies operating in the Indian PCB market are focusing on research and development to innovate and improve PCB designs. The push for R&D is helping Indian manufacturers produce more advanced, reliable, and efficient PCBs that meet the demands of modern electronics.

Cost-Effectiveness: India’s cost advantage, particularly in labor and raw materials, makes it an attractive destination for PCB manufacturing. This cost-effectiveness gives Indian manufacturers a competitive edge in both domestic and international markets.

India Printed Circuit Board (PCB) Market Forecast

The Indian PCB market is projected to grow at a remarkable CAGR of 18.10% from 2025 to 2034, reaching a value of around USD 23.91 billion by 2034. This growth is driven by several factors:

Increase in Electronic Manufacturing: With the rapid increase in the adoption of electronic devices and the expansion of the electronics manufacturing industry, the demand for PCBs will continue to rise in the coming years.

Technological Advancements: The development of new PCB technologies such as 5G-compatible PCBs, high-frequency PCBs, and flexible PCBs will contribute to the market’s growth. As industries like telecommunications and automotive continue to evolve, the need for specialized PCBs will drive innovation.

Expanding Market for Electric Vehicles: The growth of the electric vehicle market in India is expected to significantly contribute to the demand for PCBs, particularly in automotive electronics like battery management systems, control units, and infotainment systems.

Growing Demand from IoT and Telecom Sectors: The rise of IoT devices and the expansion of telecom infrastructure, including 5G, are expected to further fuel the demand for PCBs in India.

Competitor Analysis

The India PCB market is highly fragmented, with several key players driving innovation and competition. Some of the major competitors in the market include:

Epitome Components Ltd. – A leading PCB manufacturer in India, Epitome Components specializes in providing high-quality PCBs for various industries, including telecommunications, consumer electronics, and automotive. The company is known for its focus on innovation and customer satisfaction.

Shogini Technoarts Pvt. Ltd. – Shogini is a well-established player in the Indian PCB market, offering a wide range of products, including single-sided, double-sided, and multi-layer PCBs. The company focuses on providing cost-effective and reliable solutions to meet the growing demand for PCBs.

India Circuit Ltd. – India Circuit specializes in the production of high-quality PCBs for applications in consumer electronics, medical devices, and industrial electronics. The company is known for its commitment to quality and its customer-oriented approach.

Hi-Q Electronics Pvt. Ltd. – Hi-Q Electronics is a prominent manufacturer of PCBs, offering a variety of products for sectors like automotive, telecommunications, and industrial equipment. The company focuses on providing tailored solutions to meet the specific needs of its clients.

Genus Electrotech Ltd. – Genus Electrotech is a leading player in the Indian PCB market, offering a wide range of PCBs for industrial, telecommunications, and consumer electronics applications. The company focuses on using cutting-edge technology to meet the increasing demand for high-performance PCBs.

Others – Other competitors in the market include companies like PCB Power Market, PCB Technologies, and Vinyas Innovative Technologies, which continue to drive innovation and contribute to the overall growth of the Indian PCB industry.

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