Indian PCB market witnesses significant growth: Report
06 November 2024: Indian printed circuit board (PCB) market has witnessed significant growth in recent years, reaching a value of USD 4.53 billion in 2023. As the electronics manufacturing sector in India continues to expand, the demand for PCBs is rising steadily. Printed circuit boards are the backbone of almost all electronic devices, making them an essential component in industries such as telecommunications, automotive, consumer electronics, and more. The market is expected to grow at an impressive compound annual growth rate (CAGR) of 18.1% between 2024 and 2032, eventually reaching a projected value of nearly USD 20.17 billion by 2032.
As of 2023, the Indian PCB market reached a value of USD 4.53 billion, supported by the rising demand for electronic products across various industries. The country’s electronics manufacturing sector has seen substantial growth, and PCBs are a vital part of this expansion. With the Indian government’s push to promote local manufacturing and reduce import dependency, the demand for domestic PCB production is expected to rise further.
Looking ahead, the market is forecast to grow at a CAGR of 18.1% between 2024 and 2032. By 2032, the Indian PCB market is projected to reach nearly USD 20.17 billion, driven by the increasing adoption of advanced technologies and the need for more sophisticated electronic devices.
Key Factors ….
– Government Initiatives and Policy Support: Initiatives like “Make in India” and the Production Linked Incentive (PLI) scheme for the electronics sector are encouraging domestic manufacturing of PCBs. These programs provide incentives for companies to invest in local production, reducing reliance on imports.
– Growth of the Automotive Electronics Market: With the rise of electric vehicles (EVs) and the increasing incorporation of electronic systems in automobiles, the demand for PCBs in the automotive sector is growing rapidly.
– 5G Rollout and Telecommunications Growth: The upcoming 5G technology rollout is expected to drive the demand for PCBs, as telecommunications infrastructure requires high-performance circuit boards.
– Consumer Electronics Boom: With the rapid adoption of smartphones, tablets, and wearable devices, the demand for PCBs in the consumer electronics sector is soaring. This trend is expected to continue as India becomes one of the largest markets for consumer electronics.
– Focus on Sustainability: As environmental concerns grow, there is a rising demand for eco-friendly and energy-efficient PCBs. Companies are focusing on developing PCBs with reduced environmental impact by utilizing sustainable materials and production processes.
Market Growth
– Rising Electronics Manufacturing: India’s increasing role as a global electronics manufacturing hub is a major growth driver. The expansion of the electronics manufacturing sector, including smartphones, consumer electronics, and industrial electronics, is boosting demand for PCBs.
– Technological Advancements: The integration of cutting-edge technologies like AI, IoT and 5G into electronic devices is driving the need for advanced PCBs with higher complexity and performance.
– Foreign Investments and Partnerships: The Indian government’s policies are attracting foreign investments in electronics manufacturing, which in turn is supporting the growth of the PCB market. Several global companies are forming partnerships with Indian manufacturers to produce PCBs locally.
– Demand from Key Sectors: Industries such as telecommunications, automotive, and healthcare are increasingly relying on electronic components, leading to a surge in demand for PCBs. This growth is expected to continue as these sectors evolve and incorporate more electronic systems.
Market Analysis
– Market Segmentation: The PCB market in India can be segmented based on type, including single-sided, double-sided, and multi-layered PCBs. Multi-layered PCBs are expected to witness the highest growth due to their application in advanced electronic devices.
– Regional Analysis: The market is experiencing significant growth across different regions of India, with major manufacturing hubs in states like Karnataka, Tamil Nadu, and Maharashtra. These regions have established electronics ecosystems that support PCB production.
– Challenges: The Indian PCB market faces challenges such as high import dependency for raw materials, the need for skilled labor, and competition from low-cost manufacturing countries. However, with increasing investments in local production capabilities, these challenges are being addressed.
Market Forecast
The future of the Indian PCB market looks promising, with robust growth expected through 2032. Key factors driving this growth include:
– Expansion of Electronics Manufacturing: India’s growing electronics manufacturing capabilities will continue to fuel demand for PCBs. The domestic production of electronic devices is expected to rise significantly, driven by both local demand and exports.
– Technological Advancements: The demand for high-performance PCBs will increase as new technologies like AI, IoT, and 5G require more sophisticated electronic components.
– Government Support: Continued government initiatives and policy support will play a crucial role in promoting domestic PCB manufacturing, reducing import dependency, and fostering innovation in the sector.
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