India Printed Circuit Board (PCB) Market Size & Growth 2024-2032

The Indian Printed Circuit Board (PCB) market is undergoing significant growth, driven by the expanding demand for electronic products across various industries. The PCB plays a crucial role in the functioning of electronic devices, acting as the backbone that connects and supports components. With the rise in technological advancements, the demand for PCBs is expected to skyrocket in India. The market, valued at USD 4.53 billion in 2023, is projected to grow at a robust CAGR of 18.1% between 2024 and 2032, reaching nearly USD 20.17 billion by 2032. In this blog post, we will explore the overview, size, trends, growth factors, market analysis, and forecast for the Indian PCB market.

India Printed Circuit Board (PCB) Market Overview

India’s PCB market has experienced remarkable expansion due to its role in the burgeoning electronics sector. As industries such as automotive, consumer electronics, telecommunications, and medical devices continue to grow, the demand for PCBs has surged. PCBs are integral components in smartphones, computers, medical equipment, automobiles, and other consumer devices, which are increasingly becoming a part of daily life in India.

With a focus on innovation, efficiency, and sustainability, Indian manufacturers are responding to the growing demand by enhancing their PCB production capabilities. The country’s booming electronics manufacturing industry, backed by government initiatives like the “Atmanirbhar Bharat” campaign and “Make in India,” further contributes to the market’s growth. As a result, India is set to become one of the leading players in the global PCB market.

India Printed Circuit Board (PCB) Market Size

In 2023, the India PCB market was valued at USD 4.53 billion. The market’s impressive growth is driven by the demand for consumer electronics, mobile phones, automotive applications, and industrial equipment. This growing demand, combined with technological advancements in PCB manufacturing, will likely see the market reach approximately USD 20.17 billion by 2032, expanding at a CAGR of 18.1%.

The rapid growth is also driven by the rise in local manufacturing of electronic products, which has reduced dependence on imports and strengthened the domestic PCB market. Additionally, India’s emergence as a hub for global electronic manufacturing services has boosted PCB demand in both domestic and international markets.

India Printed Circuit Board (PCB) Market Trends

Shift Towards Multi-layer PCBs: Multi-layer PCBs are becoming increasingly popular in India, especially with the rise of advanced electronic devices. These boards offer enhanced functionality, compactness, and high-speed performance, making them essential for modern electronics like smartphones, laptops, and medical devices.

Increase in Automotive Electronics: As the automotive industry adopts more electronic components—such as electric vehicles, advanced driver-assistance systems (ADAS), and infotainment systems—the demand for PCBs in automotive applications is growing rapidly.

Flexible PCBs: Flexible and flexible hybrid PCBs are gaining traction due to their lightweight and versatile nature, making them ideal for applications in consumer electronics, wearable devices, and IoT (Internet of Things) solutions.

Sustainability and Eco-friendly Manufacturing: With an increased focus on sustainability, manufacturers are moving towards eco-friendly PCB production processes. The demand for PCBs made with lead-free materials and recyclable components is rising, driven by both regulatory standards and consumer preference for environmentally responsible products.

Miniaturization of Electronics: As the size of electronic devices shrinks while their capabilities increase, there is a growing need for smaller, more compact PCBs. This trend is driving demand for high-density interconnect (HDI) PCBs that provide better performance in smaller packages.

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 India PCB market is experiencing significant growth, and this trend is expected to continue through the next decade. The growth is fueled by multiple factors:

Growing Electronics Manufacturing: With government initiatives to support domestic manufacturing, the electronics sector in India is expanding rapidly. This includes the production of smartphones, consumer electronics, and electric vehicles, all of which require high-quality PCBs.

Government Support: The Indian government has introduced several policies and incentives to boost domestic electronics manufacturing, such as the Production Linked Incentive (PLI) scheme, which has directly contributed to the growth of the PCB market.

Rising Demand for Consumer Electronics: As disposable incomes rise and consumer preferences shift towards advanced electronic devices, the demand for mobile phones, laptops, and other electronic products is increasing, which in turn drives the need for more PCBs.

Growing Automotive Sector: The Indian automotive sector is adopting more advanced technologies, particularly in electric vehicles (EVs), autonomous driving systems, and in-car entertainment. These technologies rely heavily on PCBs, driving the market’s growth.

India Printed Circuit Board (PCB) Market Analysis

The Indian PCB market is highly fragmented, with a mix of global and local players vying for market share. While India imports a significant portion of PCBs, the increasing shift towards local production is helping reduce dependency on imports, boosting the domestic market.

The major challenges for the industry include price fluctuations of raw materials (such as copper), skilled labour shortages, and competition from low-cost PCB manufacturers in other countries. However, with the government’s continued support for local manufacturing and investments in R&D for PCB technologies, the market is well-positioned for long-term growth.

India Printed Circuit Board (PCB) Market Forecast

Looking ahead, the Indian PCB market is projected to experience robust growth. By 2032, the market is expected to reach a value of USD 20.17 billion, driven by an increase in electronic device production, technological innovations, and rising demand across industries such as automotive, telecommunications, and consumer electronics. The market will likely continue to grow at a CAGR of 18.1%, making it one of the most promising segments in India’s manufacturing landscape.

Competitor Analysis

India Circuit Ltd: One of India’s leading PCB manufacturers, India Circuit Ltd is known for producing a wide range of PCBs used in consumer electronics, automotive applications, and industrial products. Their focus on quality and innovation has made them a key player in the market.

Hi-Q Electronics Pvt. Ltd.: Hi-Q Electronics specializes in high-quality PCB manufacturing for diverse applications. The company’s reputation for precision and reliability makes it a strong competitor in the growing Indian PCB market.

Fine-Line Circuits Limited: Fine-Line Circuits is a well-established PCB manufacturer known for producing advanced PCBs, including multi-layer and flexible boards, for the electronics and automotive industries. The company has a strong foothold in the market.

S.B. Electronics: S.B. Electronics is a major player in the Indian PCB market, focusing on the production of high-density, multi-layer, and flexible PCBs. The company serves various industries, including telecommunications, medical devices, and automotive.

Others: Other smaller and emerging players also contribute to the Indian PCB market, catering to niche segments and specializing in specific types of PCBs, such as flexible, rigid-flex, or HDI boards.