According to the report by Expert Market Research (EMR), the Indian printed circuit board (PCB) market size reached a value of USD 4.53 billion in 2023. Aided by the surge in demand for consumer electronics in India and industrial automation, the market is expected to grow at a CAGR of 18.1% between 2024 and 2032, reaching almost USD 20.17 billion by 2032.
PCBs form the backbone of modern electronics, providing the essential foundation for electrical interconnections. They consist of laminated layers of copper and other materials, acting as substrates to support and electrically connect electronic components. Their applications range from consumer electronics like smartphones and televisions to more complex industrial systems, aerospace, medical devices, and automotive electronics.
The Indian printed circuit board (PCB) market growth is driven by proliferation of consumer electronics. The growing middle-class population, increasing disposable income, and digitization trends are driving a surge in demand for consumer electronics in India. Smartphones, laptops, smart TVs, and wearables are becoming ubiquitous, stimulating the need for high-quality, miniaturized PCBs that support multi-functional, compact, and efficient designs.
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Automotive industry evolution is one of the other factors that are further influencing the printed circuit board (PCB) market in India. The automotive sector is increasingly relying on electronic systems for vehicle control, infotainment, driver assistance, and safety. The rise in electric vehicle (EV) adoption is further propelling the demand for high-reliability PCBs. Advanced Driver Assistance Systems (ADAS), infotainment systems, and battery management solutions require complex, high-density PCBs.
Industrial automation and IoT also play a crucial role in contributing to the Indian printed circuit board (PCB) market share. Manufacturing is rapidly adopting Industry 4.0 practices, using sensors, IoT-enabled devices, and smart machinery, all of which rely on PCB technology. Enhanced process automation, predictive maintenance, and energy management systems increase the demand for rugged, high-performing PCBs that can withstand challenging industrial environments.
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As per the Indian printed circuit board (PCB) market outlook with the deployment of 5G networks, telecom infrastructure requires high-frequency PCBs that can handle increased data speeds and bandwidth. India’s push toward digital transformation necessitates upgrades to telecom equipment, benefiting PCB manufacturers that cater to high-speed data transmission requirements.
According to the Indian printed circuit board (PCB) market analysis, the Indian government has also recognized the strategic importance of electronics manufacturing. Initiatives like “Make in India” and the Production Linked Incentive (PLI) scheme offer incentives for local manufacturing and aim to reduce import dependence. This has led to increased investment in domestic PCB production facilities.
Looking ahead, the market looks promising, driven by government initiatives, growing industrialization, and technological advancements. The anticipated rise in electric vehicle adoption, rapid rollout of 5G networks, and increasing digitization across sectors will continue to shape the demand for PCBs. However, to realize its full potential, the industry must address challenges related to skilled labour, raw material sourcing, and technological upgradation.
Local manufacturers are expected to capitalize on emerging opportunities by focusing on R&D, enhancing quality standards, and strengthening their supply chains. Strategic collaborations and joint ventures could also be vital for accessing new technologies and expanding the market footprint. With sustained efforts to foster a conducive business environment, the market is poised to be a significant contributor to the global electronics manufacturing ecosystem.
Market Segmentation
The market can be divided based on manufacturing type, product type, number of layers, type, laminate type, application, and 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 Type
- 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 Region
- 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:
- Epitome Components Ltd.
- Shogini Technoarts Pvt. Ltd.
- India Circuit Ltd
- Hi-Q Electronics Pvt. Ltd
- Genus Electrotech Ltd
- Ascent Circuits Pvt Ltd
- Fine-Line Circuits Limited
- B Electronics
- Others
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