The Indian printed circuit board (PCB) market reached USD 4.53 billion in 2023. The market is expected to grow at a CAGR of 18.1% between 2024 and 2032, reaching almost USD 20.17 billion by 2032.
Base Year
Historical Year
Forecast Year
India's PCB market is expanding due to increased domestic manufacturing and innovation.
A fast-growing trend in the Indian printed circuit board (PCB) market is the rapid increase in domestic manufacturing. With the thrust provided by government initiatives such as "Make in India," there is an increasing impetus toward freedom from dependence upon imported PCBs, which dominate the present market. As per Indian printed circuit board (PCB) market analysis, this shift would be facilitated by increased investments in local PCB production facilities and meaningful technological advancement in industries such as 5G and IoT. As a result, the market is not only seeing an increase in domestic manufacturing and innovation that increase India's role in the global electronic supply chain, but also place it for a leading role even in the manufacturing of PCBs.
Indian printed circuit board (PCB) market is advancing with the rise of flexible and printed electronics.
Another recent trend in the Indian printed circuit board market is increasingly using advanced PCB technologies such as flexible or printed electronics. The demand for flexible PCBs is increasing because it may be used in wearables, consumer electronics, and automotive sectors where flexibility and lightweight is essential. Printed electronics have gained much fame in industries such as healthcare and smart packaging due to the fact that electronic circuits can be integrated into substrates, bolstering the Indian printed circuit board (PCB) demand in the region. This is the reason for the recent fascination with technology and growing demand in terms of novelty, compactness, and efficiency of the electronic solutions. The research and development of their requirements involves huge investments by the company for developing better technologies catering to the evolving needs of the industry. With the pervasiveness of such advanced PCBs, they would drive significant growth and innovation in the market, making India a global leader in state-of-the-art PCBs.
April 2023
T-Works in Telangana, India's leading prototyping hub, has teamed up with Qualcomm India to create an advanced multilayer printed circuit board (PCB) fabrication facility, expediting the prototyping and development of electronic products.
April 2023
Indian manufacturers such as Dixon Technologies and Optiemus Electronics enhanced local value addition in wearables and wearables production by initiating the manufacturing of printed circuit boards (PCBs).
Historically, the Indian printed circuit board (PCB) market has seen a high sales and demand rate. Sales have increased considerably with the growing demand of sectors like consumer electronics, automotive, and telecommunication. The demand for PCB mainly surged in the consumer electronics segment, promoted by increasing smartphone, tablet, and smart device penetration. In the automotive industry also, due to higher demand for advanced driver-assistance systems and electrical vehicles, more PCBs were required.
According to the India Electronics and Semiconductor Association, despite an increase in local production, India still imported a significant share of high-end PCBs, propelling the Indian printed circuit board (PCB) market revenues forward. In the future, prominent vendors will continue enhancing domestic manufacturing capabilities, investing in emerging technologies such as flexible and printed electronics, and building on their competitive advantages in both domestic and international markets.
India's HDI PCB demand offers growth via advanced tech and supportive policies.
A huge opportunity for the Indian printed circuit board (PCB) market is the increase in demand for high-density interconnect, driven by technological innovations in consumer electronics, automotive, and telecommunications. Indeed, due to rapid digital transformation that is being adopted by India, the demand for more sophisticated and compact electronic components is spiralling upwards. Key participants can take advantage of the tide by investing in advanced manufacturing technologies and expanding their capacity to manufacture HDI PCBs that ensure better performance and miniaturisation than conventional PCBs, boosting the Indian printed circuit board (PCB) market opportunities.
Government initiatives also include the Production Linked Incentive Scheme for Electronics Manufacturing, creating a propitious atmosphere for industry growth. Thus, emerging needs and incentives may provide impetus to manufacturing companies of PCB to drive a competitive advantage for substantial growth in the Indian Market.
High-Density Interconnect (HDI) boards are rising in India for compact, high-performance electronics.
One of the technologies that have been gaining much momentum in the Indian printed circuit board (PCB) market is High-Density Interconnect boards. HDI PCBs are characterised by fine lines and spaces, high layer counts, and advanced materials that are used to achieve greater circuit density and miniaturisation of electronic devices. These are useful in field applications, including smartphones and tablets, where space is at a premium while performance requirements are very high, and higher-end automotive systems, driving the Indian printed circuit board (PCB) market dynamics and trends. Owing to the ever-growing demand for compact, high-performance electronics, HDI PCBs have started to gain appreciation in India. From the development of local manufacturing capabilities down to advancements in the HDI technology itself, all factors together are driving this trend forward in the Indian market.
The rise in consumer electronics and government incentives drive India's PCB market growth.
One of the major factors contributing to the growth of the Indian printed circuit board (PCB) market: the growth in the consumer electronics sector. As the population of the middle class is increasing in India, along with disposable incomes, there is greater demand for electronic devices like smartphones, tabs, smart home gadgets, among others. This is creating a ripple effect in demand within the PCB industry, as PCBs are integral parts of these devices, removing the various Indian printed circuit board (PCB) market challenges.
For instance, growing availability of low-cost smartphones increases the demand for PCB production in mobile phones. The growth in the adoption rate of smart home gadgets, which involve smart thermostats and security systems, is also drawing up the demand for high-tech PCBs. Besides, government policies such as the "Make in India" initiative and the PLI started to give fillip to the local manufacturing of PCBs, therefore improving the market demand. The increasing demand for consumer electronics, along with policies enacted in support of the same, is one of the major drives the Indian printed circuit board market is seeing.
High raw material costs and expensive manufacturing tech constrain the market growth
The high price of raw materials and advanced manufacturing technologies is a significant restraint of the market, impeding the Indian printed circuit board (PCB) industry revenues. Manufacturing a PCB requires special materials, such as copper foil and high-grade laminates, which are very costly with volatility in prices. Besides, the high cost of acquiring and maintaining sophisticated manufacturing equipment is one of the inhibiting factors for local producers, especially for small and medium-sized enterprises. Higher prices of production would automatically affect competitiveness. Besides, as there is no supply chain available, most of the parts utilised to assemble them are imported, which adds to more problems. All these factors combined lead to a limitation in the growth of the market by increasing the cost of production, thereby reducing the profit margins of PCB manufacturers in India.
“Indian Printed Circuit Board (PCB) Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Manufacturing Type
Market Breakup by Product Type
Market Breakup by Number of Layers
Market Breakup by Type
Market Breakup by Laminate Type
Market Breakup by Application
Market Breakup by States
Bare PCBs support design flexibility; Populated PCBs enhance efficiency and speed in production.
While Bare PCBs and Populated PCBs are driving demand in the Indian printed circuit board market, they exhibit this demand differently. A Bare PCB provides an elementary platform used in several industries in the design of a circuit and prototyping for automotive and consumer electronics, respectively. As per Indian printed circuit board (PCB) market analysis, the demand has been on the rise as more and more manufacturers look for cost-effective means to produce and test electronic devices. Conversely, the populated PCBs that are already fitted with components have greater demand because their application is very easy and time-saving; they merely reduce the workload of assembling and therefore have a crucial role in high-volume production in industries like telecommunications and medical. With the growth of India's electronic manufacturing industry impelled by rapid changes in technology and rising consumptions of electronic goods, demand is seen to go up for both types.
HDI/Microvia/Build-Up PCBs excel in miniaturisation; other types meet diverse industry needs.
HDI/Microvia/Build-Up PCBs are gaining more importance in the Indian printed circuit board (PCB) market, growing at a CAGR of 20.6% through 2032. The reason for this might be understood from the fact that HDI/Microvia/Build-up PCBs are designed to accommodate high-density, miniaturised electronic designs-important in modern devices such as smartphones, tablets, and higher-end automotive systems. This, in turn, allows for superior performance with compact size for high-speed data transmission and reliability in applications that demand it. It is assumed that technology development would further raise the demand for these advanced types of PCBs.
According to Indian printed circuit board (PCB) industry analysis, while Rigid 1-2 Sided PCBs are needed in simple applications, Standard Multilayer PCBs cover the industries segment that are categorised into medium complexity. The reason is that flexible circuits offer better flexibility in compact designs. Rigid-Flex PCB combines benefits from both rigid and flexible circuits, thereby meeting the requirements of high performance. Each segment contributes differently to market growth by appealing to the particular needs of the industry.
The use of multi-layer PCBs will gain momentum in India since they guarantee the complicated and high-density electronic design required in high-tech applications, such as smartphones, automotive electronics, and industrial devices. Also, with better performance and compactness, they address today's needs for modern and high-technology devices. Single-Sided and Double-Sided PCBs would still be applied in applications requiring simplicity, cost-effectiveness, and no need for high density. They also remain fundamental for basic electronic devices and applications on low budgets, shaping news trends in the Indian printed circuit board (PCB) market.
A wide array of consumer goods incorporates PCBs, such as communication devices like smartphones, tablets, smartwatches, and radios.
In the medical sector, PCBs are utilised in cardiovascular equipment such as pacemakers, medical imaging devices like MRIs, and monitoring gadgets such as body temperature monitors.
FR-4 laminates, due to their all-round performance, reasonable cost, and diverse usage in various electronic applications, will see strong demand in the Indian printed circuit board (PCB) market. They boast excellent electrical insulation and mechanical properties, thus can be applied to a wide range of standard or advanced electronic equipment. Polyamide laminates boast high thermal resistance and find increasing application in high-temperature applications, augmenting the growth of the Indian printed circuit board (PCB) market. CEM-1 and Paper laminates meet the needs of somewhat lower-cost, less demanding applications. Others represent specialised materials for specialised applications but generally have smaller market shares.
Indian Printed Circuit Board (PCB) Market Opportunities in Maharashtra
The leading state in the Indian printed circuit board (PCB) market is Maharashtra, driven by thriving electronics and IT sectors, garnering a 21.9% CAGR through 2032. Consequently, Mumbai and Pune have emerged as major manufacturing hubs for PCBs with their large number of technology companies and industrial estates. This state boasts one of the best infrastructures in the country, a skilled labour force, and policies that help its government support the establishment of an ideal ecosystem for PCBs. All that adds to the dominance of Maharashtra is its heavy investments in technology and innovation, making it a very vital partner for both the domestic and international PCB markets. The strong focus on electronics and IT is adding strength to the state, which attracts several multinational and local manufacturers of PCBs, accelerating the growth of the Indian printed circuit board (PCB) industry in Maharashtra.
Tamil Nadu Printed Circuit Board (PCB) Market Dynamics
Tamil Nadu is one of the largest contributors to the Indian printed circuit board market, as the state is highly industrially based on automotive and consumer electronics. Because Chennai is the capital of the state, it is considered a major hub for PCB manufacturing since the capital has a vast network of electronics and automotive firms in the region. Its growth in technology and industries attracts regular demand for PCBs. Government initiatives within the state to encourage electronic manufacturing clusters and offer a large number of incentives provide further impetus to the production of PCB and thereby strengthen Indian printed circuit board (PCB) in Tamil Nadu. The strategic location of the state and large industrial diversity contributes substantially to a major role in the market for PCB.
Karnataka Printed Circuit Board (PCB) Market Trends
Karnataka is one of the important states when it comes to the Indian PCB market, having housed Bengaluru as one of its major two tech and electronics hubs. Therefore, it contributes with a number of IT industries and gives a vibrant, growing environment for startups; demands for value-added PCBs are, therefore, very high. Innovation and technology-related initiatives in Bengaluru make it suitable for the consumer electronics, telecommunication, and IT infrastructure that grow with much more demand for higher-value PCB solutions, thus helping the growth of the Karnataka printed circuit board (PCB) market. The favourable business climate, skilled manpower, and investment in technology infrastructure make Karnataka more competitive in the PCB market. In addition, the policy framers of this state are committed to the growth of electronics manufacturing and technology development; hence, this market segment has given a boost.
Gujrat Printed Circuit Board (PCB) Market Insights
Gujarat is emerging as a vital player in the Indian market for PCBs, on the wheels of growth in its industrial and electronic sectors. With the friendly business climate of the state and infrastructural investments, Ahmedabad and Surat are emerging as the current hotspot towns. The capacity for producing PCBs is increasing with each passing day, with the state's initiatives to promote the manufacturing of electronics by establishing industrial parks and offering perks to technology firms. The relocation of industries for diversification, along with its strategic location, is increasing the Indian printed circuit board (PCB) market share in Gujarat. The commitment of the state to support such sectors as electronics and manufacturing basically positions it as a key contributor to the PCB market.
Startups involved in the PCB industry have focused on innovative designs, miniaturisation, and advanced materials to meet new emerging technological demands. These startups are after high-density interconnects, flexible circuits, and custom solutions that address the needs of up-and-coming wearables, IoT devices, and automotive electronics markets. This they hope will raise performance, reduce costs, and unlock niche applications employing state-of-the-art technologies, boosting the demand of the Indian printed circuit board (PCB) market.
Sahasra Electronics was set up in the year 2022. Product lines include advanced HDI and flexible PCBs catering to emerging technologies of IoT and automotive sectors that involve high-density interconnects, with customizable solutions targeted at meeting the evolving demands of modern electronics for improved design flexibility and performance.
Inflexion Electronics offers high-performance multilayer and custom PCBs. This brand, established in 2021, is actively trying to solve modern needs related to consumer electronics and industrial automation segments by value addition. Improvement of functionality and reliability pertaining to PCBs is the main focus to achieve higher demands of the industry.
Indian printed circuit board (PCB) market players are taking steps to enhance local manufacturing to reduce import dependency. Regional advantages in Maharashtra for tech hubs and Tamil Nadu for the automotive sector can be tapped through developing state-of-the-art HDI and flexible PCBs for consumer electronics, automotive, and similar growth areas. Besides this, Indian printed circuit board (PCB) companies are investing in sustainable practices, regional supply chain improvements that will help them meet specific market demands to support the growing industry of electronics in India.
Key industry leaders in this market are:
Epitome Components Ltd. established in 1994 and headquartered in Maharashtra, stands as a prominent PCB manufacturer in India, boasting advanced infrastructure and a substantial production capacity of 100,000 sqm/month. With a large and contented customer base both domestically and internationally, Epitome has forged a joint venture with Trackwise Designs Ltd., a UK-based company, focusing on producing RF Antenna PCBs vital for cellular networks, radar systems, space industry, and other sophisticated applications.
Shogini Technoarts Pvt. Ltd. established in 1982 and headquartered in Maharashtra, offers extensive solutions by producing top-notch printed circuit boards in a variety of types. These include single and double-sided, multilayer, metal-clad, and flex boards, each tailored for diverse applications. The range of products supports various sectors such as high-speed computing, high-frequency telecommunications, computer peripherals, defence, LED lighting, automotive electronics, and medical electronics.
India Circuit Ltd established in 2007 and headquartered in Chandigarh, demonstrates its commitment to excellence through a diverse product line. This includes single-side PCB, double-side PCB, metal core PCB, and aluminium PCB, reflecting their expertise and focus on delivering top-tier quality products.
Hi-Q Electronics Pvt. Ltd. established in 1983 and headquartered in Karnataka, stands as a premier manufacturer of intricate PCBs in India. Their clientele spans across Aerospace, Space, and high-tech sectors both domestically and internationally. Specializing in PCBs, Electronics Manufacturing, Defence and Aerospace solutions, Prototypes, Multilayer Boards, HDI, Flex Rigid, as well as Blind Buried technologies, they demonstrate a commitment to excellence in their field.
Other key players in the Indian printed circuit board (PCB) market are Genus Electrotech Ltd, Ascent Circuits Pvt Ltd, Fine-Line Circuits Limited, and S.B Electronics among others.
January 2024
DGTR, under the commerce ministry, suggested a five-year anti-dumping duty on printed circuit board imports from China and Hong Kong to shield domestic industry from low-cost imports.
February 2024
Recyclekaro and BARC teamed up via an MOU to employ BARC's tech for extracting pure copper oxide nanoparticles from PCBs, showcasing innovation and eco-consciousness.
Indian Printed Circuit Board (PCB) Market Size
Indian Printed Circuit Board (PCB) Market Trends
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
The market was valued at USD 4.53 billion in 2023.
The market is projected to grow at a CAGR of 18.1% between 2024 and 2032.
The market is expected to reach USD 20.17 billion in 2032.
The market is being driven by various factors such as government initiatives, the automotive sector, the expanding semiconductor industry, and technological advancements.
The printed circuit board (PCB) market is categorised according to its product type, which includes rigid 1–2-sided, standard multilayer, flexible circuits, HDI/microvia/build-up, rigid-flex and others.
The key players are 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, and S.B Electronics among others.
Based on type, it is divided into rigid PCBs and flexible PCBs.
The major market areas include Maharashtra, Tamil Nadu, Karnataka, Gujarat, and Others.
Based on the application, the printed circuit board (PCB) market is divided into consumer electronics, communication, industrial electronics, computers, military and aerospace, automotive and medical instrumentation.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Manufacturing Type |
|
| Breakup by Product Type |
|
| Breakup by Number of Layers |
|
| Breakup by Type |
|
| Breakup by Laminate Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Purchase Full Report
Datasheet
Single User License
One User
Five User License
Five Users
Corporate License
Unlimited Users
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
Share