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Report Overview
The Indian printed circuit board (PCB) market reached USD 4.53 Billion in 2024. The market is expected to grow at a CAGR of 18.10% between 2025 and 2034, reaching almost USD 23.91 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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The Semicon India Programme, initiated in 2022 with ₹76,000 crore, by MeitY, aims to enhance India's self-reliance and global presence in ESDM, thereby fueling growth of Indian printed circuit board PCB market.
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The Indian semiconductor industry is forecasted to grow to approximately $110 billion by 2030, as per the International Trade Administration's estimates.
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PCBs are utilised in various sectors such as aerospace, medical devices, industrial machinery, computers, and communication, control, and entertainment systems.
Indian Printed Circuit Board (PCB) Market Regional Insights
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.
Indian Printed Circuit Board (PCB) Market Report Snapshots
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.*
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Key Questions Answered in the Report
The market was valued at USD 4.53 Billion in 2024.
The market is projected to grow at a CAGR of 18.10% between 2025 and 2034.
The market is expected to reach USD 23.91 Billion in 2034.
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.
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