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Indian Printed Circuit Board (PCB) Market

Indian Printed Circuit Board (PCB) Market Size, Share: By Manufacturing Type: Bare PCBs, Populated PCBs; By Product Type: Rigid 1-2 Sided, Standard Multilayer, Flexible Circuits, HDI/Microvia/Build-Up, Rigid Flex, Others; By Number of Layers; By Type; By Laminate Type; By Application; Regional Analysis; Competitive Landscape; 2024-2032

Indian Printed Circuit Board (PCB) Market Outlook

The Indian printed circuit board (PCB) market size 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.

 

Key Takeaways:

  • 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 in the Indian printed circuit board PCB market.
  • The Indian semiconductor industry is forecasted to grow to approximately $110 billion by 2030, as per the International Trade Administration's estimates.
  • PCBs are utilized in various sectors such as aerospace, medical devices, industrial machinery, computers, and communication, control, and entertainment systems.

 

A printed circuit board (PCB) is a flat board made of non-conductive material coated with copper, designed for linking components without the necessity for wires. Crafted from materials like epoxy and fibreglass, these boards simplify the intricacy of circuit designs. PCBs are available in various types including rigid 1-2-sided boards, standard multilayer boards, flexible circuits, high-density interconnect (HDI), micro via or build-up boards, and rigid-flex boards.

 

Despite being flat and rigid, their flexible substrates allow them to fit into intricate spaces, making them valuable in industries such as automotive, electronics, medical, aerospace, and military and defence sectors across India.

 

As per the Indian printed circuit board (PCB) market report, MeitY aims to boost India's self-reliance and global status in ESDM through the Semicon India Programme launched in 2022, approved with ₹76,000 crore. This is expected to foster semiconductor and display manufacturing infrastructure and thus boost the Indian printed circuit board (PCB) market growth.

 

Indian Printed Circuit Board (PCB) Market

 

Key Trends and Developments

Indian printed circuit board (PCB) market growth is bolstered by various factors such as government initiatives, the automotive sector, the expanding semiconductor industry, and technological advancements.

 

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.

 

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).

 

Government initiative

India's government actively promotes PCB manufacturing and use, advocating initiatives like 'Make in India' and 'Digital India'. These programs aim to simplify taxes and bureaucratic processes, encouraging local plant establishment. This strategy anticipates notable growth in sectors like automotive and electrical.

 

Automotive sector

Indian printed circuit board (PCB) market development is attributed to the growing application in automobile head-up displays (HUDs), ADAS control modules, and antilock brake systems, bolstered by the automotive industry's rapid growth. This, along with PCB-based electronics in fuel regulators, power supplies, and engine management systems, contributes significantly to the market.

 

Growing semiconductor industry

A PCB, also known as a printed wiring board (PWB), acts as a foundation for connecting components in an electric circuit. The India Semiconductor Mission (ISM) is pivotal in structuring the growth of the semiconductor and display industries. It devises a lasting strategy for manufacturing semiconductors and displays, working closely with government bodies, industries, and academia.

 

Technological advancements

As per the Indian printed circuit board (PCB) market report, the expansion of the Internet of Things (IoT) boosts the demand for PCBs that can handle various wireless communication methods. Advancements in PCB technology allow for smooth integration of Wi-Fi, Bluetooth, and 5G into devices, a speciality of top PCB assembly firms.

 

Indian Printed Circuit Board (PCB) Market Trends

PCBs find applications across diverse sectors including calculators, aerospace, medical devices, remote controls, circuit boards, industrial machinery, computers, and communication, control, and home entertainment systems. Additionally, the growing trend of miniaturization in the semiconductor industry is driving demand for PCBs in India.

 

As per the Indian printed circuit board market analysis, factors such as product innovations, technological advancements, and the increasing need for eco-friendly PCBs due to rising electronic waste globally are also contributing to market growth.

 

Market Segmentation

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

  • 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 States

  • Maharashtra
  • Tamil Nadu
  • Karnataka
  • Gujarat
  • Others

 

Indian printed circuit board (PCB) market is experiencing growth primarily driven by bare PCBs, which consist of substrate, metal coatings, conductive pathways, and patterns, depending on the manufacturing method

Bare PCBs provide numerous advantages, including mechanical support for mounted components, traces, and pads, facilitating circuit connections and the routing of electrical current between components.

 

Populated PCBs are equipped with electronic components. A bare board lacks mounted electronic components, whereas a populated board includes them. PCBs can be populated using surface mount technology or through-hole technology.

 

Rigid 1-2-sided PCBs captured most of the Indian printed circuit board (PCB) market share, driven by their increasing use in electronic devices

Rigid PCBs are solid and inflexible circuit boards primarily utilized in electronic devices, unable to bend or flex.

 

Flexible circuits can conform to small or irregular spaces, a capability absent in standard rigid boards. They occupy less space, thereby reducing the weight of the application's motherboard.

 

Single-sided PCBs are likely to play a pivotal role in the Indian printed circuit board (PCB) market growth, primarily due to their extensive use in various electronic devices like printers, camera systems, calculators, and radio equipment

Single-sided PCBs enable highly cost-effective and economical manufacturing processes. Their simplicity allows for production at faster speeds and in larger quantities with fewer potential issues.

 

Double-sided PCBs find application in vending machines, cell phones, UPS systems, amplifiers, lighting systems, and car dashboards. They are ideal for advanced technology applications, and compact electronic circuits.

 

Based on application, Indian printed circuit board (PCB) market share is led by consumer electronics

A wide array of consumer goods incorporates PCBs, such as communication devices like smartphones, tablets, smartwatches, and radios.

 

In the medical sector, PCBs are utilized in cardiovascular equipment such as pacemakers, medical imaging devices like MRIs, and monitoring gadgets such as body temperature monitors.

 

Competitive Landscape

Key players in the Indian printed circuit board (PCB) market are providing comprehensive solutions through the production of high-quality printed circuit boards of various types.

 

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.

 

Indian Printed Circuit Board (PCB) Market by State

By states, the Indian printed circuit board market share is led by Maharashtra. The increasing demand for PCBs in consumer electronic products, such as laptops, computers, and mobile phones is fuelling the market growth.

 

In Karnataka, the rising adoption of PCBs in the medical industry in heart monitors, imaging probes, and drug metering devices is supplementing the market. Moreover, governing authorities are encouraging the manufacturing of PCBs in the state and offering various initiatives, which are propelling the growth of the market.

 

Key Highlights of the Report

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:

  • Manufacturing Type
  • Product Type
  • Number of Layers
  • Type
  • Laminate Type
  • Application
  • Region
Breakup by Manufacturing Type
  • Bare PCBs
  • Populated PCBs
Breakup by Product Type
  • Rigid 1-2 Sided
  • Standard Multilayer
  • Flexible Circuits
  • HDI/Microvia/Build-Up
  • Rigid Flex
  • Others
Breakup by Number of Layers
  • Single-Sided
  • Double-Sided
  • Multi-Layer
Breakup by Type
  • Rigid PCBs
  • Flexible PCBs
Breakup by Laminate Type
  • FR-4
  • Polyamide
  • CEM-1
  • Paper
  • Others
Breakup by Application
  • Consumer Electronics
  • Communication
  • Industrial Electronics
  • Computers
  • Military and Aerospace
  • Automotive
  • Medical Instrumentation
Breakup by Region
  • Maharashtra
  • Tamil Nadu
  • Karnataka
  • Gujarat
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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
  • S.B Electronics
  • Others 
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Market Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Indian Printed Circuit Board (PCB) Market Overview

    8.1    Key Industry Highlights
    8.2    Indian Printed Circuit Board (PCB) Historical Market (2018-2023)
    8.3    Indian Printed Circuit Board (PCB) Market Forecast (2024-2032)
9    Indian Printed Circuit Board (PCB) Market by Manufacturing Type
    9.1    Bare PCBs
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Populated PCBs 
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Indian Printed Circuit Board (PCB) Market by Product Type  
    10.1    Rigid 1-2 Sided
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Standard Multilayer
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    Flexible Circuits
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    HDI/Microvia/Build-Up
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Rigid Flex
        10.5.1    Historical Trend (2018-2023)
        10.5.2    Forecast Trend (2024-2032)
    10.6    Others
11    Indian Printed Circuit Board (PCB) Market by Number of Layers  
    11.1    Single-Sided
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Double-Sided
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    Multi-Layer   
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
12    Indian Printed Circuit Board (PCB) Market by Type  
    12.1    Rigid PCBs
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Flexible PCBs
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
13    Indian Printed Circuit Board (PCB) Market by Laminate Type
    13.1    FR-4
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    Polyamide
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    CEM-1
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    Paper
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Indian Printed Circuit Board (PCB) Market by Application  
    14.1    Consumer Electronics
        14.1.1    Historical Trend (2018-2023)
        14.1.2    Forecast Trend (2024-2032)
    14.2    Communication
        14.2.1    Historical Trend (2018-2023)
        14.2.2    Forecast Trend (2024-2032)
    14.3    Industrial Electronics
        14.3.1    Historical Trend (2018-2023)
        14.3.2    Forecast Trend (2024-2032)
    14.4    Computers
        14.4.1    Historical Trend (2018-2023)
        14.4.2    Forecast Trend (2024-2032)
    14.5    Military and Aerospace
        14.5.1    Historical Trend (2018-2023)
        14.5.2    Forecast Trend (2024-2032)
    14.6    Automotive
        14.6.1    Historical Trend (2018-2023)
        14.6.2    Forecast Trend (2024-2032)
    14.7    Medical Instrumentation
        14.7.1    Historical Trend (2018-2023)
        14.7.2    Forecast Trend (2024-2032)
15    Indian Printed Circuit Board (PCB) Market by States
    15.1    Maharashtra
        15.1.1    Historical Trend (2018-2023)
        15.1.2    Forecast Trend (2024-2032)
    15.2    Tamil Nadu
        15.2.1    Historical Trend (2018-2023)
        15.2.2    Forecast Trend (2024-2032)
    15.3    Karnataka
        15.3.1    Historical Trend (2018-2023)
        15.3.2    Forecast Trend (2024-2032)
    15.4    Gujarat
        15.4.1    Historical Trend (2018-2023)
        15.4.2    Forecast Trend (2024-2032)
    15.5    Others
16    Market Dynamics
    16.1    SWOT Analysis
        16.1.1    Strengths
        16.1.2    Weaknesses
        16.1.3    Opportunities
        16.1.4    Threats
    16.2    Porter’s Five Forces Analysis
        16.2.1    Supplier’s Power
        16.2.2    Buyers Power
        16.2.3    Threat of New Entrants
        16.2.4    Degree of Rivalry
        16.2.5    Threat of Substitutes
    16.3    Key Indicators for Demand
    16.4    Key Indicators for Price
17    Value Chain Analysis
18    Competitive Landscape

    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    Epitome Components Ltd.
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    Shogini Technoarts Pvt. Ltd.
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications    
        18.2.3    India Circuit Ltd
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications    
        18.2.4    Hi-Q Electronics Pvt. Ltd 
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    Genus Electrotech Ltd
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    Ascent Circuits Pvt Ltd
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    Fine-Line Circuits Limited
            18.2.7.1    Company Overview
            18.2.7.2    Product Portfolio
            18.2.7.3    Demographic Reach and Achievements
            18.2.7.4    Certifications
        18.2.8    S.B Electronics
            18.2.8.1    Company Overview
            18.2.8.2    Product Portfolio
            18.2.8.3    Demographic Reach and Achievements
            18.2.8.4    Certifications
        18.2.9    Others
19    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Indian Printed Circuit Board (PCB) Market: Key Industry Highlights, 2018 and 2032
2.    Indian Printed Circuit Board (PCB) Historical Market: Breakup by Manufacturing Type (USD Billion), 2018-2023
3.    Indian Printed Circuit Board (PCB) Market Forecast: Breakup by Manufacturing Type (USD Billion), 2024-2032
4.    Indian Printed Circuit Board (PCB) Historical Market: Breakup by Product Type (USD Billion), 2018-2023
5.    Indian Printed Circuit Board (PCB) Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
6.    Indian Printed Circuit Board (PCB) Historical Market: Breakup by Number of Layers (USD Billion), 2018-2023
7.    Indian Printed Circuit Board (PCB) Market Forecast: Breakup by Number of Layers (USD Billion), 2024-2032
8.    Indian Printed Circuit Board (PCB) Historical Market: Breakup by Type (USD Billion), 2018-2023
9.    Indian Printed Circuit Board (PCB) Market Forecast: Breakup by Type (USD Billion), 2024-2032
10.    Indian Printed Circuit Board (PCB) Market Forecast: Breakup by Laminate Type (USD Billion), 2024-2032
11.    Indian Printed Circuit Board (PCB) Historical Market: Breakup by Laminate Type (USD Billion), 2018-2023
12.    Indian Printed Circuit Board (PCB) Historical Market: Breakup by Application (USD Billion), 2018-2023
13.    Indian Printed Circuit Board (PCB) Market Forecast: Breakup by Application (USD Billion), 2024-2032
14.    Indian Printed Circuit Board (PCB) Historical Market: Breakup by States (USD Billion), 2018-2023
15.    Indian Printed Circuit Board (PCB) Market Forecast: Breakup by States (USD Billion), 2024-2032
16.    Indian Printed Circuit Board (PCB) Market Structure

Key Questions Answered in the Report

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.

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