Press Release

Indian Printed Circuit Board (PCB) Market to Grow at a CAGR of 18.1% During 2024-2032, Driven by a Rapidly Advancing Electronics Sector

Indian Printed Circuit Board (PCB) Market

According to a new report by EMR titled, ‘Indian Printed Circuit Board (PCB) Market Report and Forecast 2024-2032’, 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.

India's rapidly advancing electronics market is increasing the demand for PCB manufacturing. PCBs are crucial components of a range of consumer electronics, like computers, laptops, and smartphones to medical devices and industrial equipment. Around 35% of India’s PCB requirements are met through domestic production. The favourable government policies to enhance domestic production capabilities support the Indian printed circuit board (PCB) market growth. The Indian government is promoting domestic manufacturing to enhance self-reliance under the Atmanirbhar Bharat scheme.


The current trends shaping the PCB market are Multilayer PCBs with high-density interconnects (HDIs), tiny components, flexible printed circuits, high-frequency PCBs and green PCBs. HDI PCBs are widely targeted for miniaturised applications. They are exhaustively deployed in medical devices like tiny implants and diagnostic tools like CT scan machines. The demand for sustainable PCB designs is gaining traction globally with consumers increasingly focusing on green manufacturing. Consequently, researchers are exploring composite materials for PCBs that can be easily recycled. For instance, biodegradable polymers can potentially be used as binders in PCBs to replace toxic thermosetting resins.


The Indian PCB sector is supported by investments in new manufacturing facilities by major players. For instance, in July 2023, Sanmina Corporation (NASDAQ: SANM) based in the United States announced its plans to establish a PCB manufacturing facility in Odisha. In October 2023, Krypton Solutions based in Texas, announced its plans to set up a PCB fabrication unit in Karnataka.


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Market Breakup by Manufacturing Type, Product Type, Number of Layers, Segment, Laminate Type, Application, and States:

  • The market is segmented based on manufacturing type into bare PCBs and populated PCBs.
  • By product type, the market is divided into rigid 1-2 sided, standard multilayer, flexible circuits, HDI/microvia/build-up, rigid flex, and others.
  • By number of layers, the market is categorised into single-sided, double-sided, multi-layer.
  • By segment, the market is bifurcated into rigid PCBs and flexible PCBs.
  • By laminate type, the market is segmented into FR-4, polyamide, CEM-1, paper, and others.
  • By application, the market is segmented into consumer electronics, communication, industrial electronics, computers, military and aerospace, automotive, and medical instrumentation.
  • State-wise, the Indian market for printed circuit board can be divided into Maharashtra, Tamil Nadu, Karnataka, Gujarat, and others.


Key Findings of the Report:

  • The rising adoption of technologies, such as 5G connectivity, internet-of-things sensors and artificial intelligence, is driving the Indian printed circuit board (PCB) market demand.
  • The growing demand for miniaturised electronics is increasing the demand for manufacturers to assemble small and powerful components like micro BGAs and nano ICs on compact boards.
  • The growing market for high-power circuits in electric vehicles and alternative energy solutions is driving the demand for larger PCB designs that can perform well in harsh environments.
  • Additive manufacturing helps producers manufacture complex recyclable PCBs. 3D-printed electronics with inkjet and laser printing reduce the number of manufacturing steps, increasing their efficiency.


Key Offerings of the Report:

  • The EMR report gives an overview of the Indian market for printed circuit boards for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) market information for the manufacturing type, product type, number of layers, segment, laminate type, application, and major states of printed circuit board.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.


The major players in the Indian printed circuit board (PCB) market are Epitome Components Ltd., Shogini Technoarts Pvt. Ltd., India Circuit Ltd, Hi-Q Electronics Pvt. Ltd, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


Key Highlights of the Report

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
  • Segment
  • 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 Segment
  • 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
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
  • Others


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