The Indian PCB (Printed Circuit Board) market reached a value of US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 10.7 Billion by 2027, exhibiting a CAGR of 18.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Printed circuit boards (PCBs) are non-conductive, copper laminated boards that help to connect electronic and electrical components without the use of wires. These boards are composed of epoxy, fiberglass and other composite materials which reduce the complexity of the overall circuit design. PCBs are installed in various electronic products, ranging from consumer gadgets, such as PCs, tablets, smartphones and gaming consoles, to industrial and high-tech products. Over the past few years, the demand for PCBs in India has witnessed a steady rise on account of increasing investment in digitization and favorable government initiatives.

Indian PCB (Printed Circuit Board) Market: Drivers

India represents one of the largest and fastest growing consumer electronics market in the Asia Pacific region. Computers, laptops, mobile phones, etc. often use rigid PCBs in areas vital to the functionality of these devices, such as the motherboard, thereby creating a positive impact on the growth of the PCB industry.
PCBs find application in large number of industries which includes electronic products, automotive (dashboards, engine management system, power supplies etc.), medical (heart monitors, imaging probes, drug metering devices), defence (radar, armoured car control and security), lighting, broadcasting, Aerospace etc. It represents the foundation of a majority of electronic products and continues to evolve into new industries and applications.
The advancements made in the PCB functionalities and manufacturing along with the miniaturisation of semiconductor devices are expected to drive the demand for more complex PCBs with higher number of layers.
The Government of India is strongly encouraging the manufacturing and usage of PCBs in the country. It has launched many initiatives such as ’Make in India’, ’Digital India’ etc. Under these schemes, the government aims to encourage manufacturers to set up more local plants in the country by easing tax regime, reducing bureaucratic hurdles, etc. This is expected to bring in significant achievement in various end-use industries (automotive, electrical, etc.), thereby creating a positive impact on the overall PCB demand.
PCBs are the back bone of the electronics industry as it is deployed in almost all the electronic products from consumer gadgets to industrial high-tech products. The Indian electronic devices market has witnessed double digit growth rates driven by rising disposable incomes and increasing urbanisation levels in the country. This coupled with miniaturisation of semiconductor devices and enhanced functionality in electronic products is expected to drive the demand for more complex PCBs in the near future.
PCBs represent a fundamental component for the manufacturing of devices which are required for military navigation, guidance and control, electronic warfare, missiles and surveillance, and communication. India currently has the 5th largest defense budget in the world and these figures are expected to increase continuously over the next five years. Moreover, catalyzed by rising demand and increasing government initiatives, the defense equipment manufacturing industry in the country is also undergoing strong growth. This is also expected to drive the demand of PCBs in the next five years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Indian PCB (Printed Circuit Board) market, along with forecasts at the country and state level level from 2022-2027. Our report has categorized the market based on product type, application, layer, segment, laminate type and manufacturing type.

Breakup by Product Type:

Rigid 1-2 Sided
Standard Multilayer
Flexible Circuits
HDI/ Microvia/Build-Up
Rigid Flex
Others

On the basis of product type, rigid 1-2-sided PCBs represents the most popular type. Other major product types include standard multilayer, flexible circuits, HDI/microvia/ build-up and rigid-flex PCBs.

Breakup by Application:

Consumer Electronics
Communication
Industrial Electronics
Computers
Military & Aerospace
Automotive
Medical Instrumentation
Others

Based on the application, the market has been segmented into communication, consumer electronics, industrial electronics, automotive, computers, military and aerospace, medical instrumentation, and others. Consumer electronics currently represents the largest application segment for PCBs.

Breakup by Layer:

Single-Sided
Double-Sided
Multi-Layer

The market has been further segmented on the basis of layers into single-sided, double-sided and multi-layer PCBs. Single-sided PCBs currently account for the majority of the market share.

Breakup by Segment:

Rigid PCBs
Flexible PCBs

Based on the segment, rigid PCBs dominate the market, holding the largest share.

Breakup by Laminate Type:

FR-4
Polyamide
CEM-1
Paper
Others

Based on the laminate type, the report finds that FR-4 is the leading segment, holding the largest share. Other types include polyamide, CEM1, paper and others.

Breakup by Manufacturing Type:

Bare PCBs
Populated PCBs

Based on the manufacturing type, bare PCBs dominate the market, holding the largest share.

State Insights:

Maharashtra
Tamil Nadu
Karnataka
Gujarat
Other States

State-wise, the PCB market has been segmented into Maharashtra, Tamil Nadu, Karnataka, Gujarat and Others.

Competitive Landscape:
The market consists of numerous small and large manufacturers. Some of the leading players operating in the market are:

AT&S
Epitome Components Ltd.
Shogini Technoarts
Cipsa Tec India Pvt Ltd
Nano Electrotech Pvt Ltd
PCB Power Ltd
Sulakshana Circuits Ltd
Vintek Circuit India Pvt Ltd
Hi-Q Electronics Pvt Ltd
Meena Circuit Pvt Ltd
India Circuit Ltd (Garg Electronics)

This report provides a deep insight into the Indian PCB market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Indian PCB industry in any manner.

Key Questions Answered in This Report
1. What is the size of the Indian PCB (print circuit board) market?
2. What has been the impact of COVID-19 on the Indian PCB (print circuit board) market?
3. What are the key factors driving the Indian PCB (print circuit board) market?
4. What is the breakup of the Indian PCB (print circuit board) market based on the product type?
5. What is the breakup of the Indian PCB (print circuit board) market based on the application?
6. What is the breakup of the Indian PCB (print circuit board) market based on the layer?
7. What is the breakup of the Indian PCB (print circuit board) market based on the segment?
8. What is the breakup of the Indian PCB (print circuit board) market based on the laminate type?
9. What is the breakup of the Indian PCB (print circuit board) market based on the manufacturing type?
10. What are the key regions in the Indian PCB (print circuit board) market?
11. Who are the key companies/players in the Indian PCB (print circuit board) market?