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Indian PCB ( Printed Circuit Board) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

The Indian PCB (Printed Circuit Board) market in India was worth US$ 2.37 Billion in 2018. 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. Looking forward, the PCB market in India is projected to cross US$ 6.29 Billion by 2024, exhibiting a CAGR of 17.7% during 2019-2024.

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.


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 devices, and others. Consumer electronics currently represent 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 total market.

Breakup by PCB Laminate Type:

  • FR-4
  • Polyamide
  • CEM-1
  • Paper
  • Others

Based on the PCB laminate type, the report finds that FR-4 is the leading segment, holding the largest share. Other types include polyimide, 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. Bare PCBs are followed by populated PCBs.

Regional Insights:

  • Maharashtra
  • Tamil Nadu
  • Karnataka
  • Gujarat
  • Other States

Region-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 Tech India
  • Nano Electrotech Pvt Ltd
  • PCB Power Ltd
  • Sulakshana Circuits Ltd
  • Vintek Circuit India Pvt Ltd
  • Hi-Q Electronics Pvt Ltd
  • Meena Circuit Pvt Ltd


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 market in any manner.

Key Questions Answered in This Report:

  • How has the Indian printed circuit board market performed so far and how will it perform in the coming years?
  • What are the key regions in the Indian printed circuit board market?
  • Which are the popular product types in the Indian printed circuit board market?
  • What are the key application segments in the Indian printed circuit board market?
  • What is the breakup of the Indian printed circuit board market on the basis of number of layers?
  • What is the breakup of the Indian printed circuit board market on the basis of manufacturing type?
  • What is the breakup of the Indian printed circuit board market on the basis of segment type?
  • What is the breakup of the Indian printed circuit board market on the basis of laminate type?
  • What are the price trends of printed circuit boards?
  • What are the various stages in the value chain of the Indian printed circuit board market?
  • What are the key driving factors and challenges in the Indian printed circuit board market?
  • What is the structure of the Indian printed circuit board market and who are the key players?
  • What is the degree of competition in the Indian PCB market?
  • How are printed circuit boards manufactured?

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Printed Circuit Board Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Market Breakup by Manufacturing Type
    5.4    Market Breakup by Application
    5.5    Market Breakup by Product Type
    5.6    Market Breakup by Number of Layers
    5.7    Market Breakup by Segment
    5.8    Market Breakup by Laminate Type
    5.9    Market Forecast
    5.10   Market Breakup by Key Players
6   Indian Printed Circuit Board Market
    6.1    Market Overview
    6.2    Market Performance
    6.3    Price Analysis
        6.3.1    Key Price Indicators
        6.3.2    Price Structure
        6.3.3    Price Trends
    6.4    Market Breakup by Supply
    6.5    Market Breakup by Manufacturing Type
    6.6    Market Breakup by Application
    6.7    Market Breakup by Product Type
    6.8    Market Breakup by Region
    6.9    Market Breakup by Number of Layers
    6.10    Market Breakup by Segment
    6.11    Market Breakup by Laminate Type
    6.12    Market Forecast
    6.13    SWOT Analysis
        6.13.1    Strengths
        6.13.2    Weaknesses
        6.13.3    Opportunities
        6.13.4    Threats
    6.14    Value Chain Analysis
        6.14.1    Research and Development
        6.14.2    Designing
        6.14.3    Raw material Procurement
        6.14.4    Manufacturing and Testing
        6.14.5    Exports
        6.14.6    Sales Distribution
        6.14.7    End-User
        6.14.8    Post-Sale Services
    6.15    Porter’s Five Forces Analysis
        6.15.1    Overview
        6.15.2    Bargaining Power of Buyers
        6.15.3    Bargaining Power of Suppliers
        6.15.4    Degree of Rivalry
        6.15.5    Threat of New Entrants
        6.15.6    Threat of Substitutes
    6.16    Government Initiatives
7   Market Breakup by Manufacturing Type
    7.1    Bare PCBs
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Populated PCBs
        7.2.1    Market Trends
        7.2.2    Market Forecast
8   Market Breakup by Application
    8.1    Consumer Electronics
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Communication
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Industrial Electronics
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Computers
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Military & Aerospace
        8.5.1    Market Trends
        8.5.2    Market Forecast
    8.6    Automotive
        8.6.1    Market Trends
        8.6.2    Market Forecast
    8.7    Medical Instrumentation
        8.7.1    Market Trends
        8.7.2    Market Forecast
    8.8    Others
        8.8.1    Market Trends
        8.8.2    Market Forecast
9   Market Breakup by Product Type
    9.1    Rigid 1-2 Sided
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    Standard Multilayer
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    Flexible Circuits
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    HDI/ Microvia/Build-Up
        9.4.1    Market Trends
        9.4.2    Market Forecast
    9.5    Rigid Flex
        9.5.1    Market Trends
        9.5.2    Market Forecast
    9.6    Others
        9.6.1    Market Trends
        9.6.2    Market Forecast
10  Performance by Number of Layers
    10.1    Single-Sided
        10.1.1    Market Trends
        10.1.2    Market Forecast
    10.2    Double-Sided
        10.2.1    Market Trends
       10.2.2    Market Forecast
    10.3    Multi-Layer   
        10.3.1    Market Trends
        10.3.2    Market Forecast
11  Market Breakup by Segment
    11.1    Rigid PCBs
        11.1.1    Market Trends
        11.1.2    Market Forecast
    11.2    Flexible PCBs
        11.2.1    Market Trends
        11.2.2    Market Forecast
12  Market Breakup by Laminate Type
    12.1    FR-4
        12.1.1    Market Trends
        12.1.2    Market Forecast
    12.2    Polyamide
        12.2.1    Market Trends
        12.2.2    Market Forecast
    12.3    CEM-1
        12.3.1    Market Trends
        12.3.2    Market Forecast
    12.4    Paper
        12.4.1    Market Trends
        12.4.2    Market Forecast   
    12.5    Others
        12.5.1    Market Trends
        12.5.2    Market Forecast
13  Performance by Various States
    13.1    Maharashtra
        13.1.1    Market Trends
        13.1.2    Market Forecast
    13.2    Tamil Nadu
        13.2.1    Market Trends
        13.2.2    Market Forecast
    13.3    Karnataka
        13.3.1    Market Trends
        13.3.2    Market Forecast
    13.4    Gujarat
        13.4.1    Market Trends  
        13.4.2    Market Forecast
    13.5    Other States
        13.5.1    Market Trends
        13.5.2    Market Forecast
14  Competitive Landscape
    14.1    Market Structure
    14.2    Key Players
15  Manufacturing Process
    15.1    Product Overview
    15.2    Detailed Process Flow
    15.3    Various Types of Unit Operations Involved
16  Profile of Key Players
    16.1    AT&S
    16.2    Epitome Components Ltd
    16.3    Shogini Technoarts
    16.4    Cipsa Tec India Pvt Ltd
    16.5    Sulakshana Circuits Ltd
    16.6    PCB Power Limited
    16.7    Hi-Q Electronics Pvt Ltd
    16.8    Vintek Circuit India Pvt Ltd
    16.9    India Circuit Ltd (Garg Electronics)
    16.10    Meena Circuit Pvt Ltd


List of Figures

Figure 1: India: Printed Circuit Board (PCB) Market: Major Drivers and Challenges
Figure 2: Global: PCB Market: Production Value Trends (in Billion US$), 2011-2018
Figure 3: Global: PCB Market: Breakup by Manufacturing Type (in %), 2018
Figure 4: Global: PCB Market: Breakup by Application (in %), 2018
Figure 5: Global: PCB Market: Breakup by Product Type (in %), 2018
Figure 6: Global: PCB Market: Breakup by Number of Layers (in %), 2018
Figure 7: Global: PCB Market: Breakup by Segment (in %), 2018
Figure 8: Global: PCB Market: Breakup by Laminate Type (in %), 2018
Figure 9: Global: PCB Market Forecast: Production Value Trends (in Billion US$), 2019-2024
Figure 10: Global: PCB Market: Breakup by Key Players (in %), 2018
Figure 11: India: PCB Market: Sales Value (in Million US$), 2011-2018
Figure 12: India: PCB Market: Total Production Cost Breakup (in %), 2018
Figure 13: PCB Manufacturing: Price Structure Analysis (in US$/Square Metre)
Figure 14: India: PCB Market: Average Price Trends (in US$/Sq. Metre), 2011 and 2018-2024
Figure 15: India: PCB Market: Breakup by Supply (in %), 2018
Figure 16: India: PCB Market: Breakup by Manufacturing Type (in %), 2018
Figure 17: India: PCB Market: Breakup by Application (in %), 2018
Figure 18: India: PCB Market: Breakup by Product Type (in %), 2018
Figure 19: India: PCB Market: Breakup by States (in %), 2018
Figure 20: India: PCB Market: Breakup by Number of Layers (in %), 2018
Figure 21: India: PCB Market: Breakup by Segment (in %), 2018
Figure 21: India: PCB Market: Breakup by Laminate Type (in %), 2018
Figure 22: India: PCB Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 23: India: Printed Circuit Board Industry: SWOT Analysis
Figure 24: India: Printed Circuit Board Industry: Value Chain Analysis
Figure 24: India: Printed Circuit Board Industry: Porter’s Five Forces Analysis
Figure 25: India: Printed Circuit Board (Bare PCB) Market: Sales Value (in Million US$), 2011 & 2018
Figure 26: India: Printed Circuit Board (Bare PCB) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 27: India: Printed Circuit Board (Populated PCB) Market: Sales Value (in Million US$), 2011 & 2018
Figure 28: India: Printed Circuit Board (Populated PCB) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 29: India: Printed Circuit Board (Consumers Electronics) Market: Sales Value (in Million US$), 2011 & 2018
Figure 30: India: Printed Circuit Board (Consumers Electronics) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 31: India: Printed Circuit Board (Communication) Market: Sales Value (in Million US$), 2011 & 2018
Figure 32: India: Printed Circuit Board (Communication) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 33: India: Printed Circuit Board (Industrial Electronics) Market: Sales Value (in Million US$), 2011 & 2018
Figure 34: India: Printed Circuit Board (Industrial Electronics) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 35: India: Printed Circuit Board (Computers) Market: Sales Value (in Million US$), 2011 & 2018
Figure 36: India: Printed Circuit Board (Computers) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 37: India: Printed Circuit Board (Military & Aerospace) Market: Sales Value (in Million US$), 2011 & 2018
Figure 38: India: Printed Circuit Board (Military & Aerospace) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 39: India: Printed Circuit Board (Automotive) Market: Sales Value (in Million US$), 2011 & 2018
Figure 40: India: Printed Circuit Board (Automotive) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 41: India: Printed Circuit Board (Medical Instrumentation) Market: Sales Value (in Million US$), 2011 & 2018
Figure 42: India: Printed Circuit Board (Medical Instrumentation) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 43: India: Printed Circuit Board (Others) Market: Sales Value (in Million US$), 2011 & 2018
Figure 44: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 45: India: Printed Circuit Board (Rigid 1-2 Sided) Market: Sales Value (in Million US$), 2011 & 2018
Figure 46: India: Printed Circuit Board (Rigid 1-2 Sided) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 47: India: Printed Circuit Board (Standard Multilayer) Market: Sales Value (in Million US$), 2011 & 2018
Figure 48: India: Printed Circuit Board (Standard Multilayer) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 49: India: Printed Circuit Board (Flexible Circuits) Market: Sales Value (in Million US$), 2011 & 2018
Figure 50: India: Printed Circuit Board (Flexible Circuits) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 51: India: Printed Circuit Board (HDI/ Microvia/Build-Up) Market: Sales Value (in Million US$), 2011 & 2018
Figure 52: India: Printed Circuit Board (HDI/ Microvia/Build-Up) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 53: India: Printed Circuit Board (Rigid Flex) Market: Sales Value (in Million US$), 2011 & 2018
Figure 54: India: Printed Circuit Board (Rigid Flex) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 55: India: Printed Circuit Board (Others) Market: Sales Value (in Million US$), 2011 & 2018
Figure 56: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 57: India: Printed Circuit Board (Single-Sided) Market: Sales Value (in Million US$), 2011 & 2018
Figure 58: India: Printed Circuit Board (Single-Sided) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 59: India: Printed Circuit Board (Double-Sided) Market: Sales Value (in Million US$), 2011 & 2018
Figure 60: India: Printed Circuit Board (Double-Sided) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 61: India: Printed Circuit Board (Multi-Layer) Market: Sales Value (in Million US$), 2011 & 2018
Figure 62: India: Printed Circuit Board (Multi-Layer) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 59: India: Printed Circuit Board (Rigid PCBs) Market: Sales Value (in Million US$), 2011 & 2018
Figure 60: India: Printed Circuit Board (Rigid PCBs) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 61: India: Printed Circuit Board (Flexible PCBs) Market: Sales Value (in Million US$), 2011 & 2018
Figure 62: India: Printed Circuit Board (Flexible PCBs) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 63: India: Printed Circuit Board (FR-4) Market: Sales Value (in Million US$), 2011 & 2018
Figure 64: India: Printed Circuit Board (FR-4) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 65: India: Printed Circuit Board (Polyamide) Market: Sales Value (in Million US$), 2011 & 2018
Figure 66: India: Printed Circuit Board (Polyamide) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 67: India: Printed Circuit Board (CEM-1) Market: Sales Value (in Million US$), 2011 & 2018
Figure 68: India: Printed Circuit Board (CEM-1) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 69: India: Printed Circuit Board (Paper) Market: Sales Value (in Million US$), 2011 & 2018
Figure 70: India: Printed Circuit Board (Paper) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 71: India: Printed Circuit Board (Others) Market: Sales Value (in Million US$), 2011 & 2018
Figure 72: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 73: Maharashtra: PCB Market: Sales Value (in Million US$), 2011 & 2018 
Figure 74: Maharashtra: PCB Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 75: Tamil Nadu: PCB Market: Sales Value (in Million US$), 2011 & 2018
Figure 76: Tamil Nadu: PCB Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 77: Karnataka: PCB Market: Sales Value (in Million US$), 2011 & 2018
Figure 78: Karnataka: PCB Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 79: Gujarat: PCB Market: Sales Value (in Million US$), 2011 & 2018
Figure 80: Gujarat: PCB Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 81: Other States: PCB Market: Sales Value (in Million US$), 2011 & 2018
Figure 82: Other States: PCB Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 82: Printed Circuit Board Manufacturing Plant: Detailed Process Flow


List of Tables

Table 1: Global: Printed Circuit Board (PCB) Market: Key Industry Highlights, 2018 and 2024
Table 2: India: Printed Circuit Board (PCB) Market: Key Industry Highlights, 2018 and 2024
Table 3: India: PCB Market Forecast: Breakup by Manufacturing Type (in Million US$), 2019-2024
Table 4: India: PCB Market Forecast: Breakup by Application (in Million US$), 2019-2024
Table 5: India: PCB Market Forecast: Breakup by Product Type (in Million US$), 2019-2024
Table 6: India: PCB Market Forecast: Breakup by Number of Layers (in Million US$), 2019-2024
Table 7: India: PCB Market Forecast: Breakup by Segment (in Million US$), 2019-2024
Table 8: India: PCB Market Forecast: Breakup by Laminate Type (in Million US$), 2019-2024
Table 9: India: PCB Market Forecast: Performance of Key Regions (in Million US$), 2019-2024
Table 10: India: PCB Industry: Competitive Structure
Table 11: India: PCB Market: Major Key Players

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