Indian PCB (Printed Circuit Board) Market Research Report and Industry Forecast

Indian PCB (Printed Circuit Board) Market Summary:

The Indian PCB (printed circuit board) market size reached USD 6.3 Billion in 2024. It is projected to grow to USD 24.7 Billion by 2033, exhibiting a CAGR of 15.58% during 2025-2033. Market growth is driven by rising domestic electronics manufacturing, government incentives under PLI schemes, growing demand for smartphones and EVs, and increased localization of supply chains.

Market Insights:

• Maharashtra held the largest market share in 2024.
• By manufacturing type, bare PCBs represented the largest segment.
• The consumer electronics segment led the market by application in 2024.
• By product type, rigid 1-2 sided accounted for the largest market share.
• By layer, single-sided dominated the market.
• By segment, rigid PCBs accounted for the largest market share.
• By laminate type, FR-4 accounted for the largest market share.

Market Size & Forecast:

• 2024 Market Size: USD 6.3 Billion
• 2033 Projected Market Size: USD 24.7 Billion
• CAGR (2025–2033): 15.58%
• Maharashtra: Largest market in 2024

Favorable Government Policies Augmenting Market Growth

Favorable government policies represent one of the primary drivers increasing the sales of PCBs in India. According to the Indian printed circuit board industry analysis, the Government of India is encouraging the manufacturing and utilization of PCBs across the country by offering various initiatives, such as Make in India and Digital India. In addition to this, it is supporting manufacturers to set up more local plants in the country by providing easy tax regime and reducing bureaucratic hurdles.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

What is PCB (Printed Circuit Board)?

Printed Circuit Board (PCB) refers to the non-conductive and copper laminated board that is designed to connect components without the use of wires. It is manufactured through various materials, such as epoxy and fiberglass, that reduce the complexity of the overall circuit design. It is widely available as rigid 1-2 sided, standard multilayer, flexible circuits, high-density interconnect (HDI), microvia or build-up, and rigid flex. It is flat and rigid with flexible substrates that allow boards to fit in convoluted spaces. As a result, it is employed in the automotive, electronics, medical, aerospace, and military and defense industries across India.

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a severe problem for the PCB industry in India and imposed unprecedented challenges. The implementation of social distancing and lockdown measures forced manufacturing companies to downscale the production process or temporarily pause output. In addition, the pandemic impacted the logistics and transportation sector due to cross-border restrictions. It reduced the supply of raw materials and finished PCB equipment in a short period of time. Besides this, the shortage of manpower at ports to unload ships and conduct a variety of trade processes, such as physical inspections, testing, and certification, hampered the India PCB (Printed Circuit Board) market growth. Many players in this industry faced huge losses and various innovative plans or projects were postponed or canceled due to the widespread of the virus. However, the PCB industry players resumed their operations as the cases of coronavirus reduced, which is expected to boost the market growth.

Indian PCB (Printed Circuit Board) Market Trends:

The increasing demand for PCBs in consumer electronic products, such as computers, laptops, cameras, and mobile phones, represents one of the major factors strengthening the growth of the PCB market in India. Besides this, the rising utilization of PCBs in the automotive industry in electric and hybrid vehicles in the country is contributing to the growth of the market. In addition, the increasing demand for high-frequency and high-speed boards among the masses is propelling the growth of the market. Apart from this, the Government of India is encouraging the adoption of PCBs by supporting manufacturers to build PCBs plants and offering an easy tax regime with reduced bureaucratic hurdles. Furthermore, the increasing popularity of miniaturization and more efficient interconnect product solutions in electronic devices is supporting the expansion of the PCB market size in India.

Continuous Technological Advancements

Indian OEMs are rapidly integrating HDI (High-Density Interconnect) PCBs into 5G telecom infrastructure, EVs, and advanced driver assistance systems (ADAS), enhancing signal integrity, miniaturization, and speed. India's growing appetite for innovation, particularly in sectors like consumer electronics, defense, and electric mobility, are further fueling the demand for domestically manufactured high-precision, multilayer, and high-frequency boards. HDI boards are increasingly vital for compact, high-performance designs in both automotive and telecom sectors. Major Indian manufacturers are increasingly investing in design capabilities and precision fabrication to meet evolving technical standards and enhance the adoption of HDI PCB for 5G India. This shift reflects a national push toward miniaturized, high-efficiency electronics across telecom, mobility, healthcare, and defense sectors. In parallel, the adoption of flexible PCBs is gaining momentum across medical wearables and foldable electronics, enabling lighter, bendable, and space-efficient designs.

Government Policy Impact and Support

The Indian government’s “Make in India” and “Digital India” missions, combined with the Production Linked Incentive (PLI) scheme for electronics manufacturing, are pivotal in expanding the country’s PCB production capacity. These initiatives have led to increased investments, global partnerships among top PCB manufacturing companies in India, and infrastructure development, enabling ecosystem-level readiness. Fiscal incentives, customs duty rationalization, and the Modified Electronics Manufacturing Clusters (EMC 2.0) scheme are fostering competitiveness against global manufacturing hubs. Additionally, initiatives like SPECS and import substitution policies aim to reduce foreign dependence and promote high-value PCB production within India, thereby boosting self-reliance and international positioning.

Growth Drivers and Market Opportunities

Considerable rise in the demand for electronics in automotive, industrial automation, telecom, and consumer devices is a primary driver of the India PCB (Printed Circuit Board) market demand. The proliferation of EVs, 5G rollouts, and IoT-based smart appliances is creating robust demand for both rigid and flexible PCBs. At the same time, India’s expanding EMS (Electronics Manufacturing Services) ecosystem and favorable labor costs are attracting global contract manufacturers. Opportunities lie in scaling domestic fabrication capabilities, innovating low-cost multilayer boards, and enhancing vertical integration across the PCB value chain. With supportive policies and infrastructure emerging, India is well-positioned to become a high-volume and high-value PCB manufacturing destination.

Key Challenges Facing the Indian PCB Market

Despite strong growth potential, the industry faces several structural and operational hurdles, according to India PCB (Printed Circuit Board) market analysis. Limited access to high-end raw materials like copper laminates and photoresists constrains upstream self-sufficiency. Additionally, a lack of large-scale domestic PCB fabs results in heavy reliance on imports, especially for multilayer and HDI boards. Environmental compliance, wastewater treatment, and fragmented manufacturing capabilities further pose cost and scalability concerns. Technological gaps in automation, design software, and surface finish processes hinder high-quality output. To compete globally, Indian manufacturers must overcome these constraints through measures such as increased capital investment, extensive R&D collaboration, reduced PCB import duties in India, and tighter integration with OEM innovation cycles.

Indian Printed Circuit Board (PCB) Industry Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Indian PCB (printed circuit board) market report, along with forecasts at the country and state level from 2025-2033. Our report has categorized the market based on product type, application, layer, segment, laminate type and manufacturing type.

Manufacturing Type Insights:

• Bare PCBs
• Populated PCBs

The report has provided a detailed breakup and analysis of the Indian PCB (Printed Circuit Board) market based on the manufacturing type. This includes bare PCBs and populated PCBs. According to the report, bare PCBs represented the largest segment as they comprise of substrate, metal coating, conductive pathways, and patterns. In addition, the rising demand for bare PCBs in consumer electronic products, such as computers, tablets, and laptops, is contributing to the growth of the market.

Application Insights:

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

A detailed breakup and analysis of the Indian PCB (Printed Circuit Board) market based on the application has also been provided in the report. This includes consumer electronics, communication, industrial electronics, computers, military & aerospace, automotive, medical instrumentation, and others. According to the report, consumer electronics accounted for the largest market share due to the increasing sales of mobile phones, computers, and laptops. Moreover, the rising preference for the internet of things (IoT) and smart home devices among the masses due to the inflating income level of individuals is positively influencing the market.

Product Type Insights:

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

A detailed breakup and analysis of the Indian PCB (Printed Circuit Board) market based on the product type has also been provided in the report. This includes rigid 1-2 sided, standard multilayer, flexible circuits, HDI/microvia/build-up, rigid flex, and others. According to the report, rigid 1-2 sided accounted for the largest market share on account of the rising utilization in the electronic devices. In addition, the increasing demand for rigid 1-2 sided PCBs as they are cost-effective compared to flexible PCBs is propelling the growth of the market.

Layer Insights:

• Single-Sided
• Double-Sided
• Multi-Layer

A detailed breakup and analysis of the Indian PCB (Printed Circuit Board) market based on the layer has also been provided in the report. This includes single-sided, double-sided, and multi-layer. According to the report, single-sided accounted for the largest market share as it is widely utilized in various electronic devices, such as printers, camera systems, calculators, and radio equipment.

Segment Insights:

• Rigid PCBs
• Flexible PCBs

A detailed breakup and analysis of the Indian PCB (Printed Circuit Board) market based on the segment has also been provided in the report. This includes rigid PCBs and flexible PCBs. According to the report, rigid PCBs accounted for the largest market share as they cannot be twisted and folded and provide rigidity and strength to the board. Moreover, there is a rise in the utilization of rigid PCBs in global positioning system (GPS) equipment, heart monitors, X-rays, temperature sensors, control towers instrumentation, computed axial tomography (CAT) scans, and magnetic resonance imaging (MRI) systems.

Laminate Type Insights:

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

A detailed breakup and analysis of the Indian PCB (Printed Circuit Board) market based on the laminate type has also been provided in the report. This includes FR-4, polyamide, CEM-1, paper, and others. According to the report, FR-4 accounted for the largest market share as it is utilized as an electrical insulator possessing considerable mechanical strength. In addition, it offers high mechanical value and electrical insulating qualities in both dry and humid conditions.

State Insights:

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

The report has also provided a comprehensive analysis of all the major regional markets, which include Maharashtra, Tamil Nadu, Karnataka, Gujarat, and other states. According to the report, Maharashtra was the largest market for Indian PCB (Printed Circuit Board). Some of the factors driving the Maharashtra PCB (Printed Circuit Board) market included the increasing demand for PCBs in the consumer electronic products, such as laptops, computers, and mobile phones. In addition, the rising adoption of PCBs in the medical industry in heart monitors, imaging probes, and drug metering devices. Moreover, governing authorities are encouraging the manufacturing of PCBs in the state and offering various initiatives as well as eco-friendly PCB manufacturing practices, which is propelling the growth of the market.

Leading PCB Manufacturers in India:

The report has also provided a comprehensive analysis of the competitive landscape in the Indian PCB (Printed Circuit Board) market. Some of the companies covered in the report include:

• 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)

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Latest News and Developments:

• On July 17, 2025, the Indian government approved the establishment of its sixth semiconductor manufacturing facility, a joint venture between HCL and Foxconn, as part of the India Semiconductor Mission. This approval is part of a broader strategy to enhance domestic semiconductor production, with additional units in advanced stages of construction, marking India’s increasing role in the global semiconductor supply chain.
• On April 3, 2025, AT&S celebrated 25 years of operations in India, marking a significant milestone since it acquired the Indal electronics plant in Nanjangud in 1998. Over the years, the facility has evolved into a world-class production site for high-end printed circuit boards (PCBs), now employing 1,100 people and supporting global supply chains in industries like automotive, industrial, and infrastructure.
• On January 20, 2025, the Ministry of Commerce and Industry announced the third round of the Production-Linked Incentive (PLI) Scheme for White Goods, with 24 companies committing to an investment of INR 3,516 crore (USD 423.93 Million). This investment will be used to boost the production of components (including PCB) for Air Conditioners (ACs) and LED Lights across India, with 15 AC companies investing INR 3,260 crore (USD 393.13 Million) and 9 LED companies investing INR 256 crore (USD 30.78 Million).
• On September 19, 2024, Karnataka's Minister for Electronics and Information Technology, Priyank Kharge, announced the establishment of India’s first PCB and Supply Chain Cluster in Mysuru. The initiative aims to enhance the local production of Printed Circuit Boards (PCBs) and strengthen the country’s electronics manufacturing capabilities. This move supports India’s broader goal of advancing its electronics manufacturing sector and fostering self-reliance in key technology components.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Indian PCB (Printed Circuit Board) market from 2019-2033.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the Indian PCB (Printed Circuit Board) market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Indian PCB (Printed Circuit Board) industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.