Indian PCB (Printed Circuit Board) Market to Reach US$ 21.3 Billion by 2032, Stimulated by Flourishing Electronics Sector

According to the latest report by IMARC Group, titled “Indian PCB (Printed Circuit Board) Market Report by Manufacturing Type (Bare PCBs, Populated PCBs), Application (Consumer Electronics, Communication, Industrial Electronics, Computers, Military & Aerospace, Automotive, Medical Instrumentation, and Others), Product Type (Rigid 1-2 Sided, Standard Multilayer, Flexible Circuits, HDI/Microvia/Build-Up, Rigid Flex, and Others), Layer (Single-Sided, Double-Sided, Multi-Layer), Segment (Rigid PCBs, Flexible PCBs), Laminate Type (FR-4, Polyamide, CEM-1, Paper, and Others), and Region 2024-2032,” the Indian PCB (Printed Circuit Board) market size reached US$ 5.4 Billion in 2023. A Printed Circuit Board (PCB) refers to an integral component in virtually all electronics, intended to use conductive paths or traces to mechanically support and link electrically different electronic components. The board, typically composed of fiberglass, copper lines, and other metallic elements, links components, including resistors, capacitors, and integrated circuits, to create a functional electronic device. Its compact and reliable design has largely replaced older circuit creation methods, like point-to-point wiring. The miniaturized technology allowed for more complex circuits to be housed in increasingly smaller devices and has also significantly improved the speed, reliability, and efficiency of electronic systems.

Indian PCB (Printed Circuit Board) Market Trends:

The Indian PCB market has witnessed substantial growth, driven by the expanding electronics industry, particularly in the manufacturing of smartphones. This can be supported by the Indian government's 'Make in India' initiative, which promotes domestic manufacturing to reduce import reliance. Along with this, the increasing implementation of the Internet of Things (IoT) is further fueling the market expansion. In addition, India's growing medical technology sector, with its escalating need for sophisticated devices, represents another major driver. Apart from this, recent trends indicate a paradigm shift towards environmentally friendly, lead-free PCBs and high-density interconnect (HDI) PCBs that provide higher circuitry density per unit area. Moreover, the support for more technologically advanced electronics is influencing the demand for flexible and rigid-flex PCBs, known for their superior performance and flexibility. Some of the other factors driving the market include rapid urbanization, continual technological advancements, and inflating disposable income levels. Looking forward, the market value is projected to reach US$ 21.3 Billion by 2032, expanding at a CAGR of 16.4% during 2024-2032.

Market Summary:

• Based on the manufacturing type, the market has been segmented into bare PCBs and populated PCBs. Currently, bare PCBs dominate the market, holding the largest share.
• On the basis of the application, the market has been classified into consumer electronics, communication, industrial electronics, computers, military & aerospace, automotive, medical instrumentation, and others. At present, consumer electronics holds the largest market share.
• Based on the product type, the market has been segregated into rigid 1-2 sided, standard multilayer, flexible circuits, HDI/microvia/build-up, rigid flex, and others. Rigid 1-2 sided currently dominates the market, accounting for the largest share.
• On the basis of the layer, the market has been divided into single-sided, double-sided, and multi-layer. Currently, single-sided dominate the market, holding the largest share.
• Based on the segment, the market has been segregated into rigid PCBs and flexible PCBs. At present, rigid PCBs hold the largest market share.
• Based on the laminate type, the market has been classified into FR-4, polyamide, CEM-1, paper, and others, wherein FR-4 exhibited a clear dominance in the market.
• Region-wise, the market has been segmented into Maharashtra, Tamil Nadu, Karnataka, Gujarat, and other states. Amongst these, Maharashtra is the leading market, accounting for the majority of the global share.
• The competitive landscape of the market has also been examined, with some of the key players being 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, and India Circuit Ltd (Garg Electronics).

Report Scope:

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