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Indian PCB (Printed Circuit Board) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

February 2023 | 142 pages | ID: I94C45405C8EN
IMARC Group

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The Indian PCB (printed circuit board) market size reached US$ 4.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2028, exhibiting a growth rate (CAGR) of 16.6% during 2023-2028.

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 report, along with forecasts at the country and state level from 2023-2028. 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 was the size of the Indian PCB (printed circuit board) market in 2022?
2. What is the expected growth rate of the Indian PCB (printed circuit board) market during 2023-2028?
3. What are the key factors driving the Indian PCB (printed circuit board) market?
4. What has been the impact of COVID-19 on the Indian PCB (printed circuit board) market?
5. What is the breakup of the Indian PCB (printed circuit board) market based on the product type?
6. What is the breakup of the Indian PCB (printed circuit board) market based on the application?
7. What is the breakup of the Indian PCB (printed circuit board) market based on the layer?
8. What is the breakup of the Indian PCB (printed circuit board) market based on the segment?
9. What is the breakup of the Indian PCB (printed circuit board) market based on the laminate type?
10. What is the breakup of the Indian PCB (printed circuit board) market based on the manufacturing type?
11. What are the key regions in the Indian PCB (printed circuit board) market?
12. Who are the key companies/players in the Indian PCB (printed circuit board) market?
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 Layer
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 Impact of COVID-19
6.4 Price Analysis
  6.4.1 Key Price Indicators
  6.4.2 Price Structure
  6.4.3 Price Trends
6.5 Market Breakup by Supply
6.6 Market Breakup by Manufacturing Type
6.7 Market Breakup by Application
6.8 Market Breakup by Product Type
6.9 Market Breakup by States
6.10 Market Breakup by Layer
6.11 Market Breakup by Segment
6.12 Market Breakup by Laminate Type
6.13 Market Forecast
6.14 SWOT Analysis
  6.14.1 Strengths
  6.14.2 Weaknesses
  6.14.3 Opportunities
  6.14.4 Threats
6.15 Value Chain Analysis
  6.15.1 Research and Development
  6.15.2 Designing
  6.15.3 Raw material Procurement
  6.15.4 Manufacturing and Testing
  6.15.5 Exports
  6.15.6 Sales Distribution
  6.15.7 End-User
  6.15.8 Post-Sale Services
6.16 Porter’s Five Forces Analysis
  6.16.1 Overview
  6.16.2 Bargaining Power of Buyers
  6.16.3 Bargaining Power of Suppliers
  6.16.4 Degree of Rivalry
  6.16.5 Threat of New Entrants
  6.16.6 Threat of Substitutes
6.17 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 LAYER

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
  10.5.1 Market Trends
  10.5.2 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 Nano Electrotech Pvt Ltd
16.11 Meena Circuit Pvt Ltd

LIST OF TABLES

Table 1: Global: Printed Circuit Board (PCB) Market: Key Industry Highlights, 2022 and 2028
Table 2: India: Printed Circuit Board (PCB) Market: Key Industry Highlights, 2022 and 2028
Table 3: India: PCB Market Forecast: Breakup by Manufacturing Type (in US$ Million), 2023-2028
Table 4: India: PCB Market Forecast: Breakup by Application (in US$ Million), 2023-2028
Table 5: India: PCB Market Forecast: Breakup by Product Type (in US$ Million), 2023-2028
Table 6: India: PCB Market Forecast: Breakup by Layer (in US$ Million), 2023-2028
Table 7: India: PCB Market Forecast: Breakup by Segment (in US$ Million), 2023-2028
Table 8: India: PCB Market Forecast: Breakup by Laminate Type (in US$ Million), 2023-2028
Table 9: India: PCB Market Forecast: Performance of Key States (in US$ Million), 2023-2028
Table 10: India: PCB Market: Competitive Structure
Table 11: India: PCB Market: Major Key Players

LIST OF FIGURES

Figure 1: India: Printed Circuit Board (PCB) Market: Major Drivers and Challenges
Figure 2: Global: PCB Market: Production Value Trends (in US$ Billion), 2017-2022
Figure 3: Global: PCB Market: Breakup by Manufacturing Type (in %), 2022
Figure 4: Global: PCB Market: Breakup by Application (in %), 2022
Figure 5: Global: PCB Market: Breakup by Product Type (in %), 2022
Figure 6: Global: PCB Market: Breakup by Layer (in %), 2022
Figure 7: Global: PCB Market: Breakup by Segment (in %), 2022
Figure 8: Global: PCB Market: Breakup by Laminate Type (in %), 2022
Figure 9: Global: PCB Market Forecast: Production Value Trends (in US$ Billion), 2023-2028
Figure 10: Global: PCB Market: Breakup by Key Players (in %), 2022
Figure 11: India: PCB Market: Sales Value (in US$ Billion), 2017-2022
Figure 12: India: PCB Market: Total Production Cost Breakup (in %), 2022
Figure 13: PCB Manufacturing: Price Structure Analysis
Figure 14: India: PCB Market: Average Price Trends (in US$/Sq. Metre), 2017 and 2022-2028
Figure 15: India: PCB Market: Breakup by Supply (in %), 2022
Figure 16: India: PCB Market: Breakup by Manufacturing Type (in %), 2022
Figure 17: India: PCB Market: Breakup by Application (in %), 2022
Figure 18: India: PCB Market: Breakup by Product Type (in %), 2022
Figure 19: India: PCB Market: Breakup by States (in %), 2022
Figure 20: India: PCB Market: Breakup by Layer (in %), 2022
Figure 21: India: PCB Market: Breakup by Segment (in %), 2022
Figure 22: India: PCB Market: Breakup by Laminate Type (in %), 2022
Figure 23: India: PCB Market Forecast: Sales Value (in US$ Billion), 2023-2028
Figure 24: India: Printed Circuit Board Industry: SWOT Analysis
Figure 25: India: Printed Circuit Board Industry: Value Chain Analysis
Figure 26: India: Printed Circuit Board Industry: Porter’s Five Forces Analysis
Figure 27: India: Printed Circuit Board (Bare PCBs) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 28: India: Printed Circuit Board (Bare PCBs) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 29: India: Printed Circuit Board (Populated PCBs) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 30: India: Printed Circuit Board (Populated PCBs) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 31: India: Printed Circuit Board (Consumer Electronics) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 32: India: Printed Circuit Board (Consumer Electronics) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 33: India: Printed Circuit Board (Communication) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 34: India: Printed Circuit Board (Communication) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 35: India: Printed Circuit Board (Industrial Electronics) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 36: India: Printed Circuit Board (Industrial Electronics) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 37: India: Printed Circuit Board (Computers) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 38: India: Printed Circuit Board (Computers) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 39: India: Printed Circuit Board (Military & Aerospace) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 40: India: Printed Circuit Board (Military & Aerospace) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 41: India: Printed Circuit Board (Automotive) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 42: India: Printed Circuit Board (Automotive) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 43: India: Printed Circuit Board (Medical Instrumentation) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 44: India: Printed Circuit Board (Medical Instrumentation) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 45: India: Printed Circuit Board (Others) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 46: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 47: India: Printed Circuit Board (Rigid 1-2 Sided) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 48: India: Printed Circuit Board (Rigid 1-2 Sided) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 49: India: Printed Circuit Board (Standard Multilayer) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 50: India: Printed Circuit Board (Standard Multilayer) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 51: India: Printed Circuit Board (Flexible Circuits) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 52: India: Printed Circuit Board (Flexible Circuits) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 53: India: Printed Circuit Board (HDI/ Microvia/Build-Up) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 54: India: Printed Circuit Board (HDI/ Microvia/Build-Up) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 55: India: Printed Circuit Board (Rigid Flex) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 56: India: Printed Circuit Board (Rigid Flex) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 57: India: Printed Circuit Board (Others) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 58: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 59: India: Printed Circuit Board (Single-Sided) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 60: India: Printed Circuit Board (Single-Sided) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 61: India: Printed Circuit Board (Double-Sided) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 62: India: Printed Circuit Board (Double-Sided) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 63: India: Printed Circuit Board (Multi-Layer) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 64: India: Printed Circuit Board (Multi-Layer) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 65: India: Printed Circuit Board (Rigid PCBs) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 66: India: Printed Circuit Board (Rigid PCBs) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 67: India: Printed Circuit Board (Flexible PCBs) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 68: India: Printed Circuit Board (Flexible PCBs) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 69: India: Printed Circuit Board (FR-4) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 70: India: Printed Circuit Board (FR-4) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 71: India: Printed Circuit Board (Polyamide) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 72: India: Printed Circuit Board (Polyamide) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 73: India: Printed Circuit Board (CEM-1) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 74: India: Printed Circuit Board (CEM-1) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 75: India: Printed Circuit Board (Paper) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 76: India: Printed Circuit Board (Paper) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 77: India: Printed Circuit Board (Others) Market: Sales Value (in US$ Million), 2017 & 2022
Figure 78: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 79: Maharashtra: PCB Market: Sales Value (in US$ Million), 2017 & 2022
Figure 80: Maharashtra: PCB Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 81: Tamil Nadu: PCB Market: Sales Value (in US$ Million), 2017 & 2022
Figure 82: Tamil Nadu: PCB Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 83: Karnataka: PCB Market: Sales Value (in US$ Million), 2017 & 2022
Figure 84: Karnataka: PCB Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 85: Gujarat: PCB Market: Sales Value (in US$ Million), 2017 & 2022
Figure 86: Gujarat: PCB Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 87: Other States: PCB Market: Sales Value (in US$ Million), 2017 & 2022
Figure 88: Other States: PCB Market Forecast: Sales Value (in US$ Million), 2023-2028
Figure 89: Printed Circuit Board Manufacturing Plant: Detailed Process Flow


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