India PCB (Printed Circuit Board) Market 2021-2031: Comprehensive Industry Analysis, Emerging Trends, Drivers, Competitive Landscape, and Future Outlook

According to TechSci Research report, “India Printed Circuit Board Industry Analysis – By Region, Competition, Forecast and Opportunities, 2021-2031F”, India PCB (Printed Circuit Board) Market was valued at USD 5.23 Billion in 2025 and is expected to reach USD 8.27 Billion by 2031 with a CAGR of 7.94% during the forecast period. This growth is driven by the rising demand from diverse end-use industries including automotive, telecommunications, consumer electronics, industrial automation, and healthcare, all striving to leverage PCBs’ critical role in modern electronic devices.

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Industry Key Highlights
India’s PCB market is witnessing substantial structural transformation, supported by the increasing complexity and application scope of PCBs. Emerging technologies such as electric vehicles (EVs), renewable energy solutions—especially solar inverters and smart meters—along with industrial automation and advanced medical devices, have broadened the demand spectrum. For instance, EV powertrain controls require specialized high-power, thick-track PCBs ensuring durability and efficient performance. Solar inverter applications emphasize multi-layer boards with precise thermal management capabilities to handle high load conditions. Similarly, smart meters rely on secure, microcontroller-based PCBs often enhanced by conformal coatings for environmental protection.

These diversifications create robust growth corridors for PCB manufacturers eager to expand into sophisticated board technologies beyond traditional consumer electronics. Alongside, industrial automation’s surge—spanning robotic control systems, sensor networks, and programmable logic controllers (PLCs)—calls for highly reliable, industrial-grade PCBs. The medical device sector, boosted by the rise of diagnostic centers, patient monitoring solutions, and telehealth equipment, demands PCB solutions meeting stringent quality and reliability standards. These specialized sectors offer higher profit margins and opportunities for innovation in substrate materials, PCB design expertise, and testing capabilities, pushing the market upward.

Emerging Trends
The Indian PCB market is embracing cutting-edge advancements. High-Density Interconnect (HDI) PCBs and microvia/buildup technologies are becoming mainstream, supporting increasing device miniaturization and higher functionality. Flexible and rigid-flex PCBs are gaining prominence especially in wearable devices, medical applications, and automotive electronics, where space-saving and robust designs are critical. The shift towards environmentally friendly manufacturing processes and lead-free components is notable, driven by global regulations and sustainability awareness.

IT & Telecom segment has emerged as a fastest-growing application area due to India’s digital transformation, rollout of 5G infrastructure, and broadband expansion. The burgeoning need for high-performance PCBs in routers, servers, and communication equipment is fostering demand for multi-layered, thermal-stable, and radio-frequency PCBs. Government programs like Digital India and production-linked incentives (PLI) are accelerating local IT hardware manufacturing including laptops, tablets, and cloud infrastructure, further catalyzing PCB demand.

Drivers
Several key drivers propel the growth of India’s PCB market:

  1. Domestic Electronics Manufacturing Push: Government policies like Make in India and PLI schemes have bolstered indigenous electronics manufacturing, encouraging supply chain localization and capital investment in PCB production facilities.

  2. Expanding Sectoral Demand: Automotive electrification, telecommunication upgrades, consumer electronics proliferation, and smart medical devices contribute increasing volumes and sophistication requirements for PCBs. Notably, EV adoption drives demand for automotive-grade PCBs with enhanced thermal and electrical reliability.

  3. Technological Innovation: Enhanced PCB design and manufacturing technologies including HDI, flexible circuits, and advanced substrate materials enable the production of highly integrated, compact, and efficient PCBs suitable for emerging applications.

  4. Infrastructure and Ecosystem Development: Electronics manufacturing clusters (EMCs) and industrial corridors in regions like North India (Uttar Pradesh, Haryana, Delhi NCR) have attracted investments and fostered skilled workforce availability to support PCB industry growth.

Competitive Analysis

Major companies operating in the India PCB (Printed Circuit Board) Market are:

  • AT&S India Pvt. Ltd.
  • Shogini Technoarts Pvt. Ltd.
  • Genus Electrotech Ltd.
  • CIPSA-TEC India Pvt. Ltd.
  • Epitome Components Ltd.
  • Fine-Line Circuits Ltd.
  • Meena Circuits Pvt. Ltd.
  • Ascent Circuits Pvt. Ltd.

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Future Outlook
The India PCB market is poised for robust expansion and technological maturation over the next decade. With continual digitalization, automation adoption, and growing consumer electronics consumption, the demand for both standard and advanced PCBs will escalate. Market growth will be bolstered by increasing penetration of electric and hybrid vehicles, solar power installations, and next-generation medical devices.

North India is expected to remain a hotbed for PCB manufacturing due to favorable industrial policies, improving infrastructure, and proximity to large consumer markets. Expansion into flexible and HDI PCBs will accelerate, driven by the need for miniaturized and multifunctional devices.

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