India Semiconductor Market to Grow at a CAGR of 24.32% during the Forecast period 2024-2029
The rise of artificial intelligence, machine learning & IoT,
and the surge in 5G demand are likely to propel the demand in the India Semiconductor
Market across the country.
According to the
TechSci Research report, “India Semiconductor Market - By Region,
Competition Forecast & Opportunities, 2019-2029.” India Semiconductor Market was valued at USD
34,426.91 million in 2023 and is anticipated to project robust growth in the
forecast period with a CAGR of 24.32% owing to the rising needs for electronics
products by consumers, growing usage of artificial intelligence (AI),
supportive government initiatives, etc. across the nation.
Semiconductors are critical
components of electronics that serve as the foundation for technological
advances in critical and emerging technologies. India, the second most populous
country in the world, spends USD 180 billion on electronic goods. The country,
which has the fifth-largest economy in the world, plans to expand its domestic
semiconductor market. Furthermore, with 120 design units, India has a
well-developed semiconductor design industry, and is widely used in industries
such as automotive, communication, industrial, data processing, consumer
electronics, and others. The demand for semiconductors is expected to rise due
to the country's increasing digital transformation among consumers, businesses,
and the public sector, as well as the adoption of new technologies and the
growing demand for electronic goods.
The Indian government and
industry participants are implementing a number of initiatives to advance the
design industry and improve India's standing in the semiconductor
designing sector. Both are putting special emphasis on improving education
levels in the country to further develop expertise in design and IT. To promote
an entrepreneurial culture, government organizations including the Indian
Institute of Technology (IIT), the National Institute of Technology (NIT),
privately funded organizations such as the Indian Institute of Information
Technology (IIIT), and Indian design firms, for instance, are playing critical
roles in fostering an entrepreneurial culture. These factors are going to accelerate
the growth of the semiconductor industry.
Browse over 26 market data
Figures spread through 100 Pages and an in-depth TOC on the "India Semiconductor Market"
The India Semiconductor Market is divided into
component, application, and type. Based on component, the market is segmented
into memory devices, microprocessors, analog IC, sensors, discrete power
devices, and others. Based on application, the market is divided into IT &
telecom, automotive, consumer electronics, and other industries. Based on type,
the market is segmented into extrinsic and intrinsic semiconductor. The market
analysis studies the regional segmentation divided among South India, North
India, West India, and East India.
Based on application,
Information Technology (IT) and Telecommunications dominated the India
Semiconductor Market with a market share of 53.30% in 2023. India's strong
presence in the IT and telecommunications landscape, coupled with government
initiatives and a skilled workforce, positions the country as a promising
market for semiconductors. Continued growth in these sectors and the drive
towards digital transformation create a favorable environment for the
semiconductor industry to flourish.
Based on region, In
2023, the South India region of India accounted for the largest market share of
40.14% in the India Semiconductor Market which can be attributed to the region
being a leader in the IT and telecom industry. The southern region of India,
renowned as an IT hub, revolves around the cities of Bengaluru, Chennai, and
Hyderabad, known for their thriving technology industries. These cities host
major global technology companies, along with a plethora of startups and
research institutions, positioning them among India's top technology hubs.
Key market players in the India
Semiconductor Market include:
- Broadcom India
Private Limited
- Chiplogic
Semiconductor Services Private Limited
- Tata Elxsi Limited, Continental Device India Pvt. Ltd
- MosChip Technologies
Limited
- NXP
Semiconductors India Private Limited
- eInfoChips
Private Limited
- ASM Technologies
Ltd
- Masamb
Electronics Systems Private Limited
- Semi-Conductor
Laboratory
- Saankhya Labs
Private Limited
- ROHM
Semiconductor India Pvt. Ltd
- Infineon
Technologies India Private Limited
- Renesas
Electronics India Private Limited
- STMicroelectronics
Private Limited
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“The growing usage of semiconductors in various sectors
including for safety, electrification, communication, and connection is
expected to increase as the production and adoption of electric vehicles (EV)
grow in India. India is one of the largest EV marketplaces in the world with
sales of 236,802 units in 2021 and 143,837 units sold in the first half of
2021. These factors are expected to boost the semiconductor industry in
India during the forecast period. Additionally, various investments by the
union government and market players in the semiconductor industry is likely to
propel the market of India semiconductor market in the upcoming years. For
instance, IBM and STMicroelectronics decided to set up India's first
chip-making plant with an investment of USD 7.91 billion permitted by the
Government of India. Therefore, the market for semiconductor across the country
is expected to rise in the forecast period 2024-2031F.” said Mr Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“India Semiconductor Market Segmented By Component (Memory
Devices, Microprocessors, Analog IC, Sensors, Discrete Power Devices, Others),
By Application (IT & Telecom, Automotive, Consumer Electronics, Other
Industries), By Type (Extrinsic Semiconductor, Intrinsic Semiconductor), By Region,
Competition Forecast & Opportunities, 2029F”, has
evaluated the future growth potential of an India semiconductor market and
provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the India semiconductor market.
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