India PCB (Printed Circuit Board) Market By Product Type (Rigid 1-2 Sided, Standard Multilayer, Flexible Circuits, HDI/ Microvia /Build Up, Rigid Flex, Others), By Segment (Rigid PCBs, Flexible PCBs), By Application (Consumer Electronics, IT & Telecom, Defense & Aerospace, Automotive, Healthcare, Others), By Region, Competition, Forecast & Opportunities, 2021-2031F

Market Overview

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. The India PCB (Printed Circuit Board) market refers to the production and consumption of circuit boards that serve as the foundational component in most electronic devices.

PCBs mechanically support and electrically connect electronic components using conductive pathways etched from copper sheets. These are essential in products ranging from mobile phones and laptops to electric vehicles and industrial machinery. With the digitization of daily life and growing dependency on electronics, the relevance of PCBs in India has grown substantially.

India's PCB (Printed Circuit Board) Market is poised for sustained growth due to several strategic and economic factors. Government initiatives like the "Make in India" and Production Linked Incentive (PLI) schemes are boosting domestic manufacturing of electronics, reducing reliance on imports. Moreover, India’s increasing involvement in the global electronics supply chain has led to new investments in PCB fabrication and assembly units. This trend is also driven by the proliferation of IoT (Internet of Things) devices and 5G infrastructure.

The market will benefit from the growth of electric vehicles, smart appliances, and industrial automation. PCB demand is expected to rise as these sectors scale up production. Additionally, technological advancements such as high-density interconnect (HDI) and multilayer PCBs are opening new application avenues. With favorable policy support, a young tech-savvy workforce, and rising foreign investment, India is set to become a global hub for PCB manufacturing, significantly expanding its market footprint over the next decade.

Key Market Drivers

Government‑Led Electronics and Make‑in‑India Initiatives

India’s strategic push toward self‑reliance in electronics manufacturing—bolstered by the “Make in India” and PLI (Production-Linked Incentive) schemes—has created a favorable ecosystem for PCB producers. These policies provide fiscal subsidies, streamlined regulatory processes, and strategic infrastructure support, lowering the cost and risk of setting up PCB facilities. This, in turn, incentivizes both domestic and foreign Original Equipment Manufacturers (OEMs) to integrate local PCB players into their supply chains rather than relying solely on imported components. Over time, this has led to higher local content requirements, spurring sustained growth in demand for Indian‑made PCBs.

The government’s broader infrastructure development—especially in Tier 2/3 cities—facilitates the establishment of PCB plants with access to affordable land, reliable power, and improved logistics. Simultaneously, the grant of incentives tied to export performance serves to attract global OEMs seeking cost‑competitive manufacturing bases, further scaling up production volumes. The cumulative effect is a virtuous cycle: supportive policies enable capacity growth, which then encourages OEM entry, leading to more investments in PCB R&D and manufacturing excellence. Over the last two fiscal years, India approved more than USD 9 billion under electronics PLI schemes. Nearly 60% of these funds are allocated to component ecosystems—including PCB manufacturing. This capital infusion is expected to increase annual domestic PCB output by 25%, encouraging large-scale infrastructure buildouts and reducing reliance on imports for critical sub-assemblies.

Rapid Expansion of Consumer Electronics and Telecommunication Sector

India’s burgeoning middle-class and rising disposable incomes continue to fuel a robust demand for consumer electronics—smartphones, tablets, wearables, smart appliances—which rely heavily on sophisticated PCB assemblies. The telecom sector, powered by 4G/5G network rollouts, has also driven a substantial rise in demand for high-frequency RF PCBs used in both infrastructure (e.g., base stations) and end-user devices. Indian OEMs are increasingly opting for local PCB suppliers to reduce lead times, cut import duties, and better control supply chain risks.

High-growth categories such as smart TVs, set-top boxes, IoT devices, and personal audio gadgets have led to higher volume production runs, prompting PCB manufacturers to invest in capabilities like multilayer, HDI, and flex-rigid board fabrication. PCB suppliers benefit from economies of scale and gain momentum in investing in automation, quality systems (like IPC, UL certifications), and downstream capabilities such as assembly and testing. The broadening of product categories ensures a diversified customer base, reducing vulnerability to sectoral slowdowns. Domestic demand for PCBs in smartphones, wearables, set-top boxes, and telecom infrastructure has surged at a CAGR of over 18% in the past five years. Smartphone PCBs alone now account for roughly 40% of total PCB unit production in India, reflecting a growing trend toward local sourcing as OEMs seek shorter lead times and lower logistics costs.

Localisation of Semiconductor and EMS Supply Chains

Global supply‑chain disruptions have triggered multinational electronics firms to diversify and localize manufacturing footprints. India is emerging as a preferred destination for this shift, with increasing investments in semiconductor wafer fabs and Electronics Manufacturing Services (EMS) clusters. As semiconductor and EMS entities scale, they require reliable, near‑shore PCB sourcing partners, fostering deep collaboration with PCB manufacturers to support agile prototyping, volume ramp-ups, and JIT delivery models.

PCB companies in India are thus expanding into adjacent domains—such as design services, PCB assembly (PCBA), and even box‑build solutions—to capture fuller value from integrated supply chains. OEMs welcome the convenience of a single‑source partner capable of end‑to‑end design, fabrication, assembly, and testing. Localization across PCB and assembly layers brings benefits: faster time‑to‑market, shorter supply chains, improved quality consistency, and reduced exposure to currency and logistics volatility. In the past 24 months, about 35–40% of Indian PCB manufacturers have begun investing in integrated services such as in-house PCB assembly and box-build solutions. These capabilities now contribute over 30% of their revenues, signaling a shift toward full-stack electronics partnerships. OEMs benefit from this vertical integration through reduced turnaround times and fewer coordination bottlenecks.

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Key Market Challenges

Inadequate Raw Material Ecosystem and Import Dependency

One of the most pressing structural challenges for the PCB industry in India is its dependence on imported raw materials, including copper-clad laminates, specialty chemicals, solder masks, gold plating compounds, and surface finish materials. Despite India's growing manufacturing ambitions, it still lacks an integrated supply base for critical inputs, forcing PCB manufacturers to rely heavily on suppliers from countries like China, Taiwan, South Korea, and Japan. This dependence exposes Indian producers to currency fluctuations, international freight costs, and geopolitical disruptions—each of which can destabilize input costs and delivery timelines. Additionally, inconsistent customs regulations and port bottlenecks often delay the movement of critical materials, hurting delivery commitments and overall competitiveness in global value chains.

Moreover, the absence of a deep raw material ecosystem discourages long-term capital investments in advanced PCB technologies such as high-density interconnect (HDI), flexible, and multilayer PCBs. These specialized boards require stringent specifications and consistent input quality, which is challenging when relying on fragmented or inconsistent global sourcing networks. While some Indian firms have ventured into backward integration, the economics of localized material manufacturing remain unattractive due to limited scale, underdeveloped supplier networks, and a lack of government support dedicated specifically to PCB-grade input materials. Until India addresses the foundational challenge of input localization, its PCB sector will struggle to move up the value chain or compete with established East Asian hubs that operate on vertically integrated, cost-efficient, and strategically aligned material supply models.

Limited Access to Advanced Technology and Skilled Workforce

The Indian PCB industry continues to face a significant technological gap when compared to global leaders in East Asia. Most domestic facilities are geared toward manufacturing low to mid-end single-layer and double-layer boards, which offer lower margins and limited technological value. Advanced PCB production—such as multilayer, HDI, flexible, RF, and thermal management PCBs—requires specialized capital equipment, cleanroom environments, and highly controlled process standards. However, the upfront capital required to invest in such infrastructure remains prohibitively high for small and medium-sized enterprises, which dominate India’s PCB ecosystem. As a result, the sector often finds itself in a low-cost, low-innovation trap, unable to match the pace of technological evolution in end-use sectors such as electric vehicles, telecommunications, and medical electronics.

Compounding the problem is the lack of a skilled workforce trained in PCB design, fabrication, and quality control standards. Indian engineering education has historically emphasized software over hardware, leaving a gap in areas like electronic design automation (EDA), gerber file optimization, signal integrity analysis, and advanced fabrication techniques. The limited availability of technicians familiar with international quality norms such as IPC-A-600, ISO 13485, and MIL-STD-275 poses further operational hurdles. Although government skilling initiatives exist, they often lack industry alignment or technological depth, leading to a mismatch between training output and actual workforce demand. In the absence of institutionalized partnerships between academia, training bodies, and PCB firms, India’s potential to become a high-value, innovation-driven manufacturing hub remains constrained.

Key Market Trends

Rise of Domestic Assembly-Integrated PCB Manufacturing

An emerging trend in the India PCB (Printed Circuit Board) Market is the shift toward assembly-integrated PCB manufacturing, where companies are expanding beyond fabrication to offer comprehensive value-added services. This includes surface-mount technology (SMT), through-hole assembly, testing, and even complete product-level integration. As global original equipment manufacturers increasingly seek full-service partners to reduce lead times and supply chain complexity, Indian manufacturers are recognizing the commercial advantage of offering turnkey solutions. This evolution is particularly important in segments like consumer electronics, automotive, and medical devices where speed-to-market and quality assurance are critical.

In response, many Indian PCB manufacturers are investing in automated assembly lines, testing infrastructure, and skilled engineering personnel to deliver design-to-deployment capabilities under one roof. This integration not only enhances customer value propositions but also improves margins and allows for better process control. Government production-linked incentives and favorable policies around electronics system design and manufacturing are also accelerating this shift. As the market matures, vertically integrated PCB operations are expected to play a pivotal role in positioning India as a strategic hub for high-value electronics manufacturing in the global market landscape.

Increasing Adoption of High-Performance and Specialty PCBs

There is a growing demand in the India PCB (Printed Circuit Board) Market for high-performance and specialty PCBs, particularly those used in electric vehicles, 5G infrastructure, industrial automation, and renewable energy systems. These sectors require technologically advanced PCBs such as high-density interconnect (HDI), flexible circuits, radio frequency (RF) PCBs, and boards with enhanced thermal and power-handling capabilities. Indian manufacturers are gradually upgrading their capabilities to serve these complex requirements, reflecting a clear departure from traditional low-cost, low-complexity board manufacturing.

This trend is driven by the increasing localization of high-tech applications and the need to comply with stringent quality and performance standards. To meet these evolving demands, companies are adopting advanced fabrication techniques, sourcing high-grade materials, and investing in quality certifications such as IPC and ISO. The rising domestic consumption of advanced electronic products further encourages this transition. As the Indian market continues to shift toward sophisticated applications, the move toward specialty PCB manufacturing will be essential in improving technological self-reliance, enhancing export competitiveness, and attracting foreign direct investment into India’s broader electronics ecosystem.

Segmental Insights

Product Type Insights

In 2025, the Standard Multilayer segment emerged as the dominant product type in India PCB (Printed Circuit Board) market, driven by its widespread application across key end-use industries such as consumer electronics, telecommunications, automotive electronics, industrial equipment, and computing devices. These boards, typically comprising 4 to 12 layers, offer a balanced combination of performance, space efficiency, and cost-effectiveness. Their capability to support higher circuit densities and signal integrity has made them the preferred choice for Original Equipment Manufacturers operating in mid- to high-complexity product categories. With India witnessing substantial growth in smartphone production, set-top boxes, power electronics, and computing hardware, standard multilayer PCBs continue to serve as the foundational backbone for electronic assemblies.

This segment is expected to maintain its dominance during the forecast period due to its scalability, maturity, and compatibility with automated assembly processes. As more manufacturing shifts to India under the Production-Linked Incentive schemes and electronics localization targets, demand for reliable, versatile PCBs that support mainstream electronics will intensify. While niche segments such as HDI and flexible circuits are growing rapidly due to 5G rollout, wearables, and electric vehicles, their market share remains comparatively smaller and more application-specific. In contrast, standard multilayer PCBs are expected to retain the largest share owing to their role in supporting mass-market electronics, availability of local manufacturing infrastructure, and relatively lower barriers to production. With capacity expansion and process standardization underway, this product type is poised to remain the workhorse of India’s growing electronics ecosystem.

Segment Insights

In 2025, the Rigid PCBs dominated the India PCB (Printed Circuit Board) market, owing to its extensive usage across consumer electronics, automotive components, industrial control systems, and communication devices. Rigid PCBs are preferred for their durability, cost efficiency, and suitability for high-volume manufacturing, making them ideal for mass-market applications.

This segment is expected to maintain its dominance during the forecast period due to its strong integration in established manufacturing ecosystems and continued demand for standard electronic hardware. While flexible PCBs are gaining traction in emerging applications like wearables and compact devices, rigid PCBs continue to account for the bulk of total production, supported by infrastructure readiness, supplier maturity, and consistent downstream demand.

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Regional Insights

In 2025, South India emerged as the leading region in the India PCB (Printed Circuit Board) Market, driven by the presence of strong electronics manufacturing clusters and proactive state-level industrial policies. States such as Tamil Nadu, Karnataka, and Telangana have attracted major domestic and global investments due to their well-developed infrastructure, Special Economic Zones, and dedicated electronics manufacturing corridors.

The cities of Bengaluru, Chennai, and Hyderabad have become strategic hubs in the India PCB (Printed Circuit Board) Market, owing to their integration with Electronics Manufacturing Services, semiconductor design companies, and component suppliers. This regional ecosystem supports end-to-end operations from PCB design and prototyping to large-scale assembly, enhancing supply chain efficiency and lowering production costs for Original Equipment Manufacturers.

South India’s dominance in the India PCB (Printed Circuit Board) Market is expected to continue during the forecast period, supported by a skilled technical workforce, stable power supply, and efficient logistics. With state governments actively promoting electronics manufacturing through incentives and plug-and-play infrastructure, the region is well-positioned to drive long-term growth and innovation in India's broader electronics value chain.

Recent Developments

• In June 2025, Vishay Intertechnology introduced a new WSZ lead form for its AC03-CS wirewound safety resistors, enabling surface-mount compatibility for faster, cost-effective assembly. Designed for automotive and industrial applications, these AEC-Q200 qualified resistors feature high surge protection, robust thermal performance, and fire-resistant coatings, offering enhanced safety and efficiency in demanding environments while meeting RoHS and Vishay Green standards.
• In April 2025, AT&S India celebrated its 25th anniversary, marking its evolution from a modest PCB plant in Nanjangud to a world-class hub for high-end printed circuit boards. As India’s first manufacturer of HFI and HDI PCBs, AT&S has played a pivotal role in shaping Mysore into thriving electronics manufacturing cluster, supporting global trends in automotive and industrial sectors.
• In April 2025, Siemens, Nokia, Infineon, Onsemi, and Black Semiconductor announced strategic acquisitions to bolster their capabilities in manufacturing, connectivity, and advanced materials. These moves aim to enhance AI-ready networks, automotive Ethernet, and PCB workflows, reflecting a broader push toward streamlined product development, market expansion, and sustained growth in the evolving global semiconductor and electronics ecosystem.

Key Market Players

• 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.

Report Scope:

In this report, the India PCB (Printed Circuit Board) Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• India PCB (Printed Circuit Board) Market, By Product Type:

o   Rigid 1-2 Sided

o   Standard Multilayer

o   Flexible Circuits

o   HDI/ Microvia /Build Up

o   Rigid Flex

o   Others

• India PCB (Printed Circuit Board) Market, By Segment:

o   Rigid PCBs

o   Flexible PCBs

• India PCB (Printed Circuit Board) Market, By Application:

o   Consumer Electronics

o   IT & Telecom

o   Defense & Aerospace

o   Automotive

o   Healthcare

o   Others

• India PCB (Printed Circuit Board) Market, By Region:

o   South India

o   North India

o   West India

o   East India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India PCB (Printed Circuit Board) Market.

Available Customizations:

India PCB (Printed Circuit Board) Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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