India PCB (Printed Circuit Board) Market 2031: Competitive Landscape, Market Size

Industryresearch

Jul 10, 2025 - 09:03

India PCB Market: A New Chapter of Innovation and Resurgence

According to the credible TechSci Research report titled “India PCB (Printed Circuit Board) Market – By Region, Competition, Forecast and Opportunities, 2021–2031F,” the Indian PCB market is anticipated to cross the USD 5.23 billion mark in 2025 and progress to a staggering USD 8.27 billion by 2031, at a robust compounded annual growth rate (CAGR) of approximately 7.94%.

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Industry Key Highlights

Base Market Size & Projections
- Estimated at USD 5.23 billion in 2025, the India PCB market is on course to reach USD 8.27 billion by 2031, signifying strong momentum and upward trajectory.
Compound Annual Growth Rate (2025–2031)
- Sustained growth of ~7.94% CAGR promises a steadily expanding market with investment potential.
Emerging End-Use Sectors
- Sectors such as Electric Vehicles (EVs), renewable energy, industrial automation, medical devices, IT & Telecom, consumer electronics, defense, aerospace, and automotive are fueling demand for sophisticated PCBs.
Regional Growth Hotspots
- North India—specifically Uttar Pradesh, Haryana, and Delhi-NCR—is establishing itself as the most dynamic regional market, propelled by industrial clusters, infrastructure boost, and policy incentives like “Make in India” and Electronics Manufacturing Clusters (EMC).
Technological Upgradation
- A pivot toward multi-layered HDI (High-Density Interconnect), thick-track power PCBs, flex circuits, and rigid-flex solutions, reflecting an embrace of quality, innovation, and higher margins.

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Emerging Trends in the India PCB Market

1. Electric Vehicles & Automotive Electronics

High‑Power, Thick‑Track Boards: EV powertrain electronics rely on robust PCBs capable of handling high currents and optimized thermal dissipation. This reshapes manufacturing requirements toward multilayer, lead‑free, metal core, and thick copper designs.
Onboard Charging & Infotainment: Embedded systems for charging, telematics, and advanced driver assistance systems (ADAS) often utilize HDI and rigid-flex PCBs.
Vehicle-to-everything (V2X) Connectivity: The integration of vehicle communication modules demands compact, high-frequency radio‑PCB assemblies.

2. Renewable Energy & Smart Grid

Solar Inverters & Battery Management: These systems utilize multi‑layered, high‑current PCBs for converting and monitoring energy flow.
Smart Meters & IoT Integration: Digitally connected energy meters necessitate secure, small-footprint boards, typically with conformal coatings for durability and IP compliance.

3. Industrial Automation & Robotics

Sensor Networks & Motor Controls: Factories built around Industry 4.0 standards require rugged, multi-layer PCBs that integrate power electronics, sensors, and automation controls.
Programmable Logic Controllers (PLCs): As manufacturing becomes increasingly automated, demand is increasing for reliable, high-quality PCBs for PLCs.

4. Medical Devices & Healthcare

Patient Monitoring & Diagnostic Equipment: Devices ranging from ECG machines to portable ultrasounds require precision PCBs with strict reliability and safety standards (e.g., ISO 13485, IEC 60601).
Telehealth & Wearables: Single-use or wearable medical devices—and telemedicine hardware—depend on lightweight, flexible, or rigid-flex boards that can reliably perform in varied environments.

5. IT & Telecom Infrastructure

5G Rollout & Edge Computing: With the nationwide build-out of 5G, PCBs for advanced routers, cell-site antennas, and transmission switches are in high demand.
PLI-Driven Local Manufacturing: Government incentives are prompting domestic production of servers, routers, and data center hardware—necessitating high-frequency multilayer PCB solutions.
HDI & RF PCB Adoption: High‑speed digital and RF applications are shifting manufacturers toward smaller, denser, high-performance PCB technology.

Core Market Drivers

1. Rising Electronics Manufacturing

India’s position as a global electronics production hub is strengthening thanks to government initiatives like “Make in India,” PLI schemes, and EMCs. This growth ensures ever-increasing demand for both base and advanced PCB offerings.

2. Policy Support & Incentives

Schemes such as PLI and EMC help domestic players establish vertically integrated electronics manufacturing plants—spanning PCB fabrication to product assembly—thus enhancing sector resilience and spurring capital spending.

3. Digital Infrastructure Expansion

Government-led digitalization campaigns—Digital India, BharatNet, Smart Cities—are accelerating broadband adoption and telecom hardware deployment across the country, leading to a surge in high-performance telecom-grade PCB consumption.

4. Localization of Supply Chains

Post-pandemic supply chain disruptions have driven both global brands and OEMs to source locally. Indian PCB manufacturers now offer cost-effective, lower-risk alternatives to imports—attractive for Indian system integrators and OEMs.

5. Innovation across End-Use Verticals

Sectors such as renewable energy, EVs, medical devices, manufacturing automation, and aerospace are demanding performance-tier PCBs with superior reliability, tighter thermal tolerances, and higher layer counts—expanding the market’s frontier.

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Competitive Analysis

The competitive landscape of India’s PCB market features a mix of domestic innovators and global partnerships aiming to scale and upgrade capabilities. Key players include:

AT&S India Pvt. Ltd.
Internationally renowned, AT&S brings advanced multilayer and HDI manufacturing to India, with deep expertise in automotive and industrial sectors.
Shogini Technoarts Pvt. Ltd.
Specialized in controlled-impedance boards for consumer electronics and telecom, Shogini is famous for delivering high-frequency and precision PCBs.
Genus Electrotech Ltd.
Offers a broad product portfolio that includes high-current and high-density boards, serving power electronics, industrial automation, and renewable energy verticals.
CIPSA‑TEC India Pvt. Ltd.
Known for rigid-flex offerings, catering to wearable electronics, automotive telematics, and medical devices.
Epitome Components Ltd.
Delivers comprehensive PCBA solutions—from PCB assembly to box-build—serving global OEMs in telecom, aerospace, and defense sectors.
Fine‑Line Circuits Ltd.
Flexible-circuit specialists favored by medical and handheld-device manufacturers.
Meena Circuits Pvt. Ltd.
Focused on consumer and industrial PCBs, offering strong contract manufacturing services.
Ascent Circuits Pvt. Ltd.
A niche provider of small-to-medium-run HDI and fine-pitch boards for RF, telecom, and advanced digital applications.