India's PCB Market: Growth, Imports, and Future Outlook

The Indian printed circuit board (PCB) market is experiencing rapid expansion, fueled by strong domestic demand and government initiatives. However, despite this growth, India continues to rely heavily on imports to meet its PCB needs. Experts at the Bengaluru Tech Summit recently highlighted that around 85% of India's PCB demand is met through imports, underscoring the urgent need for scaling up local manufacturing capabilities.

According to recent reports, India's PCB market was valued at approximately USD 6.3 billion in 2024 and is projected to reach USD 24.7 billion by 2033, growing at a compound annual growth rate (CAGR) of 15.58%. This surge is driven by the booming consumer electronics sector, the rise of electric vehicles (EVs), and the adoption of advanced technologies such as 5G, IoT, and AI. The automotive industry, in particular, is a major market motivator, with EVs and advanced driver-assistance systems (ADAS) requiring advanced PCBs.

Despite the strong domestic demand, India imported nearly 88% of its bare PCB requirements in 2024-25, amounting to $3.7 billion out of a total demand of $4.2 billion. Locally manufactured bare PCBs currently stand at only $600 million, but domestic sourcing has seen a remarkable CAGR of 27.3% over the past three years. This growth is attributed to favorable government initiatives such as Make-in-India, the Electronics Manufacturing Services (EMS) scheme, and the Production Linked Incentive (PLI) scheme. Additionally, a recent anti-dumping duty on imported bare PCBs is benefiting local manufacturers.

The government's push for local manufacturing is evident in the increasing investments and new projects in the PCB sector. The PLI scheme, for instance, has attracted significant investments, with 24 beneficiaries committing INR 3,516 crore in the third round alone. Industrial states like Maharashtra and Gujarat are leading the way, thanks to their high concentration of electronics clusters and export-oriented manufacturing units. Accessibility to ports and well-developed industrial infrastructure further facilitate a streamlined logistics and supply chain for PCBs and raw materials.

However, the industry faces several challenges. Limited access to high-end raw materials like copper laminates and photoresists constrains upstream self-sufficiency. The lack of large-scale domestic PCB fabs results in heavy reliance on imports, especially for multilayer and high-density interconnect (HDI) boards. Despite these hurdles, opportunities lie in scaling domestic fabrication capabilities, innovating low-cost multilayer boards, and enhancing vertical integration across the PCB value chain.

On the export front, India is increasingly recognized as a supplier of standard and mid-complexity PCBs to markets in Asia, Europe, and North America. The country's competitive labor costs, improving quality standards, and government incentives are helping Indian manufacturers penetrate global value chains. Exports of multilayer and HDI PCBs are growing as manufacturers invest in automation and quality certifications. Flexible PCBs for wearables, automotive sensors, and telecom applications also offer lucrative export opportunities, supported by increasing global demand.

Looking ahead, if India continues to invest in automation, design capability, and process reliability, it can not only meet its domestic requirements but also become a trusted global source for PCB manufacturing. The projection of $14 billion by 2030 seems achievable if this momentum continues and the supply chain matures alongside demand growth from automotive, industrial, and consumer electronics sectors.

Written by Deepak Periyasamy.

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