India PCB (Printed Circuit Board) Market, By Region, Competition, Forecast & Opportunities, 2021-2031F

The 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, rising at a CAGR of 7.94%. Printed circuit boards form the essential backbone of modern electronic devices, serving both mechanical and electrical functions by connecting components through copper-etched pathways. With the rapid digitization of lifestyles and increased reliance on consumer electronics, industrial automation, automotive electronics, and medical devices, the demand for PCBs in India has seen a notable surge. From smartphones and computers to electric vehicles and defense systems, PCBs are a critical component of technology infrastructure, and India’s growing emphasis on indigenous electronics production is propelling market expansion.

Key Market Drivers

Government Led Electronics and Make in India Initiatives

India's PCB market is significantly driven by government-backed initiatives such as "Make in India" and the Production-Linked Incentive (PLI) scheme, which are fostering a robust domestic electronics manufacturing ecosystem. These programs offer financial incentives, regulatory easing, and infrastructure development to encourage local PCB production. As global and domestic OEMs look to reduce import dependency and boost local sourcing, Indian PCB manufacturers are increasingly being integrated into supply chains. This policy-driven momentum has improved the business environment for PCB players and is laying the groundwork for long-term self-reliance in electronic component manufacturing.

Key Market Challenges

Inadequate Raw Material Ecosystem and Import Dependency

India’s PCB industry remains heavily reliant on imported raw materials such as copper-clad laminates, specialty chemicals, and soldering compounds. This dependency exposes manufacturers to fluctuating global prices, shipping delays, and geopolitical tensions, which can disrupt production schedules and escalate costs. Additionally, logistical inefficiencies and inconsistent customs procedures contribute to unpredictability in the supply chain. These issues undermine competitiveness and highlight the urgent need for a localized, resilient materials ecosystem to support sustainable PCB manufacturing in India.

Key Market Trends

Rise of Domestic Assembly-Integrated PCB Manufacturing

A growing trend in the Indian PCB market is the move toward vertically integrated manufacturing models where companies not only fabricate boards but also offer end-to-end services including surface-mount technology (SMT), assembly, testing, and turnkey delivery. This model appeals to global OEMs seeking faster production cycles and streamlined vendor management. Indian PCB players are investing in automation, quality testing, and engineering talent to provide these value-added services, especially in high-demand segments like consumer electronics, automotive systems, and medical equipment. With support from government production-linked schemes and design-centric policies, this integrated approach is strengthening India’s position as a full-service electronics manufacturing destination.

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:

Rigid 1-2 Sided
Standard Multilayer
Flexible Circuits
HDI/ Microvia /Build Up
Rigid Flex
Others

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

Rigid PCBs
Flexible PCBs

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

Consumer Electronics
IT & Telecom
Defense & Aerospace
Automotive
Healthcare
Others