| Study Period | 2019 - 2032 |
| Market Size in 2025 | USD 6.1 Billion |
| Market Size in 2026 | USD 7.1 Billion |
| Market Size by 2032 | USD 17.7 Billion |
| Projected CAGR | 16.5% |
| Largest State | Maharashtra |
| Fastest-Growing State | Karnataka |
| Market Structure | Fragmented |
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The Indian printed circuit board (PCB) market values USD 6.1 billion in 2025, and it is projected to reach USD 17.7 billion by 2032, expanding at a CAGR of 16.5% during 2026–2032. The market growth is primarily driven by rising domestic electronics manufacturing, strong government incentives under Production-Linked Incentive (PLI) schemes, growing demand for smartphones and electric vehicles, and increased localization of supply chains across the country.
India's electronics manufacturing sector has witnessed remarkable growth, with the country emerging as the world's second-largest mobile phone manufacturer. The production value of electronics in India rose nearly six times from INR 1.9 lakh crore in the fiscal year 2014–15 to INR 11.3 lakh crore in the fiscal year 2024–25, driven by strategic policy interventions. This expansion directly correlates with PCB demand, as these boards serve as the fundamental backbone of all electronic devices, enabling miniaturization and efficient construction of complex circuitry across consumer electronics, automotive systems, telecommunications, industrial automation, and renewable energy applications.
The surge in electric vehicle adoption represents a significant growth catalyst for the Indian PCB market. The Indian electric car market sales volume is projected to reach 430,603 units by 2030. Electric vehicles require advanced multilayer PCBs for battery management systems, power electronics, and smart vehicle controls, creating substantial demand for high-reliability circuit boards. The government's ambitious target of achieving 30% EV penetration by 2030 is expected to further accelerate PCB consumption across the automotive sector.
Furthermore, the rapid deployment of 5G infrastructure across India is generating significant opportunities for PCB manufacturers. India has seen the fastest rollout of 5G services in the world, with 4,62,084 BTS deployed across 779 districts, as of December 2024, making it one of the fastest 5G rollouts globally. This telecom infrastructure expansion requires high-frequency PCBs capable of handling advanced signal processing, driving demand for multilayer and HDI boards in network equipment, base stations, and consumer devices. The convergence of these growth drivers positions India's PCB manufacturing sector for sustained expansion throughout the forecast period.
The rigid 1–2-sided category holds the largest market share, of approximately 50%, in 2025, driven by its widespread application in consumer electronics, LED lighting, and white goods manufacturing. These PCBs offer cost-effectiveness and reliability for standard electronic applications, making them the preferred choice for high-volume production. The expanding consumer durables sector, coupled with government incentives for domestic manufacturing of air conditioners and LED lights under the PLI scheme for white goods, continues to sustain demand for rigid single and double-sided boards.
The HDI/microvia/build-up category is expected to register the highest CAGR, of 16.6%, during 2026–2032, driven by increasing adoption of advanced smartphones, tablets, and wearable devices that require miniaturized, high-density circuitry. The proliferation of 5G-enabled devices and the growing automotive electronics sector are accelerating demand for HDI PCBs that offer superior signal integrity and thermal management capabilities.
These product types are covered:
Bare PCBs represent the larger category in 2025, holding approximately 75% market value. Bare PCBs consist of substrate, metal coating, conductive pathways, and patterns without mounted components, serving as the foundation for electronics manufacturing across industries. Kaynes Technology and Amber Enterprises are expanding bare PCB production lines to meet growing domestic demand for innovative techniques, such as laser-drilled microvias, for high-speed applications.
Populated PCBs, pre-fitted with electronic components, have the higher CAGR as manufacturers seek integrated, ready-to-use solutions. Precision-critical industries, including automotive, medical electronics, and telecommunications, increasingly demand assembled circuit boards that reduce production complexity and time-to-market for end products.
These manufacturing types are covered:
Single-sided PCBs account for the largest share of the Indian PCB market in 2025, driven by their extensive use in cost-sensitive applications, including LED lighting, power supplies, and basic consumer electronics. These boards offer simplicity in design and manufacturing, making them ideal for high-volume production where component density requirements are moderate.
Multi-layer PCBs are expected to witness the fastest growth during 2026–2032, registering a CAGR of 16.7%. The increasing complexity of electronic devices, particularly in smartphones, automotive electronics, and telecom equipment, necessitates boards with multiple conductive layers for enhanced functionality. Kaynes Technology and Amber Enterprises are investing in multi-layer PCB production capabilities to capture this growing market category.
These layer types are covered:
The rigid bifurcation dominates the Indian PCB market in 2025 with approximately 85% share. Rigid PCBs are constructed using solid, inflexible substrate materials that provide excellent mechanical support for electronic components. These boards are extensively used in consumer electronics, computers, telecommunications equipment, and industrial applications where structural stability and cost-effectiveness are primary requirements. The expanding smartphone manufacturing sector, coupled with the growing demand for televisions, air conditioners, and LED lights, continues to drive the consumption of rigid PCBs across the country.
Flexible PCBs are expected to register the higher CAGR, of 16.8% during 2026–2032, driven by increasing adoption in wearable devices, medical electronics, and automotive applications requiring bendable circuit solutions. The demand for flexible and rigid-flex PCBs is accelerating as device miniaturization trends intensify across consumer electronics and healthcare sectors. Shogini Technoarts and Epitome Components are expanding their flexible PCB production capabilities to cater to the demand for them in foldable smartphones, smartwatches, and advanced medical monitoring devices.
These segments are covered:
FR-4 laminate holds the largest share of the Indian PCB market in 2025. FR-4 is a glass-reinforced epoxy laminate that offers excellent electrical insulation, mechanical strength, and thermal stability at competitive costs. These properties make FR-4 the preferred choice for standard PCB applications across consumer electronics, telecommunications, computers, and industrial equipment. The widespread availability of FR-4 materials with domestic and international suppliers, combined with established manufacturing processes, sustains its dominant position in the market.
Polyamide laminate is expected to witness the fastest growth during 2026–2032. Polyamide-based laminates offer superior flexibility, thermal resistance, and chemical stability, making them essential for flexible PCBs and high-temperature applications. The growing adoption of flexible circuits in automotive electronics, aerospace systems, and medical devices is driving demand for polyamide laminates. According to industry sources, the expansion of electric vehicle manufacturing in India is particularly boosting polyamide consumption, as EV battery management systems and power electronics require laminates capable of withstanding elevated operating temperatures.
These laminate types are covered:
The consumer electronics category dominates the Indian PCB market in 2025 with approximately 35% share. This is attributed to India's position as a major hub for smartphone, television, and home appliance manufacturing. Rising disposable incomes, increasing urbanization, and growing digital literacy among the population continue to drive demand for consumer electronic devices, subsequently boosting PCB consumption.
The automotive category is projected to witness the fastest growth during the forecast period, with a CAGR of 16.9%. Electric vehicles, advanced driver-assistance systems (ADAS), battery management systems, and infotainment modules require sophisticated multilayer PCBs with high reliability and thermal stability. Battery electric vehicle production in India is projected to nearly triple to 377,000 units in 2025 from 130,000 in 2024, directly correlating with increased automotive PCB demand.
These applications are covered:
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Maharashtra holds the largest share in the Indian PCB market in 2025, of approximately 30%. The state benefits from its position as a major industrial hub with extensive electronics manufacturing infrastructure concentrated in cities such as Pune, Mumbai, and Nashik. The presence of well-established automotive, consumer electronics, and industrial equipment manufacturers creates consistent demand for PCBs across multiple application segments.
The state hosts numerous PCB manufacturers, including Shogini Technoarts, which has operated from Pune since 1982 and was recently acquired by Amber Enterprises' subsidiary IL JIN Electronics to strengthen domestic manufacturing capabilities. The state has attracted significant investments in electronics manufacturing clusters, with dedicated zones for component production supporting the PCB ecosystem. The availability of a skilled workforce, robust logistics infrastructure, and proximity to major ports for raw material imports and finished goods exports reinforce Maharashtra's leadership position in the market.
Karnataka is expected to register the highest CAGR during 2026–2032, driven by substantial investments in advanced PCB manufacturing facilities and strong government support for electronics manufacturing. The state has emerged as a focal point for PCB investments, with Schneider Electric announcing plans in December 2024 to establish a new PCB manufacturing plant that will create 5,000 additional jobs.
Kaynes Technology operates multiple facilities in the state, focusing on multilayer and HDI PCBs for telecom and automotive applications. The state offers competitive incentives under its Electronics System Design and Manufacturing (ESDM) policy, including capital subsidies, stamp duty exemptions, and land allocation benefits, that attract both domestic and international PCB manufacturers.
Bengaluru's established electronics ecosystem, hosting major OEMs, EMS suppliers, and semiconductor firms, creates stable and diversified PCB demand. The concentration of R&D centers and technical talent in the state supports innovation in advanced PCB technologies, including HDI and flexible circuits.
These states are covered:
The Indian PCB market exhibits a fragmented competitive landscape characterized by the presence of several domestic manufacturers alongside international players. Market players are actively pursuing capacity expansion, technological upgrades, and strategic partnerships to strengthen their competitive positions. AT&S, an Austrian multinational, primarily manufactures high-end PCBs for export markets. In recent times, domestic companies, including Amber Enterprises, Kaynes Technology, and Syrma SGS, have made significant investments in PCB manufacturing capabilities, leveraging government incentives and growing domestic demand. The 30% anti-dumping duty imposed on imported PCBs with fewer than six layers in 2024 has created favorable conditions for domestic manufacturers to expand market share.
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