India PCB (Printed Circuit Board) Market Outlook to 2035

The report titled “India PCB (Printed Circuit Board) Market Outlook to 2035 – By Board Type, By Layer Count, By Substrate Material, By End-Use Industry, and By Region” provides a comprehensive analysis of the printed circuit board (PCB) industry in India. The report covers an overview and genesis of the market, overall market size in terms of value, detailed market segmentation; trends and developments, regulatory and policy landscape, buyer-level demand profiling, key issues and challenges, and competitive landscape including competition scenario, cross-comparison, opportunities and bottlenecks, and company profiling of major players in the India PCB market. The report concludes with future market projections based on electronics manufacturing growth, domestic value-chain localization, EV and renewable energy adoption, telecom and data infrastructure expansion, regional demand drivers, cause-and-effect relationships, and case-based illustrations highlighting the major opportunities and cautions shaping the market through 2035.

India PCB (Printed Circuit Board) Market Overview and Size

The India PCB market is valued at approximately ~USD ~ billion, representing the domestic production and consumption of printed circuit boards used as the foundational interconnection platform for electronic components across consumer, industrial, automotive, telecom, medical, and defense applications. PCBs range from single-sided and double-sided boards to multilayer, high-density interconnect (HDI), flexible, and rigid-flex configurations, manufactured using substrates such as FR-4, CEM, polyimide, and specialty laminates.

The market is anchored by India’s rapidly expanding electronics manufacturing ecosystem, driven by rising domestic consumption of electronic devices, increasing electronics content per product, and policy-led efforts to localize manufacturing under national manufacturing and import-substitution initiatives. PCBs form a critical and cost-sensitive component in electronics assemblies, and their availability, quality, and reliability significantly influence the competitiveness of downstream EMS and OEM operations.

Demand is concentrated around key manufacturing clusters across South and West India, supported by established electronics hubs, EMS facilities, and component ecosystems. Northern and Eastern regions are emerging as incremental demand centers as new industrial corridors, defense electronics facilities, and appliance manufacturing bases are developed. While India continues to import a significant share of high-layer-count and advanced PCBs, domestic manufacturing capacity is steadily expanding across standard multilayer, automotive-grade, power electronics, and industrial control boards.

What Factors are Leading to the Growth of the India PCB (Printed Circuit Board) Market:

Expansion of domestic electronics manufacturing and EMS capacity strengthens PCB demand: India’s electronics production is scaling across consumer electronics, mobile devices, appliances, IT hardware, and industrial electronics as global and domestic OEMs expand local assembly and manufacturing operations. PCBs are a core input across these segments, and higher localization of final assemblies directly translates into incremental PCB demand. EMS players increasingly prefer local PCB sourcing to reduce lead times, improve supply chain resilience, and meet domestic value-add norms. This structural expansion of electronics manufacturing forms the foundational growth driver for the Indian PCB market.

Automotive electrification and electronics content growth accelerate multilayer and power PCB adoption: The transition toward electric vehicles, advanced driver assistance systems, connected vehicles, and stricter emission and safety standards is sharply increasing electronics content per vehicle. Automotive applications require multilayer, high-reliability, and thermally robust PCBs for power electronics, battery management systems, infotainment, and control units. As automotive OEMs and Tier-1 suppliers expand local production of EVs and electronic modules, demand for automotive-grade PCBs with higher layer counts and tighter quality specifications continues to rise.

Policy support for electronics manufacturing and import substitution improves long-term viability: Government-led initiatives aimed at strengthening domestic electronics manufacturing, reducing import dependence, and building resilient supply chains are creating a more favorable environment for PCB manufacturing investments. Incentives linked to production scale, capital expenditure support, and infrastructure development are encouraging capacity additions, technology upgrades, and backward integration into laminates, chemicals, and processing inputs. Over time, these measures are expected to improve cost competitiveness, quality standards, and scale efficiencies for Indian PCB manufacturers.

Which Industry Challenges Have Impacted the Growth of the India PCB (Printed Circuit Board) Market:

Dependence on imported raw materials and laminates affects cost stability and supply reliability: The Indian PCB industry remains highly dependent on imported copper-clad laminates (CCLs), specialty substrates, chemicals, and processing consumables, primarily sourced from East Asian markets. Fluctuations in global copper prices, resin costs, and logistics expenses directly impact PCB pricing and margins. Supply disruptions, longer lead times, and currency volatility reduce cost predictability for domestic PCB manufacturers and downstream EMS players, often limiting their ability to commit to long-term contracts or aggressively price bids for large OEM programs.

Limited domestic capability in high-layer-count and advanced PCB technologies constrains value capture: While India has developed reasonable capacity in single-sided, double-sided, and low-to-mid multilayer PCBs, domestic manufacturing remains constrained in advanced segments such as HDI boards, fine-line multilayer PCBs, rigid-flex, and high-frequency substrates. These limitations force OEMs and EMS companies to continue importing complex PCBs for smartphones, telecom equipment, advanced automotive electronics, and defense applications. The gap in process automation, yield optimization, and advanced testing capabilities restricts India’s participation in higher-value PCB segments.

Capital-intensive manufacturing and environmental compliance increase entry barriers: PCB manufacturing requires significant upfront investment in plant infrastructure, process equipment, wastewater treatment, and emissions control systems. Compliance with environmental norms related to effluent discharge, chemical handling, and waste management adds to both capital and operating costs. Smaller manufacturers often struggle to scale operations or upgrade technology due to financing constraints, while new entrants face long gestation periods before achieving commercial viability. These factors slow capacity expansion and consolidation within the industry.

What are the Regulations and Initiatives which have Governed the Market:

Electronics manufacturing and localization policies supporting domestic PCB capacity expansion: National initiatives focused on strengthening electronics manufacturing and reducing import dependence have indirectly supported PCB manufacturing by encouraging local value addition. Policy frameworks promoting domestic production, scale-based incentives, and infrastructure development have improved the investment environment for PCB manufacturers, particularly those aligned with large EMS and OEM ecosystems. These initiatives aim to gradually increase local sourcing of critical components, including PCBs, within the electronics value chain.

Environmental regulations governing chemical usage, effluent treatment, and waste management: PCB manufacturing is subject to stringent environmental regulations related to water usage, effluent discharge, hazardous waste handling, and air emissions. Compliance requires installation of effluent treatment plants, chemical recovery systems, and continuous monitoring mechanisms. While these regulations are essential for sustainable operations, they increase compliance costs and operational complexity, especially for small and mid-sized manufacturers, influencing plant location decisions and capacity utilization.

Quality, safety, and sector-specific standards shaping PCB specifications: PCBs supplied to automotive, defense, medical, and industrial sectors must comply with sector-specific standards related to reliability, thermal performance, flammability, and lifecycle durability. Certification requirements and customer audits influence material selection, process design, and testing protocols. Alignment with global standards is increasingly critical as Indian manufacturers seek to integrate into international supply chains, but achieving and maintaining these certifications adds time, cost, and operational discipline requirements.

India PCB (Printed Circuit Board) Market Segmentation

By Board Type: The rigid PCB segment holds dominance in the India PCB market. This is because rigid boards are extensively used across consumer electronics, industrial equipment, automotive electronics, power electronics, and telecom infrastructure, where cost efficiency, mechanical stability, and standardized designs are prioritized. Rigid PCBs form the backbone of high-volume electronics manufacturing and are widely compatible with existing EMS assembly lines. While flexible and rigid-flex PCBs are witnessing growing adoption in compact consumer devices, automotive electronics, and wearables, rigid boards continue to account for the bulk of volumes due to their broad applicability and relatively lower manufacturing complexity.

By Layer Count: Low-to-mid layer PCBs dominate the Indian market, reflecting the current structure of domestic electronics manufacturing. Single-sided, double-sided, and 4–6 layer boards are extensively used in appliances, lighting, power supplies, automotive control units, and industrial electronics. High-layer-count PCBs are growing steadily but remain import-heavy due to technological and scale constraints in domestic manufacturing.

Competitive Landscape in India PCB (Printed Circuit Board) Market

The India PCB market remains highly fragmented and moderately import-dependent, characterized by a mix of domestic manufacturers focused on standard PCBs and a significant reliance on overseas suppliers for advanced, high-layer-count, and high-frequency boards. Competitive positioning is influenced by manufacturing scale, yield consistency, quality certifications, proximity to EMS clusters, and the ability to meet OEM qualification requirements. While Indian players are strengthening capabilities in automotive-grade and industrial PCBs, global suppliers continue to dominate technologically complex segments.

Some of the Recent Competitor Trends and Key Information About Competitors Include:

AT&S India: As part of a global PCB manufacturing group, AT&S India plays a critical role in supplying high-quality multilayer PCBs for automotive and industrial applications. Its competitive strength lies in process discipline, export-oriented production, and alignment with global OEM quality expectations. The company is well positioned to benefit from automotive electronics growth and higher-reliability PCB demand.

Shogini Technoarts: Shogini has built a strong position in automotive and industrial electronics PCBs, supported by close relationships with OEMs and Tier-1 suppliers. The company’s focus on quality systems, traceability, and compliance enables participation in safety-critical applications, making it a key domestic supplier as automotive electronics localization increases.

Epitome Components: Epitome competes on scale, product breadth, and strong presence in industrial, lighting, and consumer electronics segments. Its ability to supply consistent volumes of standard multilayer PCBs positions it well within India’s EMS-driven demand structure, particularly for mid-volume, repeat programs.

Circuit Systems India: Circuit Systems has differentiated itself through capabilities in flexible and rigid-flex PCBs, serving automotive, medical, and industrial clients. As compact electronics and space-constrained designs gain traction, the company benefits from early investments in flex PCB manufacturing and specialized process know-how.

Meena Circuits and Ascent Circuits: These players remain competitive in standard rigid PCBs by leveraging proximity to EMS hubs, quick turnaround times, and customization flexibility. Their strength lies in serving small-to-mid batch requirements, engineering support, and cost-sensitive applications across industrial and consumer electronics.

What Lies Ahead for India PCB (Printed Circuit Board) Market?

The India PCB (Printed Circuit Board) market is expected to expand strongly by 2035, supported by sustained growth in domestic electronics manufacturing, rising electronics content across products, and increasing policy and private-sector focus on strengthening local supply chains. Growth momentum is further enhanced by EV adoption, renewable energy and power electronics expansion, telecom and data infrastructure rollout, and the shift toward higher reliability electronics in industrial and automotive applications. As OEMs and EMS companies increasingly prioritize supply assurance, lead-time reduction, and local sourcing to improve resilience, PCBs will remain a critical value-chain segment where domestic capacity additions and technology upgrades will shape competitiveness through 2035.

Transition Toward Higher-Complexity PCBs Including Multilayer, HDI, and High-Reliability Boards: The future of the India PCB market will see a gradual shift from standard single/double-sided boards toward higher-complexity multilayer boards and selected growth in HDI and high-reliability PCBs. Automotive electronics, industrial automation, telecom equipment, and power electronics increasingly demand tighter tolerances, better thermal performance, and higher layer counts. Manufacturers that invest in advanced imaging, plating, AOI/AXI testing, and yield improvement will capture higher-value demand and reduce India’s import dependence in technologically advanced segments.

Growing Influence of EMS Scale-Up and Multi-Site Electronics Manufacturing Programs: Large EMS players and OEMs are expanding multi-site manufacturing footprints across India, creating repeatable demand programs for PCBs across product categories such as appliances, consumer devices, industrial electronics, and automotive modules. PCBs benefit from standardization and repeat procurement cycles, especially when OEM platforms are localized over multiple years. Through 2035, this trend will favor PCB suppliers that can deliver consistent quality, stable pricing frameworks, and reliable lead times while supporting engineering changes and ramp-up volumes.

Localization of Strategic Electronics and Supply-Chain Risk Mitigation Becomes a Stronger Buying Criterion: Buyer priorities are shifting beyond unit cost toward supply continuity, domestic compliance requirements, and reduced exposure to cross-border disruptions. This will accelerate local sourcing efforts for PCBs, particularly in segments where qualification cycles are manageable and domestic suppliers can meet reliability requirements. Government-linked procurement and strategic electronics programs are expected to further amplify the focus on domestic capability building, particularly for defense, railways, public infrastructure electronics, and critical industrial systems.

Increasing Demand from EVs, Charging Infrastructure, and Renewable Energy Power Electronics: EV powertrains, battery management systems, onboard chargers, DC-DC converters, and charging infrastructure require PCBs engineered for higher current handling, thermal resilience, and reliability over harsh operating conditions. Renewable energy inverters, energy storage systems, and industrial drives similarly drive demand for power PCBs and robust multilayer designs. This segment is expected to be one of the strongest growth engines through 2035, supporting a premiumization of PCB demand toward higher performance and tighter qualification requirements.

India PCB (Printed Circuit Board) Market Segmentation

By Board Type

• Rigid PCBs

• Flexible PCBs

• Rigid-Flex & Specialty PCBs

By Layer Count

• Single & Double-Sided

• Multilayer (4–6 Layers)

• Multilayer (8+ Layers)

By Substrate Material

• FR-4 (Glass Epoxy)

• CEM and Paper Phenolic Substrates

• Polyimide (Flex PCBs)

• High-Frequency / Specialty Laminates

By End-Use Industry

• Consumer Electronics & Appliances

• Industrial Electronics & Power Equipment

• Automotive Electronics

• Telecom, IT & Networking

• Defense, Medical & Others

By Region

• North India

• West India

• South India

• East & Central India

Players Mentioned in the Report:

• AT&S India

• Shogini Technoarts

• Circuit Systems India

• Epitome Components

• Meena Circuits

• Ascent Circuits

• Fine-Line Circuits

• Genus Circuits

• Domestic PCB assemblers, prototype PCB houses, and import-led suppliers supporting high-layer/HDI requirements

Key Target Audience

• PCB manufacturers, laminate suppliers, and chemical/process input providers

• Electronics manufacturing services (EMS) companies and contract manufacturers

• OEMs in automotive, consumer electronics, industrial electronics, and telecom equipment

• EV component suppliers and power electronics manufacturers

• Defense and public sector procurement bodies for strategic electronics

• Testing labs, certification bodies, and quality assurance agencies

• Private equity and industrial investors evaluating electronics supply-chain localization opportunities

Time Period:

Historical Period: 2019–2024
Base Year: 2025
Forecast Period: 2025–2035