Indian PCB Market to Cross US$ 5.35 Billion by 2023: Report

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Indian Government is strongly promoting domestic manufacturing and use of PCBs in the country and has launched several initiatives like Make in India and Digital India

The Printed Circuit Board (PCB) market in India is estimated to cross US$ 5.35 billion by 2023. The market is projected to grow at a compound annual growth rate (CAGR) of 17.7 per cent during 2018-2023, according to a report by Research and Markets.

Citing reasons for such growth, the report said that in the last few years, the demand for PCBs in the country has recorded a steady growth due to favourable government initiatives and rising investments in digitisation.

The Indian PCB market was valued US$ 2.02 billion in 2017, the report said.

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Growing consumer electronics market

India is one of the fastest growing markets for consumer electronics in the Asia Pacific (APAC) region. Consumer and electronics appliances such as mobile phones, computers, laptops, etc., use rigid PCBs in areas important to the functionality of these products, like the motherboard, thus making a positive impact on the growth of PCB industry in the country.

The developments happening in the PCB manufacturing and functionalities, combined with miniaturisation of semiconductor devices, are likely to push the demand for more complex PCBs with maximum number of layers.

Meanwhile, the Indian Government is also strongly promoting domestic manufacturing and use of PCBs in the country. It has launched several initiatives like Make in India and Digital India, to support the same.

Under these initiatives, the government is aiming to encourage manufacturers to establish more manufacturing plants in India by reducing bureaucratic hurdles, facilitating the tax regime, etc. This is likely to bring in considerable achievement in several end-use sectors such as electrical, electronics and automotive, thus creating a positive impact on the overall demand of PCBs.

The electronic devices market in India has grown at a double-digit rate, led by increasing disposable incomes of the population and increasing urbanisation levels in the country.

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