India Semiconductor Market to Grow at a CAGR of 17% during Forecast Period

Published | 25 May 2022

India semiconductor market is growing at a high CAGR because of the increasing demand for consumer electronic goods such as smartphones, etc., along with increasing demand for IoT devices and expanding electric vehicle production…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India semiconductor market was worth USD 23.2 billion in the year 2021. The market is projected to grow at a CAGR of 17.1%, earning revenues of around USD 80.3 billion by the end of 2028. The India semiconductor market is booming because of the rising demand for consumer electronic items like smartphones, televisions, and digital cameras, as well as the increased manufacturing of electric cars. In addition, rising demand for IoT devices is emerging as a significant driver of market expansion. However, high dependence on other countries for semiconductor chip imports may act as a huge restraining factor for the market growth.

Expanding Electric Vehicle Production is Driving Semiconductor Market

One of the primary driving factors for the market is the growing usage of semiconductors in electric cars. They are employed in the development of important vehicle tasks including power management, displays, sensors, and safety features, among others. In addition, the integration of IoT sensors is driving up semiconductor chip demand. In the projected period, increased consumer awareness of electric cars and carbon emissions, as well as expanding production by key EV manufacturers, are expected to drive semiconductor demand.

Favorable Government Initiatives and Investments is Presenting Lucrative Growth Opportunities for Market Growth

The government of India is significantly focusing on making the country self-reliant in semiconductor manufacturing, especially post the coronavirus pandemic. According to India Briefing, The Indian government announced the Program for Development of Semiconductors and Display Manufacturing Ecosystem in India in December 2021, with a budget of INR 760 billion (about US$10 billion) to build a sustainable semiconductor and display manufacturing ecosystem in India. This is anticipated to boost the market growth in the forecast period.

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India Semiconductor Market - By Application

Based on application, the India semiconductor market is segmented into networking and communications, data processing, industrial, consumer electronics, automotive, and government. The consumer electronics industry has the largest market share because of its broad use in a wide range of electronic devices, such as diodes, transistors, and integrated circuits. The growing demand for smartphones is one of the key factors driving the rise of consumer electronics applications. The automobile industry, on the other hand, is likely to grow at the quickest rate throughout the forecast period.

India Semiconductor Market - Regional Insights

Geographically, the India semiconductor market is segmented into North, South, East, and West. The Indian semiconductor market is dominated by Western India. Gujarat and Maharashtra are emerging as the country's leading semiconductor makers. Gujarat is already home to the country's first water manufacturing factory. Major industry players are also developing manufacturing facilities in Rajasthan and Karnataka, which is expected to fuel market expansion throughout the forecast period.

Impact of COVID-19 on India Semiconductor Market

The unprecedented COVID-19 pandemic breakout put a huge hole in the semiconductor business. The market's expansion has been severely hampered by constraints on manufacturing and production, as well as supply chains. For semiconductor imports and components, India is mainly reliant on East Asian nations such as China, Hong Kong, and others. However, owing to the viral epidemic in China, import and export restrictions have totally shut off the supply of these components. Furthermore, a surge in demand for electronic gadgets during the epidemic resulted in a massive demand and supply mismatch.

Competitive Landscape

The leading market players in the India semiconductor market are Samsung Electronics, Tata Elxsi, Continental Device India Ltd, Broadcom, SK Hynix, Semiconductor Laboratory, eInfochips, Inc., ASM Technologies, Infineon Technologies India Pvt. Ltd, Masamb Electronics Systems, NXP Semiconductor N.V., MosChip Technologies Limited, and other prominent players.

The India semiconductor market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Don’t miss the business opportunity in the India semiconductor market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India semiconductor market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India semiconductor market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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