The India Semiconductor Market was valued at USD 34.5 billion in 2023 and is expected to grow at a strong CAGR of around 23.1% during the forecast period 2024-2032

The market of semiconductors in India is expected to expand, due to increasing applications from electronics, automobile, and telecommunication industries.

Semiconductor giants and new venture firms are pouring new funds into the region to spur new developments and expansions of manufacturing facilities.

This consumer electronics segment includes mobile phones, notebooks, and home appliances all of which have boosted how semiconductors are being consumed.

Semiconductors are the strategic materials found in modern technology; they form the basis of practically all electronic devices. It is made of components such as silicon, due to which it exhibits electrical conductivity between that of a conductor and an insulator thus delicately allowing control of electrical currents. This application makes semiconductors essential in most uses, from mobile phones, laptops, and home appliances, to automobiles, and manufacturing industries. Semiconductors are very competitive and continuously evolving due to trends in miniaturization and improvement of technologies. Semiconductor remains quite vital in enhancing the continuous growth of global electrical and electronic products demand.

KEY GROWTH DRIVERS:

The semiconductor market in India is expected to grow in the future due to increasing usage of electronics products, government support, and demand for technology independence. The “Make in India” and “Digital India” initiatives by the government are paving the way for investment in manufacturing, research & development, and design capabilities. The country intends to capture the local and export markets in semiconductor production with the hope of making the country a hub in the global market. Thus, against the background of globalization and the search for opportunities to diversify supply chains, India appears to be an attractive destination for semiconductor investments due to its geopolitical location, as well as the availability of skilled labor forces and the improvement of infrastructure, which promotes the development of the tech industry and innovation.

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In July 2024, Larsen & Toubro’s semiconductor subsidiary, L&T Semiconductor Technologies announced the acquisition of Bengaluru-based SiliConch Systems. The acquisition is expected to bolster LTSCT's engineering expertise and IP portfolio, aligning with its growth strategy in the fabless semiconductor market.

In September 2022, Mitsubishi Electric India Power Semiconductors, entered into a Memorandum of Understanding with IIT Madras Research Park to support the programs conducted by the institute for the research and development of sustainable technologies. Rapid innovation and technological upliftment in India are the goals that Mitsubishi Electric aims to achieve for the nation’s consistent development and through this partnership with IIT Madras Research Park, the company took a step ahead to accomplish the same.

The report suggests that the Rising Demand for Electronics is a significant factor driving the growth of the semiconductor market in the coming years. The increase in market demand for electronics is a factor that has driven the growth of the semiconductor market in India due to the growing customer demand as well as the technology innovation. More households are using the Internet for social, entertainment, and commercial purposes as the country goes through a demographic transition, increased access to disposable income, and urbanization. This is further driven by the expansion of digital services /Internet which has become an important aspect of people’s lives. There is similarly a growing need for IoT devices because more companies and people require smarter devices that are connected and as well integrated for automatic control among other reasons. Such demand not only fosters the general requirement of a variety of semiconductors but also provides the stimulus for the enhancement of local fabrication facilities, which makes India an important component in the global electronics manufacturing network. In conclusion, the growing demand for new electronic devices contributes to the further development of semiconductors and ensures the high demand for them in the future.

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Sensors Segment Gaining Maximum Traction in the Market

The sensors segment of India’s semiconductor market is well-situated to achieve a stupendous growth rate due to the developments in technological elements and the high demand across many domains in the emerging economy. The largest contributing factor is the steady increase in the usage of IoT to measure all activities in homes, health facilities, and manufacturing among others by using sensors. Users continue and diversify to the automobile segment where the transition to electrical and self-driving cars will create increasing demand for complex sensors. This environment of support has the impact of investment and innovation putting India in a strategic place in the world of semiconductors. In addition, the increasing focus of the healthcare segment on telemedicine and health monitoring devices creates another significant demand, and thus the sensors segment as one of the perspectives of the semiconductor market’s development in India is relatively young and actively growing.

Conclusion

The Indian semiconductor market is rapidly growing, with advancements in the electronics industry leading to improved outcomes. The market is expected to increase as new innovative products are developed in the coming years. Thus, the Indian semiconductor market represents a significant opportunity for companies to make strategic alliances to launch a diversity of products for the country’s population. With continued development, more products will likely become available, improving consumer outcomes.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2024−2032F.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by Component, Application, and Region

Competitive Landscape – Top Key Vendors and Other Prominent Vendor

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