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Written by Jack » Updated on: November 19th, 2024
Browse over 26 market data Figures spread through 100 Pages and an in-depth TOC on the "India Semiconductor Market."
The India semiconductor market is poised for significant growth, as indicated by the TechSci Research report titled “India Semiconductor Market - By Region, Competition Forecast & Opportunities, 2019-2029.” With a valuation of USD 34,426.91 million in 2023, the market is expected to exhibit robust expansion with a compound annual growth rate (CAGR) of 24.32% during the forecast period. Several factors contribute to this growth, including increasing consumer demand for electronic products, the widespread adoption of artificial intelligence (AI), and supportive government initiatives.
Semiconductors play a pivotal role in driving technological advancements across various industries, serving as the backbone for critical and emerging technologies. India, with its significant spending of USD 180 billion on electronic goods, boasts the fifth-largest economy globally and aims to expand its domestic semiconductor market. With 120 design units, India possesses a well-developed semiconductor design industry, catering to sectors such as automotive, communication, industrial, data processing, and consumer electronics. The growing digital transformation across consumer, business, and public sectors, coupled with the adoption of new technologies, further fuels the demand for semiconductors in India.
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The Indian government and industry stakeholders are implementing initiatives to advance the semiconductor design industry and bolster India's position in this sector. Efforts include enhancing education levels to develop expertise in design and IT, fostering an entrepreneurial culture, and promoting collaboration among educational institutions, private organizations, and design firms.
The India Semiconductor Market is segmented based on components, applications, types, and regions. Memory devices, microprocessors, analog IC, sensors, discrete power devices, and others constitute the component segment, while applications include IT & telecom, automotive, consumer electronics, and other industries. The market analysis also considers extrinsic and intrinsic semiconductor types, with regional segmentation comprising South India, North India, West India, and East India.
Key market players in the India Semiconductor Market include:
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In 2023, the IT & telecom sector dominated the India Semiconductor Market, accounting for 53.30% market share, driven by India's strong presence and initiatives in these industries. South India led the regional market share with 40.14% in 2023, attributed to its status as an IT hub, particularly in cities like Bengaluru, Chennai, and Hyderabad.
The growing usage of semiconductors across sectors such as safety, electrification, communication, and connection, particularly in the electric vehicle (EV) market, is expected to drive market growth. Investments by the government and market players, including IBM and STMicroelectronics, further propel the semiconductor industry's growth in India.
The report titled “India Semiconductor Market” provides comprehensive insights into market trends, growth drivers, challenges, and opportunities, aiming to assist decision-makers in making informed investment decisions.
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