Summary
The India Power Electronics Market report covers market size, share, growth, trends, outlook, companies and forecast insights across 2020-2031.
Market Overview
India Power Electronics Market Overview
The India Power Electronics Market was valued at USD 4,139.8 Mn in 2023 and grew at a CAGR of 4.6% during 2018–2023. The market is further expected to reach USD 5,511.1 Mn by 2029, expanding at a projected CAGR of 4.9% over 2023–2029. The industry remains fragmented and highly competitive, with no single player holding a dominant position. Key established companies operating in the market include Infineon Technologies, STMicroelectronics, ABB Ltd., Texas Instruments Inc., NXP Semiconductors, and Microchip.
Taxonomy
India Power Electronics Market Ecosystem
India Power Electronics Market Size (in USD Mn), 2018-2023
The India Power Electronics Market recorded substantial growth at a CAGR of 4.6% during 2018–2023, reaching a value of USD 4,139.8 Mn by 2023. This growth has been driven by India’s large population, rising purchasing power, and increasing urbanization, which have expanded the consumer base for a broad range of electronic products, from smartphones and tablets to refrigerators and other appliances. In addition, government initiatives focused on digitization and wider technology adoption have played a significant role in accelerating demand for power electronics across the country.
India Power Electronics Industry Analysis
India Power Electronics Market Segmentation, 2023
India Power Electronics Market Segmentation by Component (in USD Mn), 2023
Module Components: Module components, valued at USD 2,871.2 million and commanding a 69.4% market share, lead the sector. This underscores their critical role in providing reliable and integrated solutions in power electronics, crucial for the expanding scope of applications across various industries. Discrete Components: Exhibiting strong performance and translating to USD 1,268.6 million in revenue, discrete components hold a significant 30.6% market share. This is driven by their essential role in the rapid deployment of EVs and the growing needs in aerospace, medical, and defence sectors.
India Power Electronics Market Segmentation by Material (in USD Mn), 2023
Silicon Carbide (SiC): SiC holds a dominant share of 73.3% in the market, Silicon Carbide (SiC) reflects its dominance through its revenue of USD 3,034.4 million. The market's confidence is further bolstered by technological advancements, such as the development of a new SiC-MOSFET structure by Mitsubishi Electric Corporation, promising enhanced efficiency for large industrial applications. Gallium Nitride (GaN): Indicating a strong, specialized demand in power electronics, particularly valued for its high electron mobility and heat tolerance, GaN holds a substantial 15.7% market share valued at USD 650.2 million. Silicon/Germanium: Highlighting a significant demand for materials that offer a blend of silicon's reliability and germanium's high-speed signal processing capabilities, the Silicon/Germanium segment occupies 7.9% of the market and generates USD 325.1 million.
India Power Electronics Market Future Market Size
The India Power Electronics Market is expected to witness steady growth over the forecast period, expanding at a CAGR of 4.9% from 2023 to 2029. Starting from a market value of USD 4,139.8 Mn in 2023, the industry is projected to grow consistently and reach USD 5,511.1 Mn by 2029. This growth is likely to be supported by government initiatives such as the Digital India campaign and the Production Linked Incentive (PLI) Scheme, which are encouraging local electronics manufacturing and strengthening demand for power electronics across the country.
India Power Electronics Market Company Profile
| Company Name | Establishment year | Description |
|---|---|---|
Infineon Technologies India Pvt. Ltd | 1999 | Infineon Technologies India Pvt. Ltd. is a subsidiary of Infineon Technologies AG, a leading global semiconductor and system solutions company. Infineon Technologies India operates as a key player in the semiconductor industry, providing innovative solutions and technologies across various sectors. In addition to focus on energy efficiency, security, and safety in automotive and industrial applications. |
Texas Instruments India Pvt. Ltd. | 1985 | Texas Instruments India Pvt. Ltd. is a subsidiary of Texas Instruments (TI), a global semiconductor company operating in 35 countries. Established in Bangalore, India, TI recognized the country's value for global research and development (R&D) as early as 1985, becoming the first global technology company to set up an R&D centre in the country. The company offers a wide range of semiconductor products and solutions, including amplifiers, audio devices, automotive components, digital radio technologies, clocks and timers, data converters, power management systems, processors, switches, temperature sensors, and more. |
Analog Devices India Pvt. Ltd | 1994 | Analog Devices India Pvt. Ltd., located in Bengaluru, India, is a subsidiary of Analog Devices, a global leader in designing, manufacturing, and marketing high-performance analog, mixed-signal, and digital signal processing integrated circuits (ICs) used in various electronic equipment. |
Atmel R&D India Pvt. Ltd | 2007 | Atmel R&D India Private Limited was a subsidiary of Atmel Corporation, a company that was founded in 1984 and specialized in creating and manufacturing semiconductors. Atmel Corporation focused on embedded systems built around microcontrollers, offering products such as microcontrollers (8-bit AVR, 32-bit AVR, 32-bit ARM-based, automotive grade, and 8-bit Intel 8051 derivatives), radio-frequency (RF) devices including Wi-Fi, EEPROM, and flash memory devices, symmetric and asymmetric security chips, touch sensors and controllers, and application-specific product. It has been acquired by Microchip Technology Inc. |
India Power Electronics Market Macro Indicators
Between 2016 and 2021, India's economy demonstrated consistent expansion, with its Gross Domestic Product (GDP) escalating from $2.3 trillion in 2016 to $3.2 trillion by 2021. During the same timeframe, the inflation rate in India showed variability, reaching a high of 6.6% in 2020, before tapering off to 5.1% in 2021. This overview of India's economic landscape during these years showcases the robustness and flexibility of its economic framework.
Over the years, India witnessed variations in its disposable personal income, peaking at INR 207 million in 2019. The advent of the COVID-19 pandemic led to a decrease in income levels to INR 200 million in 2020. However, a rebound occurred in 2021, with disposable income climbing to INR 239 million. These fluctuations highlight the economic adaptability and the impact of external events on individual income trajectories in India.
The chart depicts the trajectory of smartphone adoption in India from 2009 through 2023, extending forecasts up to 2039. Starting with a modest 1.4% of the populace equipped with smartphones in 2009, this number has consistently grown to 54.2% by 2023. Looking ahead, predictions indicate a significant surge, expecting 75% penetration by 2029 and an impressive 95.5% by 2039, suggesting an imminent saturation point. This trend underscores India's rapid embrace of mobile technology, highlighting both technological progress and enhanced access.
In 2021, the value of India's automotive market stood at an impressive USD 100 billion, with projections indicating a rise to USD 160 billion by 2027. India has earned a global reputation as a leading automotive manufacturing hub, primarily due to its cost-efficient production capabilities. The competitive advantages of affordable labor, readily accessible and economical raw materials, coupled with a favorable currency valuation, underpin the thriving manufacturing sector. India ranks as the world's 4th largest automobile producer, boasting an annual output exceeding 4 million motor vehicles, reflecting the country's significant contributions to the global automotive industry.
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