# India Power Electronics Market (2023-2029) --- ## Report Summary The India Power Electronics Market report covers market size, share, growth, trends, outlook, companies and forecast insights across 2020-2031. --- ## India Power Electronics Market Report Table of Content Table of Contents - 1. India Power Electronics Market Overview - 1.1. Market Highlights - 1.2. India Power Electronics Market Taxonomy - 2. India Power Electronics Market Ecosystem - 3. India Power Electronics Market Size (in USD Mn), 2018-2023 - 4. India Power Electronics Market Segmentation, 2023 - 4.1. India Power Electronics Market Segmentation by Component (in USD Mn), 2023 - 4.2. India Power Electronics Market Segmentation by Material (in USD Mn), 2023 - 4.3. India Power Electronics Market Segmentation by End-User (in USD Mn), 2023 - 4.4. India Power Electronics Market Segmentation by Region (in USD Mn), 2023 - 5. India Power Electronics Market Competitor Analysis - 5.1. India Power Electronics Market Overview - 5.2. Market Share for major players in India Power Electronics Market, 2023 - 5.3. India Power Electronics Market Players Cross-Comparison, 2023 - 5.4. India Power Electronics Market Players Cross-Comparison, 2023 - 6. India Power Electronics Industry Analysis - 6.1. India Power Electronics Market Growth Drivers - 6.2. India Power Electronics Market Challenges - 6.3. India Power Electronics Market Trends - 6.4. Recent Acquisition in India Power Electronics Market - 7. India Power Electronics Market Future Market Size (in USD Mn), 2023-2029 - 8. India Power Electronics Market Opportunities and Future Trends - 9. India Power Electronics Market Macro Indicators - 9.1. India GDP and Inflation Rate, 2023 - 9.2. India Disposable Personal Income (in INR Mn), 2016-2021 - 9.3. India Smartphone Penetration Rate (in %), 2009-2023 - 9.4. India Automobile Industry (in USD Bn), 2024 & 2029 - 10. India Power Electronics Market Research Methodology - 10.1. India Power Electronics Market Definitions - 10.2. India Power Electronics Market Sizing Approach - 10.3. India Power Electronics Market Consolidated Research Approach --- ## India Power Electronics Market Overview India Power Electronics Market Highlights 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. *The India Power Electronics Market, valued at USD 4,139.8 Mn in 2023, grown with a Compound Annual Growth Rate (CAGR) of 4.6% from 2018 to 2023.* --- ## Taxonomy | ID | Parent ID | Label | | --- | --- | --- | | 1 | | India Power Electronics Market | | 2 | 1 | By Component | | 3 | 1 | Region | | 4 | 1 | By Material | | 5 | 1 | By End-user Industry | | 6 | 2 | Discrete | | 7 | 2 | Module | | 8 | 6 | Thyristors | | 9 | 6 | Rectifiers | | 10 | 6 | Insulated-Gate Bipolar Transistor (IGBT) | | 11 | 6 | Bipolar Junction Transistor (BJT) | | 12 | 6 | Metal-Oxide-Semiconductor Field-Effect Transistor (MOSFET) | | 13 | 7 | Diodes | | 14 | 7 | Transistors | | 15 | 7 | Thyristors | | 16 | 7 | IGBTs (Insulated Gate Bipolar Transistors) | | 17 | 7 | Power Modules | | 18 | 3 | North | | 19 | 3 | West | | 20 | 3 | East | | 21 | 3 | South | | 22 | 4 | Silicon/Germanium | | 23 | 4 | Silicon Carbide (SiC) | | 24 | 4 | Gallium Nitride (GaN) | | 25 | 4 | Others | | 26 | 5 | Consumer Electronics | | 27 | 5 | Automotive and Transportation | | 28 | 5 | Industrial | | 29 | 5 | Information and Communication Technology | | 30 | 5 | Aerospace and Defense | | 31 | 5 | Other End-user Industries | --- ## India Power Electronics Market Ecosystem ### Market Ecosystem **Ecosystem of India Power Electronics Market** --- ## 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 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 Segmentation by End-User (in USD Mn), 2023 Consumer Electronics: Valued at USD 1,520.7 million, the consumer electronics segment commands a dominant 36.7% share of the market. In this segment, power electronics cater to a demand for both compact designs and high efficiency in products such as chargers and audio equipment. Automotive & Transportation: The segment holds 29.4% market share and a valuation of USD 1,218.5 million, this sector is rapidly incorporating power electronics to bolster electric vehicle capabilities, which are critical for energy management and battery performance enhancement. Industrial: The industrial segment represents 18.5% of the market, with a valuation of USD 765.3 million. Here, power electronics play a crucial role in enhancing the operational efficiency of heavy machinery and industrial systems. Technological advancements have been pivotal in boosting control precision, energy conservation, and the reliability of equipment in manufacturing and processing operations. ### India Power Electronics Market Segmentation by Region (in USD Mn), 2023 North Zone contributes 35%, USD 1,448.9 million in 2023. The North Zone leads with the highest market share in the power electronics industry, largely attributed to significant investments in smart cities and infrastructure projects, coupled with a strong emphasis on renewable energy initiatives. South Zone contributes 30%, USD 1,241.9 million in 2023. The South Zone, with its prominent technology hubs and thriving electronics manufacturing sector, holds a substantial 30% market share, reflecting its pivotal role in advancing India's power electronics capabilities. West Zone contributes 25%, USD 1,034.9 million, commanding a significant portion of the market, backed by its strong industrial presence and the growth of sectors such as automotive and manufacturing that heavily invest in power electronics technology. The East Zone, while holding a smaller share, shows potential for growth in the power electronics market, driven by regional development programs and increasing industrialization. --- ## India Power Electronics Industry Analysis ### India Power Electronics Market Growth Drivers **Strong Domestic Demand** As per the Statistics Consumer Electronics India survey, the average volume a person carries in the consumer electronics market is 0.6 pieces. This is expected to grow by 2% in 2024. This shows the rapidly growing demand for the electronics market in India. For instance, India is already the second-largest manufacturer of mobile phones in India, with more than 200 mobile manufacturing units. **Favourable Business Environment** The government’s Product-Linked Incentive (PLI) Scheme has been a harbinger for domestic players to establish local units and achieve economies of scale. At the same time, FDI has opened doors for foreign companies to manufacture products in India. Furthermore, establishing EMCs, make in India, software technology parks, and the National Policy of Electronics has contributed to creating a favourable business environment for electronic manufacturing to thrive in India. **Huge demand for power electronics from innovative technologies** The increasing emphasis on energy efficiency, technological advancements, the rise of smart systems, and the expanding use of electric vehicles (EVs) and portable devices are propelling a growing consumer demand for power electronics. This trend is expected to persist as consumers pursue more efficient, interconnected, and eco-friendly solutions. Consumers are increasingly considering their energy consumption and its environmental impact. Various consumer devices, such as household appliances, HVAC systems, lighting, and automotive electronics, derive substantial benefits from the capacity of power electronics to enhance energy efficiency. This technology not only diminishes energy wastage but also enables reductions in electricity costs through efficient power conversion and control mechanisms. ### India Power Electronics Market Challenges **Expensive Raw Material** Power electronics required expensive raw material elements and compounds such as germanium, silicon carbide, gallium nitride, and silicon. Also, highly complex, expensive, and time-consuming manufacturing processes of power electronics are restraining the market growth. **Harmonics Hindering Sales** These electronic devices inject considerable harmonics into the power source as well as connected devices or circuits, resulting in excessive heating, radio interference, torsional vibration, commutation issues, and others in the equipment, which is in turn, hindering the sales in the market. **Consolidating Operational Functions** The power electronics industry is witnessing a trend where key players are concentrating on consolidating various functions into a single chip, leading to complex designs. This complexity in design necessitates specific skill sets, a robust methodology, and a specialized toolset, consequently elevating the cost of the devices. As a result, the high cost is anticipated to impede the transition towards advanced technological devices. In parallel, advancing technologies are driving demand for the integration of more functionalities into System-on-Chips (SoCs), aiming to make devices smaller and more efficient. There is a notable emphasis on reducing power consumption in SoCs across various devices such as CPUs, GPUs, wearables, and mobile devices. Nevertheless, the intricacy of integrating multiple Integrated Circuits (ICs) into a single device, attributed to varying functionalities, operating modes, and voltages, is expected to hinder the power electronics market growth in the forecast period. ### India Power Electronics Market Trends SiC (Silicon Carbide) devices have gained attraction due to their distinct advantages over silicon-based devices. These devices operate at considerably higher speeds compared to silicon and possess additional properties and sensing capabilities, catering to the requirements of emerging technologies that demand ultra-high performance. Collaboration among various governments, private organizations, and research institutes is key in advancing SiC technology. Notably, the Solar Energy Technologies Office (SETO) is actively involved in supporting research and development (R&D) projects aimed at enhancing the understanding and utilization of SiC. In May 2023, Infineon launched CoolSiC power modules using 3.3 kV MOSFETs in the XHP 2 package for traction applications. The FF2000UXTR33T2M1 and FF2600UXTR33T2M1 power modules use newly developed 3.3 kV CoolSiC MOSFETs and Infineon’s XT interconnection technology. The modules come in an XHP 2 package specifically tailored for traction applications. In May 2023, Mitsubishi Electric Corporation developed a new structure for a silicon carbide metal-oxide-semiconductor field-effect transistor (SiC-MOSFET) embedded with a Schottky barrier diode (SBD), which the company has applied in a 3.3 kV full SiC power module, the FMF800DC-66BEW for large industrial equipment such as railways and DC power systems. In January 2023, Renesas Electronics announced a new gate driver IC designed to drive high-voltage power devices such as IGBTs (insulated gate transistors) and SiC (silicon carbide) MOSFETs for electric vehicle (EV) inverters. Moreover, as electric vehicles become more affordable, demand for automotive power semiconductors is increasing rapidly. The business continually increases its market share by providing various products to meet demand. Fuji Electric Co., Ltd. acquired Consul Neowatt Power Solutions Private Limited (CNPS), a leading power electronics manufacturer in India. This strategic acquisition aims to expand Fuji Electric's power electronics systems business in India, leveraging CNPS's extensive customer base, sales and service network, and manufacturing capabilities. The focus will be on serving the data center and manufacturing industries, offering reliable power electronic solutions tailored to Indian market needs. --- ## India Power Electronics Market Company Profile | Year | Company | Description | | --- | --- | --- | | 1999 | Infineon Technologies India Pvt. Ltd | 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. | | 1985 | Texas Instruments India Pvt. Ltd. | 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. | | 1994 | Analog Devices India Pvt. Ltd | 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. | | 2007 | Atmel R&D India Pvt. Ltd | 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 Future Market Size ### India Power Electronics Market Future Market Size (in USD Mn), 2023-2029 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 Macro Indicators ### India GDP and Inflation Rate, 2016-2021 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. ### India Disposable Personal Income (in INR Mn), 2016-2021 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. ### India Smartphone Penetration Rate (in %), 2009-2023 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. ### India Automobile Industry (in USD Bn), 2024 & 2029 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. --- ## Frequently Asked Questions Find quick answers to common questions about the India Power Electronics Market **Q: Who are the leading companies in the India Power Electronics Market?** A: Infineon Technologies India Pvt. Ltd., Texas Instruments India Pvt. Ltd., Analog Devices India Pvt. Ltd., Microchip Technology Inc., Rohm Semiconductor India Pvt. Ltd., STMicroelectronics Pvt. Ltd. **Q: What are the primary growth drivers for the India Power Electronics Market?** A: Increasing demand across sectors, rising need for power management, and integration in electric vehicles drive India's Power Electronics Market growth. **Q: What challenges could potentially limit the market growth in India?** A: Complex integration processes and rapid technological changes pose significant challenges to India's Power Electronics Market growth. **Q: What are the significant trends influencing the India Power Electronics Market?** A: Rising adoption of electric vehicles, increased demand for energy-efficient devices, and advancements in Gallium Nitride technology are key market trends. **Q: What is the future of India Power Electronics Market?** A: The anticipated market size for the India Power Electronics Market is projected to grow from USD 4,139.8 million in 2023 to USD 5,511.1 million by 2029. The Compound Annual Growth Rate (CAGR) over this forecast period is expected to average around 4.9%.