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India will become the second largest consumer market for semiconductor components in the world

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The Indian Semiconductor and Electronics Association (IESA) in collaboration with Counterpoint Research recently released a report on the performance outlook for the Indian semiconductor market from 2019 to 2026. According to this report, the total value of semiconductor components consumed in the Indian market will reach 300 billion dollars between 2021 and 2026. The report also claims that India will become the second largest consumer market for semiconductor components in the world.

Tarun Pathak; Senior consultant of Counterpoint Institute, the mobile and wearable devices industry has the highest usage of semiconductor components. The sale of smartphones and wearable gadgets in India has been very impressive, especially during 2021. Cheap mobile internet is very popular among Indian users and the penetration of smartphones among consumers is really high. Many products used in the Indian market are equipped with high performance processors, memories, sensors and other semiconductor components. For this reason, the increase in the value of semiconductor components has continued the growth of the market.

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Communication devices and automobiles are among the potential applications for semiconductors

Neil Shah; The senior vice president of Counterpoint Research believes that the mid-term and long-term outlook of the market shows that the telecommunications and automotive industries will become the key areas of the semiconductor consumer market in India and will overtake the mobile devices and wearable gadgets industry.

Between 2021 and 2026, the terminal electronic equipment market in India will achieve a compound annual growth rate of 19%. At present, most of the semiconductor components are still dependent on imports, and the domestic production of India provides only 9% of the domestic demand in this country. In the meantime, the implementation of effective incentive measures can help the faster development of the semiconductor manufacturing industry in India.

Sunil G Acharya; The senior vice president of the Electronics and Semiconductor Association of India announced that the semiconductor industry will play an important role in India’s economic growth. According to him, in the next few years, local investments and the influx of foreign capital will change the face of the semiconductor industry in India. Shivani Parashar; The Counterpoint analyst also believes that the Indian authorities should focus on the domestic development of the integrated circuit design industry. He also predicts that India will create a solid application platform for chip production. With the implementation of new industrial policies, the self-sufficiency rate of indigenous semiconductor production in India is expected to reach 17% by 2026. Also, the value scale of the domestic industry of this country will increase by about 6 times.

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Adib Zahedi is the CEO and Founder of mazhd.com. He has nearly a decade of experience in IT, including two years spent working on a Youtube Chennal. He is also an author and writes articles for mazhd.com. Has articles include tutorials and covers everything from Windows PCs to smartphone's software.

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