September 18, 2022
Second Semiconductor Consumer market in the world, YT Trending - Latest Technology News

The “2019 – 2026 India Semiconductor Market Report” was recently released by the Indian Electronics and Semiconductor Association (IESA) and Counterpoint. According to the report, the cumulative consumption of the Indian semiconductor market between 2021 and 2026 will reach $300 billion. According to the report, India will soon become the world’s second largest semiconductor consumer market.

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Second Semiconductor Consumer market in the world, YT Trending - Latest Technology News

As per Tarun Pathak, director of consultancy Counterpoint, the mobile and wearable device industry is the largest contributor. Smartphone and wearable device sales in India are expected to be massive, especially in 2021. The popularity of low-cost mobile Internet and the acceleration of smartphone penetration are extremely high. Many end products include high-performance processors, memory, sensors, and other semiconductors. As a result, the value of components rises, fueling market growth.

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Communications and automobiles are potential key areas

According to Neil Shah, vice president of Counterpoint, communications and automobiles will become key areas for India’s semiconductor consumer market beyond mobile and wearable devices in the medium and long term. The terminal electronic equipment market in India will grow at a compound annual rate of 19% between 2021 and 2026. Currently, most semiconductor components are imported, and domestic production can only meet 9% of demand. The development potential of India’s local semiconductor industry will accelerate with effective incentive measures.

Sunil G Acharya, vice president of IESA, believes that the semiconductor industry will be important to India’s economic growth. The combination of demographic dividends and foreign capital inflows will alter the face of India’s semiconductor industry in the coming years. According to Counterpoint analyst Shivani Parashar, India should prioritise the development of the integrated circuit design industry ecology. He also anticipates that India will lay a strong application foundation for chip manufacturing. The industrial policy is expected to increase India’s semiconductor domestic self-sufficiency rate to 17% by 2026. In addition, the size of the local industry will nearly double.

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