India's semiconductor market to reach $300bn by 2035: Deloitte report
The Hindu
India's semiconductor market is set to reach $300 billion by 2035, driven by local production and growing technology demands.
India's semiconductor market is projected to nearly triple to $120 billion by 2030 and reach $300 billion by 2035, driven by the exponential adoption of Artificial Intelligence (AI), automotive growth, and data centre expansion, according to a report by Deloitte.
India, which currently imports more than 90% of its semiconductor needs, is poised for a structural shift as local production is expected to meet more than 60% of domestic demand by the end of 2035, the report titled 'Technology, Media, and Telecommunications Predictions 2026' said.
"India's semiconductor market is estimated at $45-50 billion in FY2024-25 and has been growing at a CAGR of 20% over the past three years. The market is predicted to reach $120 billion by 2030 and $300 billion by 2035, driven by AI, automotives, data centres, and electronics manufacturing. By 2035, India is expected to host 4-5 silicon fabs, 8-10 compound fabs, 1-2 display fabs and 20-25 OSAT facilities, supported by ISM and State-level incentives," the report said, adding that by 2035, 60% of the country's domestic semiconductor demand is expected to be met through local production.
By 2035, various segments, such as mobile phones, automotive, computing, and data centres, are expected to account for more than 70% of the total semiconductor demand in the country.
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Supported by the government's India Semiconductor Mission (ISM), the sector has already attracted more than $19 billion in manufacturing investments across 10 approved projects, which include eight Outsourced Semiconductor Assembly and Test (OSAT) facilities, one compound fab, and one semiconductor fab.
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