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Counterpoint: India to become the world's second largest semiconductor consumer market

Update time : 2022-08-20 13:55:47

The India Semiconductor Market Report 2019-2026, jointly compiled by the Indian Electronics and Semiconductor Association (IESA) and Counterpoint, was recently released. According to the report, India's semiconductor market is expected to reach a cumulative consumption of $300 billion between 2021-2026, making it the second largest semiconductor consumer market in the world.
Tarun Pathak, director of consultancy Counterpoint, said the mobile and wearables industry is the biggest contributor to India's semiconductor consumption in 2021, with the popularity of affordable mobile Internet, accelerated smartphone penetration, and the increased value share of high-performance processors, memory, sensors and other semiconductor components in end products, continuing to drive market growth.
Looking at the medium to long-term market outlook, Neil Shah, vice president of Counterpoint, said communications and automotive will be key areas of semiconductor consumption in India beyond mobile and wearables.
From 2021 to 2026, India's end electronic devices market size will achieve a compound annualized growth rate of 19%, most of the semiconductor components are still dependent on imports, domestic production can only meet 9% of demand, the report believes that under the effective incentives, India's local semiconductor industry development potential is expected to accelerate the release.
Sunil G Acharya, vice president of IESA, said the semiconductor industry will play an important role in India's economic growth, and the combination of demographic dividend and the influx of foreign investment will change the face of India's semiconductor industry in the coming years.
Counterpoint analyst Shivani Parashar said that India should focus on the development of integrated circuit design industry ecosystem, laying a solid application foundation for chip manufacturing, and the industrial policy is expected to drive India's local semiconductor self-sufficiency rate to 17% by 2026, with the scale of the local industry growing about six times.

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