The report predicts that India may become the world's second largest semiconductor consumer market

According to a report jointly prepared by the Indian Electronics and Semiconductor Association (IESA) and Counterpoint, the cumulative consumption of the Indian semiconductor market will reach US$300 billion between 2021 and 2026, and it is expected to become the second largest semiconductor consumer market in the world.

Counterpoint said that the mobile and wearable device industry is the largest contributor to India's semiconductor consumption in 2021, and the increasing value of high-performance processors, memory, sensors and other semiconductor components in end products will continue to drive market growth. Communications and automotive will be key areas for India's semiconductor consumption beyond mobile and wearable devices.

Counterpoint predicts that from 2021 to 2026, the Indian terminal electronic equipment market will achieve a compound annual growth rate of 19%. At present, most of India's semiconductor components still rely on imports, and domestic production can only meet 9% of the demand.