Electronics market to reach $228 billion by 2020
India's booming electronics' market is projected to more than double to $228 billion in three more years from over $100 billion in fiscal 2016-17, said the industry's trade body on Tuesday.
"India's ESDM (Electronics System, Design & Manufacturing) sector is poised to reach $228 billion by 2020 from $100 billion in 2016-17, growing at 16-23 per cent annually," said a joint report of the India Electronics and Semiconductor Association (IESA) and global services firm Ernst & Young (EY) at a summit here.
The report's forecasts are based on the country's GDP (Gross Domestic Product) growth, currency movement, inflation, trade pacts, consumer sentiments, policies, investments, manufacturing entities and value addition.
"The manufacturing of electronic products is expected to increase in five years from 17 per cent annual growth, while the electronic manufacturing services segment is projected to grow 42-68 per cent over the next five years to $6-13.2 billion from $1 billion in 2015," Association Chairman K. Krishna Moorthy told.