NEW DELHI: The Indian electronics and hardware industry is expected to grow at a compounded rate of 13-16 per cent to touch $112-130 billion by 2018, but imports will continue to dominate the market, says a study.
“However, given the local manufacturing state, the dependence on imports is likely to remain similar,” according to the study by Assocham and consultancy firm EY released on Thursday.
The Indian electronics and hardware market is currently being driven by mobile phones and consumer electronics, which together contributed nearly 45 per cent of the overall electronics products revenues in 2015.
The electronics exports are expected to grow with global companies planning manufacturing in India. Around 50–60 per cent of the demand for electronic products and the demand for nearly 70–80 per cent of the electronic components are imported.