India Power Management IC Market By Product Type (Voltage Regulators, Battery Management ICs, Motor Control ICs, Multi-channel ICs, Others), By End User (Consumer Electronics, Automotive, Industrial, Telecommunication, Healthcare, Others), By Power Source (AC-DC, DC-DC), By Region, Competition, Forecast & Opportunities, 2020-2030F

 Market Overview

India Power Management IC Market was valued at USD 4.27 Billion in 2024 and is expected to reach USD 7.67 Billion by 2030 with a CAGR of 10.10% during the forecast period. 

A Power Management Integrated Circuit (PMIC) is an essential electronic component that manages the distribution and regulation of electrical power within a system. These circuits are commonly found in a wide range of devices, such as smartphones, laptops, automotive systems, and consumer electronics. The primary function of a PMIC is to optimize power efficiency by regulating voltage levels, current, and power distribution to various parts of the device.

PMICs typically include multiple power regulation functions, such as voltage regulators (both step-up and step-down), battery chargers, and power sequencing components. They ensure that components within a system receive stable and reliable power while protecting them from overvoltage, undervoltage, or thermal damage. In battery-powered devices, PMICs are crucial for extending battery life by efficiently managing energy consumption.

By integrating multiple power management functions into a single chip, PMICs reduce the need for discrete components, thereby saving space, reducing cost, and enhancing reliability. With the growing demand for portable, energy-efficient electronics, PMICs play a vital role in enabling the functionality and longevity of modern electronic devices.

Key Market Drivers

Growth of Electric Vehicles (EVs)

The expanding electric vehicle (EV) market in India is a significant driver for the Power Management IC market. As the government pushes for sustainable energy solutions and aims to reduce carbon emissions, there is a concerted effort to promote electric vehicles. India’s National Electric Mobility Mission Plan (NEMMP) and FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) schemes aim to incentivize the adoption of EVs by offering subsidies and incentives. This has led to an increased demand for electric vehicles, both in the two-wheeler and four-wheeler segments. In EVs, PMICs are crucial in managing the power distribution between various components of the vehicle. They regulate the charging and discharging of batteries, optimize the power efficiency of the electric drive motors, and ensure the overall stability of the vehicle's electrical system. The powertrain system of an EV requires precise management to prevent power losses and to maximize the driving range, which is directly dependent on the battery's performance and the efficiency of the power management circuits.

PMICs in electric vehicles also enable regenerative braking systems, manage high-voltage energy sources, and power various onboard electronics like infotainment systems, HVAC, lighting, and driver-assistance features. In addition, efficient power management is key to ensuring battery health and extending the lifespan of the EV’s power source. With more automotive manufacturers entering the electric vehicle market, there is a rising demand for integrated power management solutions that can handle the complex power requirements of these advanced systems. This trend is set to continue as India moves toward its target of having a significant portion of vehicles on the road be electric by 2030. The growth of EVs will undoubtedly create substantial demand for PMICs, not only in the automotive industry but also in ancillary markets such as charging stations and energy storage systems. Electric vehicle sales in India crossed 1.3 million units in 2023, marking a significant increase compared to previous years. EVs accounted for around 5% of total vehicle sales in India in 2023, with projections indicating this share could rise to 30% by 2030.

Government Initiatives and Policies

The Indian government’s initiatives to promote renewable energy, energy efficiency, and smart grid infrastructure have had a profound impact on the growth of the Power Management IC market. India’s focus on transitioning to renewable energy sources like solar and wind has led to the implementation of various schemes and policies to boost green energy production and consumption. The government’s push to electrify rural areas, modernize the grid, and reduce carbon emissions has resulted in the increased adoption of energy-efficient solutions, which directly benefits the PMIC market.

A major driver is the growing focus on energy efficiency in India’s power sector, driven by both government regulations and the need for sustainable solutions. As part of its commitment to meet the Paris Agreement on climate change, India is making strides in energy conservation and reducing reliance on fossil fuels. PMICs are integral to this transformation because they improve the efficiency of power generation, transmission, and distribution. Smart grids, for instance, require sophisticated power management to handle real-time data and demand response, tasks for which PMICs are essential. Moreover, India’s increased emphasis on electric vehicles (as mentioned earlier) and smart cities has contributed to the growth of power management solutions. The creation of smart cities involves building infrastructure with embedded technologies that rely on advanced power management systems. PMICs ensure the optimal functioning of these systems, which range from traffic control to public safety and environmental monitoring.

Government-backed incentives for local manufacturing under initiatives such as Make in India also encourage the development of power management solutions within the country. By fostering a favorable environment for electronics manufacturing, the Indian government has created new opportunities for companies involved in PMIC development, further boosting market growth. Additionally, these policies have attracted foreign investments, resulting in the development of cutting-edge PMIC technologies and increased market competition, all of which contribute to a vibrant and growing sector.

Advances in IoT and Connectivity Technologies

The rise of the Internet of Things (IoT) and the expansion of connectivity technologies are major factors propelling the demand for Power Management ICs in India. The IoT market, which includes connected devices for smart homes, industrial automation, agriculture, healthcare, and more, is experiencing rapid growth. These IoT devices, including sensors, actuators, and communication modules, are increasingly relying on energy-efficient power management systems to ensure reliable operation in diverse environments.

IoT devices often operate in remote or off-grid areas, where energy efficiency and reliable power supply are crucial. PMICs are vital for managing the power needs of these devices, especially when they are battery-powered or require energy harvesting solutions. For example, smart sensors used in agriculture or environmental monitoring may need to operate continuously for extended periods on limited battery power. Efficient PMICs ensure that the power consumption is minimized, enabling these devices to function autonomously for long durations. Moreover, the rapid adoption of 5G technology in India is further boosting the need for efficient power management. 5G infrastructure requires the deployment of numerous small cells and base stations, each of which requires sophisticated power management to ensure the stability and efficiency of the network. PMICs help in optimizing power usage and managing thermal conditions in these high-performance, power-hungry applications.

The IoT ecosystem also includes wearable devices such as fitness trackers, smart glasses, and health monitors, which require compact, energy-efficient power solutions. As the IoT industry continues to expand, the demand for PMICs is set to rise in tandem, as these devices need to be lightweight, portable, and capable of providing extended functionality with minimal energy consumption. As connectivity technologies advance and the IoT ecosystem evolves, PMICs are becoming more integral to ensuring the seamless operation of these devices. The growth of the IoT and connected systems in India is poised to be a major contributor to the demand for advanced power management solutions, thereby driving the growth of the PMIC market. By 2025, India is expected to have over 3.2 billion IoT connections, making it one of the fastest-growing IoT markets globally. As of 2024, India already has over 1 billion IoT devices in operation, spanning applications such as smart homes, industrial automation, and healthcare monitoring.

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Key Market Challenges

High Cost of Advanced Power Management ICs

One of the significant challenges facing the Power Management IC (PMIC) market in India is the high cost of advanced power management technologies. While PMICs offer considerable benefits in terms of efficiency, energy conservation, and system reliability, the cost of developing and manufacturing high-performance PMICs can be quite prohibitive. This is especially true for the latest generations of PMICs that incorporate features like advanced voltage regulation, thermal management, and support for high-frequency operation required in modern electronics such as smartphones, electric vehicles, and IoT devices.

The manufacturing process of PMICs often involves complex design and fabrication steps, which require significant investment in research and development (R&D), high-quality materials, and precision manufacturing equipment. Additionally, semiconductor companies in India face competition from global players who have established production capabilities and economies of scale, making it difficult for local companies to match their pricing. The cost of raw materials, especially silicon, and the reliance on imported components further contribute to the overall expense.

This high cost can limit the adoption of advanced PMICs in cost-sensitive markets such as entry-level consumer electronics, rural applications, and low-cost electric vehicles. Manufacturers may opt for simpler, less efficient power management solutions in an attempt to keep product prices competitive, sacrificing long-term energy savings and performance benefits in the process. This creates a barrier to the widespread implementation of the latest PMIC technologies, particularly in price-sensitive segments where affordability is a major concern. Furthermore, the Indian market is still developing in terms of technological infrastructure and manufacturing capabilities, meaning that many PMICs are imported from international markets. Importing these components incurs additional costs due to tariffs, shipping, and taxes, which increase the price of the final product. This situation exacerbates the affordability challenge, making advanced PMIC solutions out of reach for many domestic manufacturers and consumers.

For India to overcome this challenge, there is a need for greater local production capabilities and a more favorable environment for R&D investment in semiconductor technology. Policymakers and industry stakeholders must collaborate to drive innovation, reduce production costs, and provide incentives for local manufacturing. Achieving this would make advanced PMICs more affordable, opening up new opportunities for growth and adoption across various industries.

Complex Regulatory Environment and Supply Chain Challenges

The Power Management IC market in India is also challenged by a complex regulatory environment and supply chain issues that can disrupt the timely availability and cost-effectiveness of PMICs. The Indian government has imposed various regulations and policies to safeguard domestic industries, promote green technologies, and ensure product quality. While these policies have positive intentions, they can sometimes present challenges for PMIC manufacturers and vendors. This is particularly true for companies involved in the importation of components, the adherence to standards, and the adaptation to changing regulations.

For instance, the implementation of various tariffs, customs duties, and import taxes on electronic components used in PMIC manufacturing can significantly increase the cost of production. This issue is exacerbated by the fact that India still relies heavily on imports for advanced semiconductor components and raw materials. Any disruption in global supply chains, such as geopolitical tensions, natural disasters, or the COVID-19 pandemic, can cause delays or shortages in the supply of these critical components. Consequently, Indian manufacturers may experience increased lead times, which can impact product development cycles and market entry. Additionally, the regulatory framework for electronic products in India is constantly evolving. For example, the Bureau of Indian Standards (BIS) has established various quality control and safety standards for electronic components, which must be met before products are allowed into the market. Manufacturers of PMICs must ensure compliance with these standards, which often require significant testing and certification processes. These processes can be both time-consuming and costly, especially for small and medium-sized enterprises (SMEs) with limited resources. Compliance with these standards adds an extra layer of complexity to product development and introduces an element of unpredictability in the supply chain.

The domestic supply chain for PMICs also faces challenges in terms of infrastructure. While India has made strides in developing its semiconductor and electronics manufacturing ecosystem, it still lags behind global leaders in terms of semiconductor fabrication facilities. India’s electronics manufacturing clusters are primarily focused on assembly and packaging, with less emphasis on the advanced chip production needed for high-performance PMICs. This creates a situation where PMIC manufacturers are forced to rely on imports for raw materials and components, resulting in dependency on foreign suppliers and fluctuating prices.

To mitigate these challenges, India must focus on enhancing its domestic manufacturing capabilities, improving supply chain resilience, and providing clear and stable regulatory guidelines for the electronics sector. Encouraging more local production of semiconductors and related components would help reduce dependence on imports and buffer the market against external disruptions. Additionally, collaboration between the government, industry players, and research institutions could drive innovation in the PMIC space while ensuring regulatory compliance and boosting the competitiveness of the Indian PMIC market.

Key Market Trends

Rise of Electric Vehicles (EVs) and Their Impact on PMIC Demand

One of the most prominent market trends in the Indian Power Management IC (PMIC) market is the increasing adoption of electric vehicles (EVs). As India works toward reducing its carbon emissions and tackling air pollution, there has been a significant push toward electric mobility. The Indian government’s support for EVs through initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, along with tax incentives and subsidies for consumers and manufacturers, has accelerated the growth of the EV market.

PMICs play a critical role in EVs by managing power distribution efficiently and ensuring smooth operation of the vehicle's battery systems. With electric vehicles requiring high-capacity batteries to power their motors, power management is essential for both charging and discharging cycles. PMICs regulate the voltage and current delivered to the batteries, protect the battery from overcharging or discharging, and manage the power flow to various vehicle components such as the electric motor, infotainment system, and lighting.

The increasing shift towards EV adoption in India is expected to drive a surge in the demand for advanced PMIC solutions. These systems are particularly crucial in the management of the high-voltage power required for EVs, as well as in the optimization of energy efficiency to maximize battery life and driving range. As the EV market continues to grow, Indian manufacturers of PMICs are expected to develop more specialized, cost-effective solutions tailored to the unique demands of electric vehicles.

This trend is also complemented by the growing emphasis on the development of charging infrastructure. Efficient power management systems will be required for charging stations to ensure fast, reliable, and safe charging. In the coming years, the EV market in India is likely to become one of the key drivers for the growth of the PMIC industry.

Shift Towards Integration and Miniaturization in PMICs

Another significant market trend in the Indian PMIC sector is the ongoing shift towards more integrated and miniaturized power management solutions. As electronic devices continue to get smaller and more powerful, there is an increasing need for compact and efficient PMICs that can deliver high performance without taking up excessive space or energy.

In India, this trend is particularly noticeable in the growing demand for wearable devices, smartphones, IoT devices, and other consumer electronics, which require miniaturized PMICs. Traditional power management systems consisted of multiple discrete components such as voltage regulators, chargers, and protection circuits. However, as device sizes shrink and demand for better battery life increases, integrated PMICs that combine multiple functions into a single chip are becoming increasingly important. These integrated solutions help reduce the overall footprint of the device while simultaneously enhancing efficiency and performance.

Miniaturized PMICs allow for the creation of sleeker, more portable products, such as ultra-thin smartphones, wearables, and compact IoT devices, without sacrificing battery life or overall device performance. This trend is driven by the increasing demand for high-density packaging, especially in advanced consumer electronics and healthcare devices. Additionally, integrated PMICs are typically more power-efficient, which helps extend the operational life of battery-powered devices and is essential for applications that rely on continuous, reliable power for extended periods.

The drive for integration and miniaturization is also influenced by the need for cost-effective solutions. By combining multiple functionalities into a single PMIC, manufacturers can reduce the number of components required in a device, which in turn reduces manufacturing costs. In India, where cost sensitivity is a critical factor in many product segments, integrated PMICs are proving to be an attractive solution for device manufacturers looking to balance performance with affordability.

Adoption of Renewable Energy Sources and Smart Grids

The push toward renewable energy sources in India is another key trend driving the growth of the Power Management IC market. As the Indian government seeks to transition towards a more sustainable energy future, renewable energy technologies such as solar and wind are being increasingly integrated into both residential and industrial energy systems. The adoption of renewable energy, however, requires efficient power management to ensure that energy is generated, stored, and distributed optimally.

PMICs are integral to the functioning of renewable energy systems, particularly in solar and wind energy setups, by managing the conversion, storage, and distribution of power. In solar power systems, for example, PMICs regulate the charging of batteries, ensuring that solar energy is effectively stored and used when needed. They also help maintain the efficiency of inverters and power converters used to transform DC power generated by solar panels into AC power for household or commercial use.

The integration of PMICs into smart grids further enhances the reliability and efficiency of energy systems. Smart grids, which use digital communication and control systems to manage electricity distribution, require advanced power management solutions to balance supply and demand in real-time. PMICs help monitor energy usage, optimize energy storage, and protect the grid from voltage fluctuations or overloads.

The shift towards renewable energy sources and smart grid technology is expected to drive long-term growth in the Indian PMIC market. As India seeks to meet its renewable energy targets, PMICs will continue to play a crucial role in ensuring that power is managed efficiently across decentralized and renewable energy systems. This trend will also increase the demand for PMICs in energy storage systems, where efficient battery management and power conversion are essential to maximizing the use of renewable energy. As of 2024, India's total renewable energy capacity stands at over 170 GW, with a target of 500 GW by 2030. The country is the 4th largest producer of renewable energy globally, contributing about 23% of its total electricity generation from renewable sources.

Growth of the IoT Ecosystem

The Internet of Things (IoT) ecosystem in India is expanding rapidly, with applications spanning industries such as agriculture, healthcare, smart cities, and industrial automation. This growth presents a significant opportunity for the Power Management IC market, as IoT devices require highly efficient power management solutions to operate effectively and autonomously. Given the proliferation of connected devices, there is an increasing demand for PMICs that can deliver energy-efficient solutions, particularly in low-power, battery-operated devices.

IoT devices, ranging from smart home products and wearable fitness trackers to industrial sensors and medical devices, rely on continuous operation, often without access to a direct power source. As a result, these devices need advanced power management solutions that can optimize energy consumption, extend battery life, and ensure reliability over extended periods of use. PMICs are designed to manage the power distribution within these devices, ensuring that the components such as sensors, processors, and wireless communication modules receive the necessary power without wasting energy.

In India, the expansion of the IoT ecosystem is fueled by the increasing availability of affordable connectivity technologies such as 5G, Wi-Fi, and Bluetooth. As IoT devices become more ubiquitous across both urban and rural settings, the demand for efficient PMICs is expected to rise. In particular, IoT devices used in agriculture, healthcare, and logistics require low-power, high-performance PMICs to function effectively. For example, in precision agriculture, wireless sensors that monitor soil moisture, temperature, and crop health must operate for extended periods without requiring frequent battery replacements, which is made possible through efficient power management. Additionally, as the country embraces the concept of smart cities, PMICs will be needed to manage the power requirements of infrastructure systems such as smart lighting, traffic control, and environmental monitoring. The IoT-driven growth in India is expected to be a significant driver for the PMIC market, leading to the development of more tailored and efficient solutions for a wide range of applications across diverse sectors.

Segmental Insights

Product Type Insights

The Voltage Regulators held the largest market share in 2024.  Voltage Regulators dominate the India Power Management IC (PMIC) market due to their critical role in ensuring the stability and efficiency of electronic devices across various industries. These components regulate and stabilize the voltage supplied to different parts of an electronic system, preventing damage from power fluctuations and optimizing energy consumption. Their widespread application in consumer electronics, automotive systems, telecommunications, and industrial devices contributes significantly to their dominance in the market.

One of the key reasons for the dominance of voltage regulators is the increasing demand for portable and power-efficient devices. With the growing adoption of smartphones, laptops, wearables, and other consumer electronics, voltage regulators are essential in ensuring that components such as processors, memory, and display systems receive a stable and adequate voltage supply. These devices are highly sensitive to voltage variations, and without proper regulation, their performance and longevity would be compromised. As such, voltage regulators are indispensable in modern electronic devices. Additionally, the rise of electric vehicles (EVs) and renewable energy systems in India has amplified the demand for voltage regulators. In EVs, voltage regulation is crucial for managing the high-voltage battery systems and ensuring efficient power distribution to the electric motors, onboard electronics, and charging systems. Similarly, renewable energy systems, such as solar power installations, require voltage regulators to manage the power flow from the energy source to the storage and usage systems, ensuring optimal performance and safety.

India’s push toward energy efficiency, coupled with the increasing penetration of connected devices and the adoption of electric vehicles, continues to drive the demand for reliable and efficient voltage regulation solutions. As a result, voltage regulators remain the dominant product type in the Indian PMIC market, forming a critical part of the broader trend towards smarter, energy-efficient technologies.

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Regional Insights

South India held the largest market share in 2024. South India dominates the India Power Management IC (PMIC) market due to several key factors, including its well-established semiconductor and electronics manufacturing ecosystem, strong infrastructure, and strategic government initiatives. The region, particularly cities like Bengaluru, Hyderabad, and Chennai, has become a hub for electronics and semiconductor companies, contributing significantly to the overall PMIC market growth.

South India is home to major global and domestic players in the semiconductor, electronics, and electrical manufacturing sectors. Cities like Bengaluru, often referred to as the Silicon Valley of India, host a large number of R&D centers and manufacturing facilities for companies such as Texas Instruments, Intel, and Samsung. These companies have been instrumental in driving the demand for advanced PMICs, as they design and produce power management solutions for a wide range of applications, from consumer electronics to automotive and renewable energy systems.

South India boasts a highly skilled workforce in engineering, electronics, and software development, which is crucial for the development and innovation of advanced PMIC solutions. The region's educational institutions, such as the Indian Institute of Technology (IIT) in Chennai and other top-tier universities, contribute to the continuous growth of expertise in power electronics, fostering innovation and research in PMIC design and applications. The Indian government has made significant investments in creating a conducive environment for the electronics and semiconductor industry in South India. Initiatives like the "Make in India" campaign and the establishment of semiconductor fabs and electronics clusters in Tamil Nadu, Karnataka, and Telangana have attracted both domestic and international investment. These measures are aimed at fostering growth in high-tech industries, including PMIC manufacturing.

South India’s robust infrastructure, including well-developed transportation, logistics, and communication networks, supports efficient supply chains for PMIC manufacturers, enabling them to meet the growing demand across various sectors. The presence of major ports and airports further enhances its attractiveness for both import and export activities related to PMICs.

Recent Developments

• In September 2024, STMicroelectronics introduced its highly integrated STPMIC25 power-management IC for the latest STM32MP2 microprocessors. This new IC offers 16 channels, providing power to all the MPU power rails and system peripherals within a single, compact package. The design process is streamlined, requiring only a few external components for filtering and stabilization. Additionally, the STEVAL-PMIC25V1 evaluation board is now available, allowing developers to begin their projects right away. 
• In June 2023, Nordic Semiconductor launched the nPM1300 Power Management IC (PMIC), designed for battery-operated applications. Featuring two ultra-efficient buck converters, two LDOs, and integrated battery charging, the nPM1300 consolidates five or more discrete components into a single chip, reducing the Bill-of-Materials (BoM). Accompanying the launch are the nPM1300 Evaluation Kit (EK) and the nPM PowerUP PC app, which enable developers to easily evaluate, configure, and implement the PMIC without writing code. 
• In June 2024, Magnachip Mixed-Signal, Ltd. introduced a new multi-functional Power Management Integrated Circuit (PMIC) along with a multi-channel level shifter designed to regulate various voltages and signals within display panels for IT devices. 
• In October 2024, Renesas Electronics Corporation, a leading supplier of advanced semiconductor solutions, announced a collaboration with Intel to develop a power management solution that offers top-tier battery efficiency for laptops featuring the new Intel Core Ultra 200V series.

Key Market Players

• Texas Instruments Inc.
• Analog Devices, Inc.
• Infineon Technologies AG
• Qualcomm Incorporated
• STMicroelectronics N.V.
• NXP Semiconductors N.V.
• Broadcom Inc.
• Microchip Technology Incorporated 

Report Scope:

In this report, the India Power Management IC Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• India Power Management IC Market, By Product Type:

o   Voltage Regulators

o   Battery Management ICs

o   Motor Control ICs

o   Multi-channel ICs

o   Others

• India Power Management IC Market, By End User:

o   Consumer Electronics

o   Automotive

o   Industrial

o   Telecommunication

o   Healthcare

o   Others   

• India Power Management IC Market, By Power Source:

o   AC-DC

o   DC-DC

• India Power Management IC Market, By Region:

o   South India

o   North India

o   West India

o   East India   

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Power Management IC Market.

Available Customizations:

India Power Management IC Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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