India Electric Capacitor Market - Forecasts from 2022 to 2027

Indian electric capacitor market was evaluated at US$930.812 million in 2020. Rising demand for smart components owing to the increasing demand for consumer electronics and electric vehicles across the country is projected to drive the electric capacitor market growth during the forecast period. Moreover, an initiative taken by the government to manufacture its own consumer durable products is anticipated to further drive the market growth. The Argentina electric capacitor market is segmented into four categories: type, polarisation, voltage, industry vertical and geography.  

India Electric Capacitor Market Drivers

Increased demand for consumer electronics

One of the prime reasons supporting the growth of the Indian electric capacitor market is the increased demand for consumer electronics across the country. Rapidly growing urban populations and industrialization have increased the demand for advanced consumer electronic devices, which is expected to drive the overall market growth during the forecast period. Factors such as changing lifestyles of consumers, an increase in demand for households and intentional reduction by the government in the import bill, coupled with government and corporate spending, are anticipated to have a positive impact on the overall market growth. Rising demand for advanced computers, mobile phones, and defence-related electronic devices is forcing manufacturers to develop new products with innovative technology, which is expected to drive the demand for electric capacitors across the industry. According to IBEF, the appliances and consumer electronics industry in India is expected to reach US$ 21.18 billion by the end of 2025, which in turn, is expected to have a positive impact on market growth. Additionally, the growing demand for renewable energy sources that use inverters to convert DC power to AC power and the rising government focus on domestic manufacturing of electronic products under the Make in India initiative is further positively influencing the market growth.

Rising popularity of electric vehicles

Increased use of electric vehicles is expected to drive the demand for electric capacitor installation to ensure smooth electricity transmission in vehicles and efficient mobility. Electric capacitors help to ensure the efficiency of electric motors by reducing the risk of brush breakouts and getting stuck in gears, which is why they are widely used in the automotive industry.  India has huge potential for driving the electric capacitor market. The government of India has launched a National Electric Mobility Mission Plan 2020, to boost electric mobility and to increase the adoption and manufacturing of hybrid and electric vehicles across the country. In the year 2013, around 42,000 electric vehicles and around 20,000 hybrid vehicles were sold in India. It is expected that with the government’s helps the market can be extended to 2-wheelers, 3-wheelers, 4-wheelers,  LCVs, and buses. The major focus areas of the scheme were - technology development, demand creation, pilot projects, and charging infrastructure. In February 2021, the Delhi government announced its plan for a “Switch Delhi awareness campaign” under which it will work on its EV policy to achieve its target of selling 25% electrified vehicles in 2024. Other cities such as Kolkata, Pune, Nagpur, and Bangalore continue to transform their transportation vehicles, which will create a huge opportunity for the players operating in the country’s electric capacitor market.  

India Electric Capacitor Market by Industry Vertical

ICT and consumer electronics

Electric capacitors are widely used in laptops, air conditioners, refrigerators, washing machines, etc. Thus, with the growing demand for electronic products, demand for electric capacitors is also projected to increase during the next five years. IT hardware and consumer durables are the major application areas for electric capacitors and the high growth rate across these industries is projected to further drive the electric capacitors, market in India during the forecast period. Furthermore, the rising trend in the adoption of hybrid capacitors and polymers is also anticipated to continue propelling the market growth. Some of the leading players operating in the market are KEMET Corporation, Yageo Corporation, Panasonic Corporation, Murata Manufacturing Co., Ltd., Capxon International Electronic Co., Ltd., and Walsin Technology Corporation.  

Covid-19 Insights

The COVID-19 pandemic negatively impacted the growth of the electric capacitor market in the country. There was a sharp decline in prices and demand across the country. The pandemic has impacted the end-user industries, which ultimately declined the demand for electric capacitors. Covid-19 has impacted the supply chain of electric equipment which in turn has affected the company’s growth that is operating in the market.

Market Segmentation:

The India electric capacitor market has been analysed through the following segments:

By Type

• Aluminium
• Ceramic
• Tantalum
• Paper and Film
• Supercapacitor

By Polarization

• Polarized
• Non-Polarized

By Voltage

• High Voltage
• Low Voltage

By Industry Vertical

• Consumer Electronics
• Automotive
• Communication & Technology
• Energy & Power
• Industrial Electronics
• Others