KPMG: India's EMS market to cross $150B by FY30, but 'scale without depth' risk looms
KPMG report projects India's electronics manufacturing services market to expand from $40-45B in 2025 to over $150B by FY30, backed by $19.5B in incentives. But 80-95% component import dependency and thin design/IP ownership leave India with just 5-6% of the $640-650B global EMS pie.
What happened
KPMG India · KPMG report says India's electronics manufacturing services market will exceed $150 billion by FY30 from $40-45 billion, but faces a 'scale without
Key facts
- $150 billion by FY30
- $40-45 billion in 2025
- $640-650 billion global EMS 2025
- 5-6% global share
- $19.5 billion incentives
- 80-95% import dependency
Why this matters
The $40-45B to $150B+ trajectory creates a five-year window to acquire Indian component, design-house, and IP-rich targets before valuations reprice as the 'scale without depth' gap closes.