India Electric Capacitor Market Size, Share, Opportunities, And Trends By Type (Aluminum, Ceramic, Tantalum, Paper and Film, Supercapacitor, Others), By Polarization (Polarized, Non-Polarized), By Voltage (High Voltage, Low Voltage), And By Industry Vertical (Consumer Electronics, Automotive, Communication & Technology, Energy & Power, Industrial Electronics, Others) - Forecasts From 2022 to 2027

The India Electric Capacitor Market is projected to grow at a CAGR of 8.61% over the forecast period, increasing from US$369.843 billion in 2025 to US$1003.46 billion by 2030.

India Electric Capacitor Market Highlights

• Rising electric vehicle adoption drives demand for advanced capacitors in powertrains.
• Renewable energy growth fuels the need for capacitors in solar and wind systems.
• Technological advancements enhance capacitor efficiency and durability for industrial use.
• Government initiatives promote local manufacturing of high-performance electric capacitors.
• Expanding electronics sector boosts demand for compact, reliable capacitor solutions.

India Electric Capacitor Market Trends:

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 Indian electric capacitor market is segmented into four categories: type, polarisation, voltage, industry vertical, and geography.

India Electric Capacitor Market Overview

 The surge in demand for electric capacitors is driven by the increasing manufacturing of information and communication technology (ICT) hardware in the country, consumer electronics, HVAC, etc. According to the IBEF (India Brand Equity Foundation), the estimated export of IT hardware will reach US$17 billion, and for Printed Circuit Board Assembly will be US$12 billion by 2025-26.

Further, India is a significant manufacturer of vehicles in the world. According to the OICA (International Organization of Motor Vehicle Manufacturers), 4,783,628 cars and 1,067,879 commercial vehicles were manufactured in 2023, 7% higher than the previous year.

Moreover, major Government initiatives such as ‘Digital India’, ‘Make in India’, and supportive policies, including a favorable FDI Policy for electronics and electrical manufacturing products, is crucial for the market expansion. The introduction of new technologies such as 4K and OLED televisions, which have a variety of electronic content and functionality, needed improved energy density, capacitance, and bandwidth, promoting acceptance of technology.

In India, a diverse range of electrical capacitors are in demand, serving various purposes. These capacitors are also prevalent in electronic devices, including computers, cell phones, and household appliances. In 2023, India imported fixed capacitors designed for use in 50/60 Hz for US$72.389 million and exported US$50.722 million.

Some of the major companies include Murata Manufacturing Co., Ltd., Walsin Technologies Corporation, and Panasonic Corporation.

• Murata Manufacturing Co., Ltd. offers ceramic capacitors product type GRM with applications in consumer equipment, industrial equipment, automotive infotainment, and medical equipment
• Walsin Technologies Corporation offers Multilayer Ceramic Chip Capacitors for the application of smartphones, networking devices, automotive electronics, etc.
• Panasonic Corporation offers Conductive Polymer Aluminum Electrolytic Capacitors (SP-Cap), with different types, rated voltage, capacitance, and equivalent series resistance.

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 are 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 the 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 help, 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.  

• Growing electricity consumption

Power is crucial for infrastructure development and economic growth. The availability of adequate power infrastructure is essential for the sustained growth of the Indian economy. The power sector is the most diversified in the world. The sources of power generation range from conventional sources such as coal, lignite, natural gas, oil, hydro, and nuclear power to viable non-conventional sources such as wind, solar, agricultural, and domestic waste.

India is the third-largest producer and consumer of electricity worldwide. India is witnessing high electricity demand due to rapid industrialization and urbanization. There has been continuous growth in the power sector in India, with total generation in 2020-21 of 1,381.855 billion Units (BU), which increased to 1,491.859 BU in 2021-22 and reached 1,624.158 BU in 2022-23.

Capacitors are used in many ways to improve electrical systems, such as power conditioning, reducing voltage fluctuations, improving power factor, shunting away power line hum, reducing electrical noise, etc. To meet the increasing demand for electricity in the country, the need for electric capacitors will rise rapidly.

India Electric Capacitor Market Segmentation Analysis:

• 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.  

• Supercapacitors are expected to grow considerably

Based on type, the Indian electric capacitor market is segmented into aluminum, ceramic, tantalum, paper and film, supercapacitors, and others. The increasing shift from fossil fuels to renewable energy is propelling the supercapacitor demand. Renewable energy faces a major problem of energy storage solutions, which is a prominent factor in boosting the demand for these capacitors. India has hit a critical milestone in its renewable energy path, with total renewable energy capacity exceeding 200 GW (gigawatt) as of October 2024. According to the Central Power Authority, the total renewable energy-based power generating capacity has reached 201.45 GW. This milestone demonstrates India's rising commitment to sustainable energy and its progress toward a better future.

Supercapacitors with high energy storage capacity will experience a significant demand for renewable energy storage to meet the supply-demand needs. Additionally, as per the National Electricity Plan (NEP) 2023 of the Central Electricity Authority (CEA), it is estimated that the energy storage capacity requirement will be about 82.37 GWh in 2026-27, which may increase to 411.4 GWh in 2031-32 comprising 175.18 GWh from PSP and 236.22 GWh from BESS. Furthermore, CEA has further estimated that as early as 2047, the need for energy storage shall potentially rise to 2380 GWh, which comprises 540 GWh in PSP and 1840 GWh through BESS. This is because of the added surcharge in the amount of renewable energy, considering that the net-zero emissions targets have been set for 2070.

Moreover, supercapacitors are in high demand in urban rail transit systems owing to their voltage regulation and peak power requirements. The multiple transit projects nationwide are further pushing the overall market growth of the supercapacitor segment.

Furthermore, new developments and innovations by major players will also fuel the segment's growth. For instance, in September 2022, GODI India, after achieving the status of being the first Indian company to receive BIS certification for the sale of lithium-ion cells developed with home-grown technology, further achieved another crucial milestone by manufacturing India's first-ever 3000F high-power supercapacitors at their Hyderabad facility. GODI's integration of the supercapacitors with battery packs will enhance the life of the battery multi-folds in EV and Renewable Energy Storage System (ESS) applications.

• Maharashtra is expected to lead the market expansion

By state, the Indian electric capacitor market is segmented into Maharashtra, Tamil Nadu, Uttar Pradesh, Delhi (NCR), Telangana, and others. Maharashtra has emerged as a pivotal player in the growth of India’s electric capacitor market, leveraging its industrial prowess, technological advancements, and strategic policies. As India’s most industrialized state and a hub for electronics manufacturing, Maharashtra contributes significantly to the national capacitor market. This expansion is further driven by the state's strong ecosystem, which is home to leading capacitor manufacturers like EPCOS India Pvt. Ltd. and Vishay Components India Pvt. Ltd.

These companies leverage Maharashtra's well-established infrastructure and talented labor force to satisfy growing demand in industries like consumer electronics, automotive, and telecommunications. The state's economic vibrancy, as reflected in its FDI inflow leadership (US$77,573 million from October 2019 to June 2024), also reinforces its leadership in driving this market, as per the Department for Promotion of Industry and Internal Trade (DPIIT).

Furthermore, Maharashtra's total power generation capacity of 48,942.07 MW as of FY25 (up to August), dominated by the private sector at 27,166.42 MW, followed by state utilities at 13,452.97 MW and central utilities at 8,322.68 MW, heavily contributes to the state's growth in the electric capacitor market. Private sector dominance by firms such as Tata Power and Adani Electricity, through intensive investment in thermal, solar, and wind ventures, calls for capacitors to ensure power factor correction and grid stability. State utilities, which have a blend of traditional and renewable sources, add to the demand for capacitors to maximize energy efficiency, and central utilities also contribute via big projects calling for voltage regulation. This strong capacity underpins Maharashtra's industrial clusters in Pune and Mumbai, where increasing electricity demands from electronics and EV production drive capacitor usage. Combined with government incentives for renewables and smart grids, this power infrastructure drives the state's capacitor market growth.

A few drivers of growth fuel Maharashtra's leadership in the sector. Smartphone penetration is a key driver, with India's consumer electronics industry, which is predominantly based in Maharashtra, experiencing an upsurge in demand for products using capacitors like smartphones and laptops. The cities of the state, especially Mumbai and Pune, are major markets for affordable smartphones, helped by growth in disposable incomes and telecom infrastructure growth, including 5G expansion.

Policies by the government also help, with schemes such as the "Make in India" initiative and the Production Linked Incentive (PLI) plan promoting local production of electronic components, including capacitors. Maharashtra enjoys state-specific incentives, including renewable energy and EV infrastructure subsidies, in line with national plans like the National Electric Mobility Mission Plan, stimulating capacitor demand in electric vehicles (EVs).

India Electric Capacitor Market Key Developments

• TDK Corporation Launches xEVCap DC Link Capacitor: In October 2024, TDK introduced the xEVCap, a modular DC link capacitor designed for powertrain inverters in electric vehicles, offering customizable solutions for automotive and industrial applications in India.
• Keltron Opens Supercapacitor Manufacturing Plant: In February 2024, Keltron inaugurated India’s first supercapacitor facility in Kannur, producing 2,100 capacitors daily for defense, electric vehicles, and space applications with ISRO’s technical support.

Segmentation:

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

• By Type
  • Aluminium
  • Ceramic
  • Tantalum
  • Paper and Film
  • Supercapacitor
  • Others
• By Polarization
  • Polarized
  • Non-Polarized
• By Voltage
  • High Voltage
  • Low Voltage
• By Industry Vertical
  • Consumer Electronics
  • Automotive
  • Communication & Technology
  • Energy & Power
  • Industrial Electronics
  • Others

1. Introduction

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits for the Stakeholders

2. Research Methodology  

2.1. Research Design

2.2. Research Process

2.3. Data Validation

3. Executive Summary

3.1. Key Findings

3.2. Analyst View

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Supplier

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. India Electric Capacitor Market By Type

5.1. Introduction

5.2. Aluminium

5.3. Ceramic

5.4. Tantalum

5.5. Paper And Film

5.6. Supercapacitor

5.7. Others

6. India Electric Capacitor Market By Polarization

6.1. Introduction

6.2. Polarized

6.3. Non-polarized

7. India Electric Capacitor Market By Voltage

7.1. Introduction

7.2. High Voltage

7.3. Low Voltage

8. India Electric Capacitor Market By Industry Vertical

8.1. Introduction

8.2. Consumer Electronics

8.3. Automotive

8.4. Communication & Technology

8.5. Energy & Power

8.6. Industrial Electronics

8.7. Others

9. India Electric Capacitor Market By State

9.1. Introduction

9.2. Maharashtra

9.3. Tamil Nadu

9.4. Uttar Pradesh

9.5. Delhi (NCR)

9.6. Telangana

9.7. Others

10. Competitive Environment and Analysis

10.1. Major Players and Strategy Analysis

10.2. Emerging Players and Market Lucrativeness

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. Company Profiles

11.1. KEMET Corporation

11.2. AVX Corporation (A subsidiary under Kyocera Corporation)

11.3. Yageo Corporation

11.4. Panasonic Corporation

11.5. Nichicon Corporation

11.6. Murata Manufacturing Co., Ltd.

11.7. Rubycon Corporation

11.8. Capxon International Electronic Co., Ltd.

11.9. Walsin Technology Corporation

KEMET Corporation

AVX Corporation (A subsidiary under Kyocera Corporation)

Yageo Corporation

Panasonic Corporation

Nichicon Corporation

Murata Manufacturing Co., Ltd.

Rubycon Corporation

Capxon International Electronic Co., Ltd.

Walsin Technology Corporation