Dutch semiconductor firm NXP says India could contribute 8% to 10% of its global revenue within three to five years, driven by growth in the country’s automotive and industrial sectors, according to its India head Hitesh Garg.

The company, which does not disclose separate figures for India, aims to capture missed opportunities in other regions, particularly as it faces challenges in markets like China due to domestic production expansion and European tariffs on Chinese EVs.

In 2023, China made up nearly one-third of NXP’s US$13.28 billion global revenue.

India is focused on enhancing its semiconductor industry, with plans to reach a market value of US$63 billion by 2026, supported by a US$10 billion government incentive program.

NXP has also committed over US$1 billion to India, doubling its research and development operations, joining other companies like Micron in investing in the country’s growing chip industry.