India Cryptocurrency Market Analysis and Forecast, 2023-2028 | RationalStat

The India cryptocurrency market is estimated to cross US$ 250 million by 2023 and is expected to grow at a significant CAGR of over 9.2% over the forecast period of 2023-2028.

The increasing awareness of cryptocurrencies among the Indian population and the growing popularity of blockchain technology, which is the underlying technology of cryptocurrencies are some of the primary growth factors for the market. The government's positive stance on cryptocurrencies is evidenced by the recent Supreme Court ruling that struck down a ban on cryptocurrency trading.

Moreover, the growth of DeFi is also fueling the market growth. DeFi is a rapidly growing sector of the cryptocurrency market that is using blockchain technology to create new financial products and services. DeFi applications are typically decentralized, meaning that they are not controlled by any central authority. This makes them more secure and transparent than traditional financial products. The growth of DeFi is expected to drive the adoption of cryptocurrencies in India, as more and more people look for alternative financial products.

The increasing interest from institutional investors, such as hedge funds and pension funds, is starting to take an interest in cryptocurrencies. This is due to the increasing volatility of the cryptocurrency market, which has the potential to generate high returns for investors. The increasing interest from institutional investors is expected to further legitimize the cryptocurrency market and attract more investors to the space.

Further, the development of new regulations in India has also shaped the regional cryptocurrency scenario in recent times. The Indian government is currently developing new regulations for the cryptocurrency market. These regulations are expected to provide clarity for businesses and individuals who are involved in the cryptocurrency space. The development of new regulations is expected to boost the growth of the cryptocurrency market in India.

Market Scope and Report Overview

According to a deep-dive market assessment by RationalStat, the India cryptocurrency market has been analyzed on the basis of market segments, including type, product type, end use, and geography/regions (incl. North India, West & Central India, East India, South India). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.

Market intelligence for the India cryptocurrency market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units/tons/liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

In addition, the long-term sector and products/services 10-year outlook and its implications on the sector. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc.  Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, and insights, etc. 

Period Covered include data for 2019-2028 along with year-wise demand estimations

The cryptocurrency market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.

RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking. 

The India cryptocurrency market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.

In the competition analysis section, the India cryptocurrency market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.

Explore more about this report - Request for Sample and Scope of the Study

Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment

In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.

The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns.  The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others.  Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.

In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.

Competition Analysis and Market Structure

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players.  Some of the key developments in the India cryptocurrency market include,

Some of the prominent players that contribute significantly to the cryptocurrency market growth include Bitmain Technologies Ltd, Intel Corporation, Ripple Labs, Inc., BitGo Inc., Coinbase,, Ethereum Foundation, Bitfury Group Limited, Nvidia Corporation among others.

RationalStat has segmented the India cryptocurrency market based on type, product type, end use and region

  • India Cryptocurrency Market Value (US$ Million) and Market Share (2023-2028) Analysis by Type
    • Hardware
    • ASIC (Application-Specific Integrated Circuit)
    • GPU (Graphical Programming Units)
    • FGPAs (Field-Programmable Gate Arrays)
    • Software
    • Payments
    • Wallets
    • Exchanges
    • Mining
  • India Cryptocurrency Market Value (US$ Million) and Market Share (2023-2028) Analysis by Product Type
    • Altcoins
      • Ethereum (ETH)
      • Litecoin (LTC)
      • Bitcoin (BCH)
      • Dogecoin (DOGE)
      • Monero (XMR)
      • Dash (DASH)
      • Others (Ripple, Ether Classic)
    • Tokens
      • IOTA (MIOTA)
      • EOS (EOS)
      • Exchange Union (XUC)
      • Veritaseum (VERI)
      • Ontology (ONT)
  • India Cryptocurrency Market Value (US$ Million) and Market Share (2023-2028) Analysis by End Use
    • Trading
    • E-commerce & Retail
    • Peer-to-Peer Payment
    • Banking
    • Remittance
  • India Cryptocurrency Market Value (US$ Million) and Market Share (2023-2028) Analysis by Region
    • North India Cryptocurrency Market
      • Uttar Pradesh
      • Punjab
      • Haryana
      • Delhi
      • Others
    • West and Central India Cryptocurrency Market
      • Maharashtra
      • Madhya Pradesh
      • Rajasthan
      • Gujarat
      • Others
    • East India Cryptocurrency Market
      • Bihar
      • West Bengal
      • Odisha
      • Jharkhand
      • Others
    • South India Cryptocurrency Market
      • Tamil Nadu
      • Karnataka
      • Andhra Pradesh
      • Telangana
      • Others
  • Leading Companies and Market Players
    • Bitmain Technologies Ltd
    • Intel Corporation
    • Ripple Labs, Inc.
    • BitGo Inc.
    • Coinbase
    • com
    • Ethereum Foundation
    • Bitfury Group Limited
    • Nvidia Corporation

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Key Questions Answered in the Cryptocurrency Report

  • What will be the market value of the India Cryptocurrency market by 2028?
  • What is the market size of the India Cryptocurrency Market?
  • What are the market drivers of the India Cryptocurrency Market?
  • What are the key trends in the India Cryptocurrency Market?
  • Which is the leading region in the India Cryptocurrency Market?
  • What are the major companies operating in the India Cryptocurrency Market?
  • What are the market shares by key segments in the India Cryptocurrency Market?

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Kimberly Shaw,
Content and Press Manager
RationalStat LLC
Phone: +1 302 803 5429

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