Passenger Car Segment to Lead India Automotive Components Market through 2024
Increasing automotive
production and various government initiatives to fuel India automotive
components market through 2024
According
to TechSci Research report, “India
Automotive Components Market By Vehicle Type, By Component, By Demand
Category, By Region, By
Company, Competition, Forecast & Opportunities, 2014 – 2024”, India automotive components market is projected to grow at
a double-digit CAGR through 2024, owing to high automobile sales and increasing
middle class income in the country. Moreover, presence of key automotive
players is positively impacting India automotive components market. India is a
major exporter of automotive components to different nations across the globe. Owing
to rising demand for automobiles in domestic as well as international markets, the
country’s automotive components market is expected to grow at a high rate
during the forecast period.
Passenger car segment dominated the market in 2018 and
the segment is likely to continue its market dominance through 2024, on the
back of expanding passenger car fleet size, rising sales of passenger cars,
growing disposable income and increasing consumer preference for passenger cars.
On the basis of component, engine parts segment is anticipated to lead the
market, on account of increasing number of international automobile companies
setting up their manufacturing plants in the country. As per Government of
India, by the end of Automotive Mission Plan 2016-2026, automotive sector in
the country is projected to contribute 12% to the country’s GDP and generate
total revenues of $ 300 billion by 2026
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Prominent automotive component giants such as
Bosch Limited, NGK Spark Plugs (India) Pvt. Ltd., Federal-Mogul Goetze Limited,
Denso India Limited, Spark Minda, Cummins India Ltd., Asahi India Glass Ltd.,
Subros LTD., Anand Automotive Systems Limited and Bharat Forge Limited are
expanding their product offerings to boost their customer base. The traction of connected vehicles is
increasing and players such as Bosch have started investing in IoT to offer
mobility solutions and connected vehicles.
“Availability of low-cost resources coupled with various initiatives
taken by the government such as ‘Make in India’ is attracting international
automobile companies to establish their manufacturing facilities in the
country. India is emerging as a hub for foreign car manufacturers, consequently,
several automobile companies are planning to invest in India automobile market.
As a result, automotive components market in the country is expected to
register strong growth over the course of next five years.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India
Automotive Components Market By Vehicle Type, By Component, By Demand
Category, By Region, By Company, Competition, Forecast & Opportunities,
2014 – 2024” has evaluated the future growth potential of India automotive
components market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India automotive components market.
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