Enormous Scope in Automotive Industry
The automobile market is the main engine of any rising economy. A sound transport system plays a key role in the progressive economic and industrial growth of the region. Some well Indian automotive industry is able to fulfil this catalytic role by manufacturing a wide range of automobiles. The automotive industry is composed of the automotive and car parts industries. It comprises passenger cars; small, medium and heavy commercial vehicles; multi-purpose vehicles including jeeps, scooters, motorcycles, three-wheelers and tractors; and automotive parts such as engine parts, drive and transmission parts, suspension and brake parts, and electrical, body and frame parts.
Indian Market Outlook and Demand
India’s automotive sector is now worth $34 billion and is projected to rise $145 billion over the next 10 years. The Indian automotive industry is rising at a very fast rate, with more than one million passenger vehicles sold each year. The average growth trend is 10-15% each year. India is the world’s second largest producer of two-wheelers, the fifth biggest maker of passenger vehicles and the leading company of tractors. It is the fourth largest passenger car market in Asia and home to the biggest manufacturer of motorcycles.
The Indian car component industry is worth $10 billion. The auto-components sector accounts for approximately 7% of India’s Gross Domestic Product (GDP) and hires as many as 19 million people. India is projected to become the world’s fourth largest car manufacturer after China, the US, and Japan by 2020. The car component market is also projected to be the third largest in the world by 2025.
The fastest-growing major economy in the world with a GDP growth rate of more than 7%. The growing working population and the growing middle class are projected to remain core drivers of demand. The growth of the global supply of Original Equipment Manufacturers (OEMs) from India and the increased indigenization of global OEMs are turning the country into a favored designing and manufacturing support.
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The Indian car industry is booming in its twigs all over the world and is near to a victory in global rivalry. The backbone of the company is its manufacturers of car parts and accessories, which are also an exclusive manufacturing market. Today, the car industry enjoys the rewards, while the auto component market is in its downturn amid hard surviving efforts. Revenue growth would also be assisted by a gradual rise in energy prices and a subsequent effect on perception.
Global Market Business Growth
The global car component industry has experienced modest growth in the last five years and is projected to continue rising to roughly $730.8 billion in 2017 with a CAGR of 3.2 percent over the next five years (2012-2017).
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The automobile industry is steadily developing into a dynamic and highly advanced arena. Customers’ expectations are being addressed with greater productivity and convenience. Almost all big global players in the automotive and vehicle sectors are establishing manufacturing plants in India to satisfy both domestic and international competition.
The global car product industry is a widely diversified field comprising producers of engines and auto equipment, and manufacturers of aftermarket parts, vendors, distributors and retailers. The production of auto parts is increasingly moving to Asian countries such as China, India and others due to higher demand opportunities and low-cost manufacturing choices. In China and India, OEMs are focused on helping suppliers to develop and expand their companies.
Key Players in the Industry
Major players in this sector include the following companies-
- Tata,
- Mahindra,
- Daewoo Motor India,
- Hyundai Motors India
- General Motors India,
- Maruti,
- Ashok Leyland,
- Bajaj,
- Hero Honda,
- Ford,
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