India automotive component market is projected to increase due to the rising demand for passenger cars, the growing need for commercial vehicles in logistics and e-commerce, and stringent government rules and regulations concerning net zero carbon emissions.
According to the Markets and Data Research report, “India Automotive Component Market Assessment, By Region, Opportunities and Forecast, FY2018-FY2032F”, India automotive component market accounted for USD 62.53 billion in FY2024 and is estimated to reach USD 102.88 billion by FY2032, rising at a CAGR of 6.58% in the forecast period FY2025-FY2032F. India automotive component market is anticipated to rise owing to an increasing passenger car demand, expansion of logistics and e-commerce segment, and stringent government rules and regulations concerning reducing carbon emissions. Expanding automotive research and development, along with government initiatives, is likely to drive the growth of the automotive component industry in India. However, India is slowly becoming an emerging global sourcing hub with a long range of manufacturers. With an increased per capita income, the number of vehicles on the road is increasing the demand for automotive equipment in the region. Furthermore, the advent of electric vehicles and their components, along with technological advancements, are adding value to the market. Component manufacturers are advancing manufacturing technology with artificial intelligence, machine learning, and IoT. The increased demand for sustainable manufacturing and mobility is fueling the demand for new automotive equipment.
India thrives on the adaptation of innovative technologies during the fourth industrial revolution. Rapid urbanization has paved the way for higher adoption of EVs and other vehicles. The solution-based approach, which integrates machine learning, cloud databases, and artificial intelligence, is helping OEMs excel and expand their businesses. Furthermore, the development of data-enabled services and solutions is projected to expand its portfolio to serve adjacent industries. The expanding manufacturing space to serve the rising consumption is becoming a challenge for Indian automakers and auto part manufacturers. The manufacturers are focusing on utilizing fewer spaces through optimization, cloud services, and automation. Alongside, the focus on sustainable production and R&D to deliver recycled and recyclable auto components is likely to transform the market dynamics.
The Indian government is set to expand its automotive component industry with capital investments, convenient FDI policies, and subsidies. The government supports auto part manufacturers in overcoming cost disabilities and creating economies of scale while strengthening the supply chain. Authorities get involved in the private-public partnerships to build manufacturing infrastructure to increase production and quality. The auto component exports have surged since last year as the government embarked on a strategic step to carry out free trade agreements (FTA) with several nations. Furthermore, in January 2024, the government’s Ministry of Heavy Industries extended the tenure of the Production Linked Incentive (PLI) scheme for automobile and auto components by one year. The authorities landed on the decision after the approval of the Empowered Group of Secretaries (EGoS). The scheme is expected to be focused on incentive rates as well.
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Spread through 107 pages, the “India Automotive Component Market” report includes an in-depth TOC, over 18 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.
Key Takeaways:
- India automotive component market is projected to expand considerably, with increasing vehicle production and an accelerating demand for electric vehicles.
- Greater adoption of innovative technologies in manufacturing processes, including IoT, AI, and automation, has improved efficiency and product quality in the automotive components industry.
- Domestic policies of the Indian Government, such as the Production Linked Incentives under the PLI policy and the Make in India initiative, have been encouraging domestic manufacturing and attracting investments in the automobile sector.
- There is a growing awareness of sustainability and eco-friendliness in using various practices and materials, especially with electric and hybrid vehicle trends, thus compelling component makers to be innovative.
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India automotive component market is segmented in the following categories:
By Type: Engine Parts, Body and Chassis, Suspension and Brakes, Drive Transmission and Steering Parts, Electrical Parts and Equipment, Others
By Vehicle: Two-Wheelers, Passenger Cars, Commercial Vehicles, Others
By Demand: Original Equipment Manufacturer, Replacement
By Region: North, South, East, and West & Central
Based on Vehicles, passenger cars dominate the India automotive component market owing to the rising middle class and increasing purchasing power, shift in preferences among consumers, and growing production of passenger cars in India. The India passenger car market demand is expected to rise owing to significant technological innovations, a wide availability of electric passenger cars, and better road infrastructure. Expanding road networks makes car travel more convenient and accessible, driving demand for passenger cars and boosting the sales of passenger cars. In addition, easy access to financing and loan options has made it more feasible for individuals to buy a passenger car, supporting the India passenger car market growth, which further drives the India automotive component market demand in the forecast period.
Based on Region, Northern India holds the largest value of market share in India automotive component market owing to the presence of giant manufacturers, an increase in population, growing vehicle ownership, and a rising middle class in Northern India. Northern India fosters a well-established industrial ecosystem, with key component suppliers and automotive manufacturers located in states including Punjab and Haryana. This presence fosters efficient collaboration among key companies, driving the India automotive component market growth in the forecast period. In addition, government rules and regulations, coupled with initiatives, attract investments and compel companies to integrate high-performance and energy-efficient components in vehicles. Companies are planning to launch new components owing to the shift towards electric vehicles and accomplish net zero carbon emission goals.
Major Companies Operating in India Automotive Component Market include:
- Bosch Limited
- Uno Minda Limited
- Samvardhana Motherson International Ltd.
- Endurance Technologies Limited
- Bharat Forge Ltd.
- Sundaram Clayton Ltd
- Automotive Axles Limited
- Menon Bearings Limited
- Rane Holdings Limited
- HELLA India Automotive Pvt. Ltd.
Key companies in the India automotive component market are significantly planning to invest in different research and development activities to advance the functioning and performance of automotive components. Companies in the market are efficiently broadening their offerings in both conventional and electric vehicle components, aiming at innovation and sustainability. In addition, companies are also investing in high-performance materials and high-tech solutions to be competitive in the growing automotive market. Furthermore, key participants in the market are adopting different market growth strategies, including joint ventures, new product launches, amalgamation, partnerships, collaborations, and others, to expand their market presence and address the rising demand for automotive components.
In June 2024, Uno Minda Limited unveiled a new range of automotive cabin filters for the Indian aftermarket to improve air quality inside car cabins. These latest offerings are precisely introduced to prevent dangerous pollutants, unpleasant odors, dangerous airborne particles, and others from entering car interiors through the AC system.
In June 2023, Samvardhana Motherson International Ltd, in collaboration with Marelli Holdings Co., Ltd, inaugurated India’s first dedicated automotive lighting tool room in Noida. This 8,700sq mtr. facility enhances capabilities, supporting OEMs and expanding Motherson’s network of nine global tool rooms.
“India Automotive Component Market Assessment, FY2018-FY2032F”, evaluates the future growth potential of India automotive component market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in India automotive component market.
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