Auto Ancillary Market in India 2020: Bharat Forge Limited, Mahindra CIE Automotive Limited, Bosch Limited

A qualitative research study accomplished by HTF MI titled “Auto Ancillary Market covers detailed Product / Industry Scope, current and future market size scenario and elaborates outlook and status to 2025” provides primary data, studies and vendor briefings. The market Study is segmented by key regions along with country level break-up which is accelerating the marketization and by products type, application/end-users. The research study provides estimates for Auto Ancillary forecast till 2025. Some of the Major Players Included in the study are Bharat Forge Limited, Mahindra CIE Automotive Limited, Bosch Limited and Sundram Fasteners Limited.

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Summary
The auto ancillary market in India deals with the production and sale of intermediate equipment and automotive parts that are used in automobile manufacturing. It is a crucial part of the automotive industry in India. The market is segmented into organized and unorganized sectors. The organized sector serves original equipment manufacturers (OEMs) and deals in high-value instruments. In contrast, the unorganized sector serves the aftermarket with low-value tools and parts. The auto ancillary market in India is moving towards the production of electric vehicle parts and components. Further, it is expected that the Indian auto ancillary market would be the third-largest in the world by 2025.

Market insights:
Performance of the automotive industry in India largely affects the auto ancillary sector. In terms of volume, automobile sales in India increased at a compound annual growth rate (CAGR) of ~6.71% during the FY 2013-FY 2019 period, with 26.27 Mn units of vehicles being sold in FY 2019. The domestic automobile production expanded at a CAGR of ~6.96% during the FY 2013-FY 2019 period, with production volume reaching 30.92 Mn units in FY 2019.

The auto ancillary market in India was valued at INR 3,936.96 Bn in FY 2019 and is expected to reach INR 8,401.30 Bn by FY 2024, expanding at a CAGR of ~16.94% during the FY 2020-FY 2024 period. In terms of revenue contribution, the auto ancillary market in India is dominated by OEM suppliers, accounting for ~55.98% of the industry, followed by the exports and aftermarket segments. However, in terms of the number of players, the market is dominated by the aftermarket segment.

Government initiatives:
The government has formulated various policies to boost the growth of the auto ancillary market in India. Auto Policy 2002, Automotive Mission Plan 2016-2026, National Automotive Testing and R&D Infrastructure Project (NATRIP), National Electric Mobility Mission Plan 2020 (NEMMP), and Faster Adoption & Manufacturing of Electric Hybrid Vehicles (FAME) Scheme II are a few significant programs launched by the Indian government. Moreover, other initiatives include providing R&D incentives for industry and private sponsored research, granting export subsidy under the Merchandise Exports from India Scheme (MEIS) and offering incentives to players operating in Special Economic Zones (SEZs)/National Investment & Manufacturing Zones (NIMZs).

Key growth drivers of the market:
• The enforcement of BS-VI standards of safety and emission is expected to help the export market grow for the benefit of auto component players in India during the forecast period
• Further, India is growing as a cost-effective manufacturing base, owing to its preferable location for foreign players to set up their manufacturing units, thereby augmenting the development of the auto ancillary market in India
Key deterrents to the growth of the market:
• Even though there has been a growth in annual production for the overall automotive industry, consumption in recent quarters (2019 onwards) experienced a decline due to liquidity crisis for Non-Banking Financial Companies (NBFCs), rise in automotive acquisition costs and high goods and service tax (GST) rates
• Moreover, lack of research and development infrastructure and quality standards present a considerable threat to the auto ancillary industry in India

Competition analysis:
The Indian auto ancillary market is highly fragmented, the organized sector (OEMs) being dominated by a few major players like Bharat Forge Limited, Mahindra CIE Automotive Limited, Bosch Limited and Sundram Fasteners Limited. The unorganized sector consists of the aftermarket segment, where most of the small and medium enterprises (SME) are from the tier II and tier III cities.

Companies covered:
• Amtek Auto Limited
• Bharat Forge Limited
• Bosch Limited
• Exide Industries Limited
• Gabriel India Limited
• Mahindra CIE Automotive Limited
• Sundram Fasteners Limited
• TVS Motor Limited
• Nifco India Private Limited
• ARaymond Fasteners India Private Limited

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Furthermore, the years considered for the study are as follows:
Historical year – 2013-2018
Base year – 2018
Forecast period** – 2019 to 2025 [** unless otherwise stated]

**Moreover, it will also include the opportunities available in micro markets for stakeholders to invest, detailed analysis of competitive landscape and product services of key players.

Major Key Features Covered in Auto Ancillary Market Report:

* To gain insightful analyses of the market and have comprehensive understanding of the Auto Ancillary and its commercial landscape.
* Assess the Auto Ancillary production processes, major issues, and solutions to mitigate the development risk.
* To understand the most affecting driving and restraining forces in the Auto Ancillary and its impact in the global market.
* Learn about the market strategies that are being adopted by leading respective organizations.
* To understand the future outlook and prospects for Auto Ancillary Market.

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