Press release
Indian Auto Components Market Projected to Grow at a Steady Pace During 2021-2027 | Minda Industries Ltd., Craftsman Automation and Rolex Rings Ltd., WABCO India Ltd., Endurance Technologies Ltd.
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Market Overview
Growing working population and expanding middle class are expected to remain the key demand drivers. India is the fifth-largest automobile market globally. By 2025, 4 million EVs are expected to be sold each year and 10 million by 2030. The market for EV in India is expected to reach US$ 206 billion. With plans to reduce auto components’ import dependence domestic players are expected to witness demand surge. A cost-effective manufacturing base keeps costs lower by 10-25% relative to operations in Europe and Latin America.
COVID-19 Impact
In India, overall production of vehicles including passenger vehicle, commercial vehicle 2-wheeler, 3-wheeler, and quadri-cycle reduced from 30.9 million in 2019 to 26.4 million in 2020. Within the industry passenger vehicle segment witnessed a decline in production by 14.8% to 3.4 million in 2020, compared to 2019. Commercial vehicle segment witnessed a decline of 32.4% to 0.75 million, 3-wheeler segment declined by 10.6% to 1.1 million units, whereas 2-wheeler segment witnessed a decline in production by 14.1% to 21 million units. Indian auto-component industry contracted by 11.7% in 2020 to US$ 49.3 billion.
Indian Auto Components Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product, the market is primarily bifurcated into:
• Drive Transmission & Steering
• Engine Components
• Suspension & Braking
• Electrical and Electronic Components
• Consumables
• Cooling System
• Rubber Components
Based on product, Drive Transmission and Steering segment dominated the market accounting for more than 20% share in 2020 and is expected to maintain its dominance during the forecast period. Engine Components and Electrical and Electronic Components were the other major revenue generating segments.
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By Vehicle Type, the market is primarily studied into:
• Passenger Vehicles
• 2-Wheeler
• M&HCV
• Light Commercial Vehicles
• Tractors
• 3-Wheeler
• Earth Moving Equipment
Based on assumptions, Passenger Vehicles dominated the market with more than 45% share, followed by 2-wheeler and Medium and Heavy Commercial Vehicles. In June 2020, Tata AutoComp Systems signed a memorandum of understanding (MoU) with USA-based DC charging infrastructure company, Tellus Power Green, to supply AC and DC fast chargers for its entire range of electric vehicles.
By Market Type, the market is primarily studied into:
• Supplies to OEMs
• Aftermarket
• Export
Based on assumptions auto component was majorly driven by the increased demand from the automotive OEMs. TVS Group signed a co-operation agreement with BMW Motorrad to develop motorcycles below 500cc segment in India. In addition, companies such as Exide, Exicom, Amaron, Greenfuel Energy Solutions, Trontek, Coslight India, Napino Auto & Electronics, Amara Raja Batteries, Trinity Energy Systems, and Versatile Auto Components have plans to make lithium-ion batteries to ride the wave of green vehicles.
Indian Auto Components Market Region Segmentation Includes:
• Northern India
• Southern India
• Eastern India
• Western India
• Central India
Based on the estimation, Northern India is considered as one of the largest markets for vehicles in India, providing major growth opportunity for the auto component manufacturer. Both domestic and export markets are almost similar in terms of potential share by different product types.
The major players targeting the market includes:
• Minda Industries Ltd.
• Craftsman Automation and Rolex Rings Ltd.
• WABCO India Ltd.
• Endurance Technologies Ltd.
• Bosch Ltd.
• Varroc Engineering Ltd.
• Sundaram Clayton Ltd.
• Motherson Sumi Systems Limited (MSSL)
• Bharat Forge
• Toyota Kirloskar Motors
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Indian context. The specialist team of research analysts sheds light on various traits such as Indian market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Indian Auto Components Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
View Source: Medical Camera Market Report with Size, Share, Value, CAGR, Outlook, Analysis, Latest Updates, Data, and News 2027
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and advancements in the Indian Auto Components Market?
• Which factors are influencing the Indian Auto Components Market over the forecast period?
• What are the challenges, threats, and risks in the Indian Auto Components Market?
• Which factors are propelling and restraining the Indian Auto Components Market?
• What are the demanding regions of the Auto Components in India?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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