Automotive Components Market to Grow with a CAGR of 5.34% in India through to 2029
The major drivers for the
India Automotive Components Market are robust growth in the automobile sector
and increasing demand for technologically advanced and eco-friendly components,
driven by regulatory requirements and consumer preferences.
According to
TechSci Research report, “India Automotive Components Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029”,
the India Automotive Components Market stood at USD 56 Billion in 2023 and is
anticipated to grow with a CAGR of 5.34% in the forecast period, 2024-2029. The
India Automotive Components Market is experiencing robust growth, driven by a
multitude of dynamic factors. The rapid pace of urbanization, coupled with an
increase in disposable income, has led to a significant surge in automotive
demand across the country. As a result, there has been a substantial boost in
the market for automotive components, as manufacturers strive to meet the
growing needs of consumers.
Furthermore,
government initiatives such as 'Make in India' have played a crucial role in
encouraging manufacturers to expand their operations within the country. This
not only fosters domestic production but also enhances the overall growth of
the automotive industry. The supportive policies and incentives provided by the
government have created a conducive environment for manufacturers to invest in
the Indian market, thus driving the growth of the automotive components sector.
Technological
advancements have also played a pivotal role in shaping the India Automotive
Components Market. The rising demand for electric vehicles has necessitated the
development of specialized auto components to cater to this emerging segment.
As environmental awareness grows, there is an increasing emphasis on
sustainability and energy efficiency. This has further prompted the need for
advanced and eco-friendly automotive components that align with the evolving
preferences of consumers.
Additionally,
the aftermarket sector has witnessed significant growth due to the rise in
vehicle ownership. As more individuals own vehicles, the demand for replacement
parts and accessories has surged. This has created a thriving aftermarket
ecosystem, with numerous players catering to the maintenance and customization
needs of vehicle owners.
In conclusion,
the India Automotive Components Market is experiencing a remarkable growth
trajectory driven by various dynamic factors. The combination of rapid
urbanization, increasing disposable income, government initiatives,
technological advancements, and the growth of the aftermarket sector has
created a fertile ground for the automotive components industry to flourish in
India.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on
"India Automotive Components Market”
The India
Automotive Components Market is a critical and thriving segment within the
country's automotive industry. It plays a pivotal role in supporting vehicle
manufacturing, aftermarket services, and the growing demand for advanced
technologies and components in automobiles. This market overview provides
insights into the key aspects, characteristics, and trends that define the
India Automotive Components Market.
The market
offers a wide and diverse range of components, including engine parts,
transmission systems, braking systems, electrical and electronic components,
safety systems, and interior and exterior trims. This diversity is essential to
meet the requirements of a broad spectrum of vehicle types, from small cars to
commercial vehicles.
The market
serves both original equipment manufacturers (OEMs) and the aftermarket. OEMs
rely on component manufacturers to supply high-quality components for vehicle
assembly. Simultaneously, the aftermarket is a robust sector, driven by the
need for replacement parts, vehicle maintenance, and customization. This
duality of serving both OEMs and the aftermarket is a defining characteristic
of the market.
Indian component
manufacturers have gained recognition for their ability to produce high-quality
components at competitive prices. This has led to a significant growth in
export opportunities. Indian automotive components are exported to
international markets, contributing to the country's trade balance and
strengthening its position as a global supplier.
Compliance with
regulatory standards and maintaining high-quality manufacturing processes are
central to the market. Automotive components must adhere to national and
international quality standards and safety regulations. The focus on regulatory
compliance is essential for ensuring the safety, reliability, and performance
of vehicles.
The market is
witnessing a strong trend towards electrification and hybridization. As the
automotive industry shifts towards cleaner and more energy-efficient vehicles,
component manufacturers are developing electric drivetrain components,
batteries, and associated technologies. This trend aligns with global efforts
to reduce carbon emissions and dependence on fossil fuels.
Safety is a
paramount concern for both consumers and regulators. The market is experiencing
a growing trend in the development and integration of advanced safety systems,
including features like advanced driver assistance systems (ADAS), collision
avoidance technologies, and adaptive cruise control. Component manufacturers
play a vital role in producing the sensors, cameras, and radar systems that
make these safety features possible.
The integration
of connected vehicle technologies is a notable trend. Infotainment systems,
telematics, and real-time connectivity features are becoming standard in modern
vehicles. Component manufacturers are adapting to the growing demand for
connectivity solutions, including in-vehicle communication modules, advanced
touchscreens, and navigation systems.
As automakers
focus on improving fuel efficiency and reducing emissions, lightweight
materials and designs are gaining prominence. Components made from lightweight
materials such as aluminum and composites are in demand. This trend is pushing
component manufacturers to develop innovative solutions that contribute to
improved fuel economy.
There is a
growing emphasis on supply chain optimization and localization. Component
manufacturers are streamlining supply chains, reducing lead times, and
embracing localized production to enhance cost-efficiency and meet the
"Make in India" initiative's objectives.
Sustainability
is an emerging trend, with a focus on adopting eco-friendly practices and
promoting a circular economy. Component manufacturers are incorporating
sustainability into their operations by recycling materials, reducing waste,
and reducing energy consumption. The shift towards electric vehicles and
lightweight materials aligns with sustainability goals, contributing to a
reduced environmental impact.
In conclusion,
the India Automotive Components Market is a dynamic and multifaceted segment
that serves the automotive industry, both domestically and internationally. The
market exhibits significant diversity in its component offerings and serves
various vehicle types. Key trends such as electrification, safety systems,
connectivity, lightweight materials, supply chain optimization, and
sustainability are driving changes in the market, reflecting the broader
transformation in the automotive industry towards cleaner, safer, and more
connected vehicles.
Major companies
operating in India Automotive Components Market are:
- Bosch Ltd
- Bharat
Forge Ltd
- Sundaram
Clayton Ltd
- Minda Industries Ltd
- Endurance Technologies Ltd
- Motherson
Sumi Systems Ltd
- Exide
Industries Ltd
- Amara Raja
Batteries Ltd
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“The India
Automotive Components Market is driven by several dynamic factors. Rapid
urbanization and increasing disposable income have led to a surge in automotive
demand, subsequently propelling the market for automotive components.
Government initiatives like 'Make in India' are encouraging manufacturers to
expand their operations, further driving growth. Additionally, technological
advancement and rising demand for electric vehicles contribute significantly,
with increasing environmental awareness prompting the need for sustainable,
energy-efficient auto components. Lastly, the growth of the aftermarket sector
due to the rise in vehicle ownership also serves as a key driver.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“India
Automotive Components Market By Vehicle Type (Passenger Cars, Two-Wheelers,
Three-Wheelers, Light Commercial Vehicles, Medium & Heavy Commercial
Vehicles, Off the Road Vehicles), By Component (Engine Parts, Body &
Chassis, Suspension & Brakes, Drive Transmission & Steering Parts,
Electrical Parts and Equipments), By Demand Category (OEM Vs Replacement), By
Region, Competition, Forecast & Opportunities, 2019-2029”,
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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