India Auto Components Market to Cross $44 billion in 2016
Increasing
vehicle production coupled with growing sales of automobiles to fuel demand for
automotive components in India
According to TechSci Research
report, “India Automotive Components
Market By Vehicle Type, By Demand Category, By Component
Type, Competition Forecast and Opportunities, 2011 - 2021’, automotive components
market in the country is expected to surpass $ 44 billion in 2016. Motorization
rate
in India grew from 20 per 1,000 inhabitants in 2013 to 22 per 1,000 inhabitants
by 2014. Anticipated increase in motorization rate in the coming years is
projected to drive India auto components market through 2021. Growing demand
for vehicles in the country can be attributed to increasing population base and
rising purchasing power of the people. Moreover, India is a prominent exporter
of automobiles to various countries across the globe. As a result of rising
demand for automobiles from domestic as well as international markets, demand
for automotive components in India is expected to grow during the forecast
period.
Browse 44 market data Tables and 25 Figures
spread through 145 Pages and an in-depth TOC on "India Automotive Components Market"
https://www.techsciresearch.com/report/india-automotive-components-market-by-vehicle-type-pc-lcv-m-hcv-2w-3w-otr-by-demand-category-oem-vs-replacement-by-component-type-engine-parts-body-chassis-suspension-brakes-etc-competition-forecast-and-opportunities-2011-2021/749.html
Passenger
car segment dominated India automotive components market and the trend is
projected to continue through 2021. Major factors attributed to continuing dominance
of passenger car segment include expanding passenger car fleet size, rising
sales of passenger cars, growing
disposable income and increasing consumer preference for passenger cars in the
country. Engine parts accounted for the largest share in the country’s automotive
components market on account of increasing number of international automobile
companies setting up their manufacturing plants in the country. As per Government
of India, by the end of Automotive Mission Plan 2016-2026, automotive sector in
the country is projected to contribute 12% to the country’s GDP and generate
total revenues of US$ 300 billion by 2026.
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“Availability of
low cost resources coupled with various initiatives taken by the government such
as ‘Make in India’ is attracting international automobile companies to
establish their manufacturing facilities in the country. The government plans
to make India a hub for foreign car manufacturers in the coming years. Consequently,
several automobile companies are planning to invest in India automobile market,
and this anticipated to positively influence India automotive components market
over the next 5-10 years.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“India Automotive Components Market By Vehicle Type, By Demand Category,
By Component Type, Competition Forecast and Opportunities, 2011 - 2021”, has evaluated the future
growth potential of automotive components market and provides statistics and information
on market size, consumer behavior and trends. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities in automotive
components market in India.
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