India Automotive Accessories & Parts Market to grow at a Significant Rate during the Forecast Period
Huge installation of vehicle
telematics equipment in automobiles and technological advancements is expected to
drive the India automotive accessories & parts market through FY2027
According
to TechSci Research report, “India
Automotive Accessories & Parts Market By Vehicle Type (Passenger Car,
Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR, Two-Wheeler)
By Component (Suspension, Anti-Braking System, Brake & Callipers, Chassis,
Catalytic Convertor, Exhaust System, Piston, Spark plug, Drive Transmission
& Steering Parts, Others (Wheels) By Demand Category (OEM vs Replacement)
By Company and By Geography, Forecast & Opportunities, FY2027”, the India automotive accessories & parts market in
automobile sector is expected to grow at a steady CAGR for the forecast period.
Growing demand for locomotives is expected to fuel the market. Strict safety measures
for car safety and use of modern technology such as 3D printing of automotive
parts to optimize the production costs and increase the fabrication performance
without any harm to environment is influencing the growth of the accessories
and parts for the next five years. Launch of initiatives namely The Automotive
Mission Plan 2016-26 and Voluntary Vehicle Fleet Modernization programme
Vehicles Scrapping Policy which offers incentives in addition with
environmental and energy-efficiency advantages. Plethora of tier-1 suppliers
have announced the procurement of automotive parts and accessories from their
Indian subsidiaries. India In-car entertainment sector which includes providing
of navigation features while driving, audio/video visual entertainment, connectivity
with smart devices with the help of voice commands, among others is expected to
grow at a significant rate. Increasing demand of consumers for installation of
the tire-pressure monitoring system to enhance the fuel efficiency and follow
the government guidelines is expected to aid the accessories and parts market
growth. To reduce the automobile theft, surge in integration of the immobilizer
into the vehicles which is an electronic security device that allows the engine
to run only when correct key or password is entered by the driver.
Due to the ongoing pandemic COVID-19, disruption in
supply chain and lack of skilled labors is expected to hamper the market
growth. Government has imposed lockdown in the region which has led to shutdown
of manufacturing units. Several of potential consumers has lost jobs and
experienced shortage of cash to afford the non-essential items. After the
lifting of lockdown, change in consumer preference to own a vehicle to follow
the precautionary guidelines and government measures which is expected to
influence the market growth. Due to cash crunch faced by consumers, sale of
used cars is expected to fuel the automotive accessories and parts market
growth for proper vehicle maintenance.
However, high production cost for automotive
accessories and parts and the requirement of huge investments for research and
development activities to produce advanced parts is expected to create
hindrance in the market growth for the next five years.
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India automotive accessories & parts market is segregated into
vehicle type, component, demand category, regional distribution, and company. Based
on vehicle type, market is further divided into passenger car, light commercial
vehicle, medium & heavy commercial vehicle, OTR and two-wheeler. Passenger
car segment is to witness growth in the forecast period due to increasing
demand for vehicle ownership and rising disposable income among the potential
consumers. Based on component, market is categorized into suspension, anti-braking
system, brake & calipers, chassis, catalytic convertor, exhaust system, piston,
spark plug, drive transmission & steering parts and other. Brake and
calipers segment is expected to hold major market share for the predicted
period as it is the most worn-out part in an automobile.
The major players operating in the
market are NGK Spark Plugs (India) Pvt. Ltd., Federal-Mogul Goetze Limited,
Denso India Limited, Spark Minda, Cummins India Ltd., Asahi India Glass Ltd.,
Mobis India Limited, Anand Automotive Systems Limited, Bharat Forge Limited,
Bridgestone India Private Limited, Exxon Mobil India Private Ltd and others are
some of the leading players operating in India automotive accessories &
parts market. Companies operating in the market are using strategies such as joint
ventures, product launches, mergers, and research collaborations to boost their
share and increase their geographic reach.
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“Increasing
government initiatives to promote digital revolution across various verticals
including automotive accessories and parts market along with development of
online portal distributing aftermarket is expected to influence the market
growth. Growing sales of automotive components through online channels to
increase the consumer convenience and expand the automotive accessories and
parts market reach is attracting the consumer at large scale. Also, lucrative
offers and discounts offered by automotive companies is propeling the market
demand until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“India Automotive Accessories & Parts Market By
Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy
Commercial Vehicle, OTR, Two-Wheeler) By Component (Suspension, Anti-Braking
System, Brake & Callipers, Chassis, Catalytic Convertor, Exhaust System,
Piston, Spark plug, Drive Transmission & Steering Parts, Others (Wheels) By
Demand Category (OEM vs Replacement) By Company and By Geography, Forecast
& Opportunities, FY2027”, has
evaluated the future growth potential of India automotive accessories &
parts 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
accessories & parts market.
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