Increasing automobile sales in India, Expanding Production Capacities of OEMs and Auto Chain manufacturers, Increasing Household Income and Short lifespan of Auto Chains were the key factors driving growth in India Auto Chain Market.
India is the second most populous country in the world but it is leading in terms of lack of automobile use. This has been a lucrative opportunity for automobile manufacturers which has resulted in enhancing their production capacities to meet the needs of untapped markets. Roller Chain Suppliers in India, Manufacturers Transmission Chain India The auto chain market is likely to have strong linkages with the automobile sales and as the automobile sales are poised to grow further, the auto chain sector is anticipated to witness a bright outlook in upcoming years. The primary growth drivers of auto chain market have been increasing household incomes, increasing automobile sales, expanding production capacities of OEMs and auto chain manufacturers and short lifespan of auto chains. Rising demand from OEMs and aftermarket growth owe to increasing market value of auto chains in India.
The automobile segment majorly comprises of passenger and commercial vehicles, two wheelers, three wheelers and other LCV, HCV and MUVs. The highest demand for auto chains is driven from two wheelers segment as in terms of production. Two wheelers contribute 78.6% to the overall Indian automobile market. This segment is the leader of the India auto chain market owing to preference of two wheelers in the country owing to their competitive price coupled with traffic congestion. The primary growth drivers of India drive and timing chain market are increasing preference of automotive chains over auto-belts, ‘Make in India’ initiative, high demand from OEMs and aftermarket, increasing automobile sales and very low market penetration of automobiles in India. The Government of India is focusing a lot on ‘Make in India’ initiative to make India a global manufacturing hub which has aided multinational as well as domestic companies to manufacture within the country.
India is poised to be one of the fastest growing auto chain markets worldwide, thus catering to the needs of both global and domestic players such as OEMs and aftermarket.
The report titled “India Drive and Timing Chain Market Outlook to 2022 – OEM Demand is Expected to Flourish in the Outlook Period” by Ken Research suggested a growth at a CAGR of 12.5% in revenue in India Auto Chain Market in next 5 years till FY’2022.
Ankur Gupta, Head Marketing & Communications