According to the report, ‘Indian Auto Components Market: Current Analysis and Forecast (2021-2027)’ states that 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 and many more are the foremost companies which presently operating in the Indian Auto Components Market more actively for keep maintaining the governing position, leading the highest market growth, registering the great value of market share, generating the highest percentage of revenue, and obtaining the competitive edge by implementing the policies of profit making and strategies of expansion, establishing the several research and development programs, decreasing the associated prices, improving the qualitative and quantitative measures of such, spreading the awareness connected to the applications and advantages of auto components, increasing the features and benefits of auto components, and analysing the strategies and policies of government as well as similar entities.
During 2020, the Indian auto component industry observed a decline in sales by xx% to USD xx billion, compared to USD xx billion during 2019. However, the complete automotive sector is projected to observe steady growth post 2021 duration on account of reopening of the market post Covid-19 pandemic, growing investment from the OEMs and augmenting demand for Indian produced products in the overseas market. Under the auto component market passenger vehicle segment registered the market, followed by 2-wheeler and Medium and heavy commercial vehicles, light commercial vehicle, tractors, 3-wheelers and earth moving equipment. Domestic OEM supplies in the Indian auto component segment underwritten more than xx% of the industry sales, followed by exports (xx%) and domestic aftermarket sales (xx%) in the FY2021.
Based on product, the Indian Auto Component Market is classified into Drive Transmission & Steering, Engine Components, Suspension & Braking, Electrical and Electronic Components, Consumables, Cooling System, Rubber Components. During 2020, Drive Transmission and Steering segment registered the market dominating for more than 1/5th of the market. Engine Components and Electrical and Electronic Components were the other foremost revenue generating segment during 2020.
The enhancement of the auto parts producing industry in India is commonly propelled by the increasing automobile manufacturing industry. With the effective growth in electric vehicle production, the demand for a large and diversified number of automotive components is growing.
Furthermore, for a better understanding of the market of the auto component sales in India, the report is analyzed based on dissimilar Indian regions comprising India (Northern India, Southern India, Eastern India, Western India, Central India). Currently Northern India registered the market for auto component in India with the existence of luxury car dealers such as BMW, Mercedes and other players, in the region, customer preference have transformed to the vehicles with the luxurious and advanced features, and the new trend of providing importance of eco-friendly vehicles is probable to develop the automotive component market in the region.
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