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Over the five years to 2019, the Global Auto Parts and Accessories Manufacturing industry is expected to benefit from improving global economic conditions. Per capita income levels have climbed across the globe and the burgeoning middle classes in emerging economies have looked to purchase their own cars.
- As demand for new automobiles has risen, original equipment manufacturers have demanded more components from industry operators.
- Additionally, the auto parts aftermarket has helped generate revenue as average vehicle ages moved higher.
- Demand for this segment tends to rise with the number of vehicles in use, therefore, as more individuals take to the roads, demand for replacement parts increases.
A stable government framework has led to the development of the Indian auto-components industry. Accounting for 2.3% of India’s Gross Domestic Product (GDP), the sector employs as many as 1.5 million people, both directly and indirectly. The growing presence of global automobile Original Equipment Manufacturers (OEMs) in the Indian manufacturing landscape has significantly increased the localization of their components in the country.
- The Indian auto-components industry has experienced healthy growth over the last few years.
- The Auto Components industry exports are currently valued at USD 15.2 BN.
- USA, Germany, Turkey, UK, and Italy are the top destinations for exports
- India is an emerging global hub for sourcing auto components.
- The auto-component industry of India has expanded by 10.6% to reach a level of $56.2 BN in FY19.
- 100% FDI allowed under the automatic route.
Technology-driven trends have always been revolutionizing the way in which automotive industry players react to the changing behavior of consumers, build partnerships, and bring about a change
- Autonomous Driving
- Connected Vehicles
- 3D Printing
- Increase in Electric Vehicles
- Electric vehicles
- New Charging Stations
- Engine Regulations