According to TechSci Research report, “India Automotive Components Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the India Automotive Components Market stood at USD 56 Billion in 2023 and is anticipated to grow with a CAGR of 5.34% in the forecast period, 2024-2029. The India Automotive Components Market is experiencing robust growth, driven by a multitude of dynamic factors. The rapid pace of urbanization, coupled with an increase in disposable income, has led to a significant surge in automotive demand across the country. As a result, there has been a substantial boost in the market for automotive components, as manufacturers strive to meet the growing needs of consumers.
Furthermore, government initiatives such as ‘Make in India’ have played a crucial role in encouraging manufacturers to expand their operations within the country. This not only fosters domestic production but also enhances the overall growth of the automotive industry. The supportive policies and incentives provided by the government have created a conducive environment for manufacturers to invest in the Indian market, thus driving the growth of the automotive components sector.
Technological advancements have also played a pivotal role in shaping the India Automotive Components Market. The rising demand for electric vehicles has necessitated the development of specialized auto components to cater to this emerging segment. As environmental awareness grows, there is an increasing emphasis on sustainability and energy efficiency. This has further prompted the need for advanced and eco-friendly automotive components that align with the evolving preferences of consumers.
Additionally, the aftermarket sector has witnessed significant growth due to the rise in vehicle ownership. As more individuals own vehicles, the demand for replacement parts and accessories has surged. This has created a thriving aftermarket ecosystem, with numerous players catering to the maintenance and customization needs of vehicle owners.
In conclusion, the India Automotive Components Market is experiencing a remarkable growth trajectory driven by various dynamic factors. The combination of rapid urbanization, increasing disposable income, government initiatives, technological advancements, and the growth of the aftermarket sector has created a fertile ground for the automotive components industry to flourish in India.
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The India Automotive Components Market is a critical and thriving segment within the country’s automotive industry. It plays a pivotal role in supporting vehicle manufacturing, aftermarket services, and the growing demand for advanced technologies and components in automobiles. This market overview provides insights into the key aspects, characteristics, and trends that define the India Automotive Components Market.
The market offers a wide and diverse range of components, including engine parts, transmission systems, braking systems, electrical and electronic components, safety systems, and interior and exterior trims. This diversity is essential to meet the requirements of a broad spectrum of vehicle types, from small cars to commercial vehicles.
The market serves both original equipment manufacturers (OEMs) and the aftermarket. OEMs rely on component manufacturers to supply high-quality components for vehicle assembly. Simultaneously, the aftermarket is a robust sector, driven by the need for replacement parts, vehicle maintenance, and customization. This duality of serving both OEMs and the aftermarket is a defining characteristic of the market.
Indian component manufacturers have gained recognition for their ability to produce high-quality components at competitive prices. This has led to a significant growth in export opportunities. Indian automotive components are exported to international markets, contributing to the country’s trade balance and strengthening its position as a global supplier.
Compliance with regulatory standards and maintaining high-quality manufacturing processes are central to the market. Automotive components must adhere to national and international quality standards and safety regulations. The focus on regulatory compliance is essential for ensuring the safety, reliability, and performance of vehicles.
The market is witnessing a strong trend towards electrification and hybridization. As the automotive industry shifts towards cleaner and more energy-efficient vehicles, component manufacturers are developing electric drivetrain components, batteries, and associated technologies. This trend aligns with global efforts to reduce carbon emissions and dependence on fossil fuels.
Safety is a paramount concern for both consumers and regulators. The market is experiencing a growing trend in the development and integration of advanced safety systems, including features like advanced driver assistance systems (ADAS), collision avoidance technologies, and adaptive cruise control. Component manufacturers play a vital role in producing the sensors, cameras, and radar systems that make these safety features possible.
The integration of connected vehicle technologies is a notable trend. Infotainment systems, telematics, and real-time connectivity features are becoming standard in modern vehicles. Component manufacturers are adapting to the growing demand for connectivity solutions, including in-vehicle communication modules, advanced touchscreens, and navigation systems.
As automakers focus on improving fuel efficiency and reducing emissions, lightweight materials and designs are gaining prominence. Components made from lightweight materials such as aluminum and composites are in demand. This trend is pushing component manufacturers to develop innovative solutions that contribute to improved fuel economy.
There is a growing emphasis on supply chain optimization and localization. Component manufacturers are streamlining supply chains, reducing lead times, and embracing localized production to enhance cost-efficiency and meet the “Make in India” initiative’s objectives.
Sustainability is an emerging trend, with a focus on adopting eco-friendly practices and promoting a circular economy. Component manufacturers are incorporating sustainability into their operations by recycling materials, reducing waste, and reducing energy consumption. The shift towards electric vehicles and lightweight materials aligns with sustainability goals, contributing to a reduced environmental impact.
In conclusion, the India Automotive Components Market is a dynamic and multifaceted segment that serves the automotive industry, both domestically and internationally. The market exhibits significant diversity in its component offerings and serves various vehicle types. Key trends such as electrification, safety systems, connectivity, lightweight materials, supply chain optimization, and sustainability are driving changes in the market, reflecting the broader transformation in the automotive industry towards cleaner, safer, and more connected vehicles.
Major companies operating in the India Automotive Components Market are:
- Bosch Ltd
- Bharat Forge Ltd
- Sundaram Clayton Ltd
- Minda Industries Ltd
- Endurance Technologies Ltd
- Motherson Sumi Systems Ltd
- Exide Industries Ltd
- Amara Raja Batteries Ltd
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“The India Automotive Components Market is driven by several dynamic factors. Rapid urbanization and increasing disposable income have led to a surge in automotive demand, subsequently propelling the market for automotive components. Government initiatives like ‘Make in India’ are encouraging manufacturers to expand their operations, further driving growth. Additionally, technological advancement and rising demand for electric vehicles contribute significantly, with increasing environmental awareness prompting the need for sustainable, energy-efficient auto components. Lastly, the growth of the aftermarket sector due to the rise in vehicle ownership also serves as a key driver.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“India Automotive Components Market By Vehicle Type (Passenger Cars, Two-Wheelers, Three-Wheelers, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road Vehicles), By Component (Engine Parts, Body & Chassis, Suspension & Brakes, Drive Transmission & Steering Parts, Electrical Parts and Equipments), By Demand Category (OEM Vs Replacement), By Region, Competition, Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of India Automotive Components 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 Components Market.
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Table of Content-India Automotive Components Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on India Automotive Components Market
- Voice of Customer Analysis
5.1. Brand Awareness
5.2. Brand Satisfaction
5.3. Factors Affecting Purchase Decision
- India Automotive Components Market Outlook
6.1. Market Size & Forecast
6.1.1. By Volume & Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis (Passenger Cars, Two-Wheelers, Three-Wheelers, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road Vehicles)
6.2.2. By Component Market Share Analysis (Engine Parts, Body & Chassis, Suspension & Brakes, Drive Transmission & Steering Parts, Electrical Parts and Equipments)
6.2.3. By Demand Category Market Share Analysis (OEM Vs Replacement)
6.2.4. By Region Market Share Analysis
6.2.4.1. North Market Share Analysis
6.2.4.2. East Market Share Analysis
6.2.4.3. West Market Share Analysis
6.2.4.4. South Market Share Analysis
6.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2023)
6.3. India Automotive Components Market Mapping & Opportunity Assessment
6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.2. By Component Market Mapping & Opportunity Assessment
6.3.3. By Demand Category Market Mapping & Opportunity Assessment
6.3.4. By Region Market Mapping & Opportunity Assessment
- India Passenger Cars Automotive Components Market Outlook
7.1. Market Size & Forecast
7.1.1. By Volume & Value
7.2. Market Share & Forecast
7.2.1. By Component Market Share Analysis
7.2.2. By Demand Category Market Share Analysis
- India Two-Wheelers Automotive Components Market Outlook
8.1. Market Size & Forecast
8.1.1. By Volume & Value
8.2. Market Share & Forecast
8.2.1. By Component Market Share Analysis
8.2.2. By Demand Category Market Share Analysis
- India Three-Wheelers Automotive Components Market Outlook
9.1. Market Size & Forecast
9.1.1. By Volume & Value
9.2. Market Share & Forecast
9.2.1. By Component Market Share Analysis
9.2.2. By Demand Category Market Share Analysis
- India Light Commercial Vehicles Automotive Components Market Outlook
10.1. Market Size & Forecast
10.1.1. By Volume & Value
10.2. Market Share & Forecast
10.2.1. By Component Market Share Analysis
10.2.2. By Demand Category Market Share Analysis
