market research agencies in mumbai
02 Nov 2022

An overview of the auto component manufacturing sector


India’s auto component industry accounts for 7.1% of the national GDP and contributes 49% to the manufacturing GDP of India. Indian auto components market is gearing towards greater localization and players are looking to increase their presence in used cars, aftermarket, and export segments. Recent policy-level initiatives like Make in India, NEMMP 2020 & PLI have presented an opportunity to the ACM segment entities for growth and movement up the value chain. New offerings like automatic transmission systems are witnessing growing demand and EVs are expected to disrupt the market for engine components. Strategies mainly focusing on technology upgrades, standardization, and integration across the automotive value chain will help suppliers grow in the current market
Presenting a quick snapshot below!