Passenger Cars to Drive Indian Auto Component Market
Due to increasing demand in the passenger vehicle segment, the auto component sales will register around 14% CAGR between 2010-11 and 2013-14, says RNCOS.
- (1888PressRelease) October 06, 2010 - According to our research report "India Auto Component Market Analysis", India, being one of the world's fastest growing automobile industries, provides a solid growth platform for auto component industry. Over the past few years, auto component industry has gained a significant growth momentum. In recent times, a spate of successful model launches and higher export demand for passenger vehicle segment are benefitting the auto component suppliers. Therefore, due to the increasing demand for compact cars as well as commercial vehicle segment, the auto component market is expected to grow at CAGR of around 14% between 2010-11 and 2013-14.
We have also found that currently northern region accounts for around 41% of entire auto component players present in the organized sector. The National Capital Region (NCR) is the focal point of auto component industry development due to its strategic location and favorable policies in the region. Western region is also catching up fast and expected to capture a significant share in coming years. Our research shows that there is a vast opportunity to tap global auto component market, while leveraging India's competency in cost-effective components production.
Our study reveals that among automobile industry deals, the auto component segment registered the highest number of deals in 2007 and 2008. Indian auto component manufacturers have expanded their operations worldwide, primarily through acquisitions. Overseas acquisitions have aided Indian auto component companies to enhance their skills and get access to new technology and customers. As a result, industry's exports and turnover have grown rapidly.
We have found that various growth drivers, studied in our report, are fuelling the growth of the auto component market. Our study shows that auto component production will get doubled in 2013-14 in comparison to 2009-10. Sales, export and import are expected to grow at a rapid pace in future. Various government initiatives have also played a very important role in the market growth.
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About RNCOS:
RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.
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