Auto Components Market Research Reports, Analysis & Trends
There are various automotive components available and one of them includes car accessories. There is a list of car auto parts such as bumper, door locks, power door locks, windshield, fog light, battery etc, which are some of the manufactured components of automobiles.
The Automotive Components Industry in India is one of the rapid growing industries. Nowadays, the consumers are giving a lot of importance to the car accessories. Even though, the customers prefer small cars, they want the latest interiors and parts to be the latest one. Due to this growing trend, there is a boot to the automotive components industry in India.
Auto component industry itself a much diversified sector it covers major components such as engine, body parts, brakes, gears, airbags, fuel tanks, suspension system, steering systems and seat belts manufacturers. Asian countries are becoming the new favourable destination for global manufacturers such as China, India, Japan and other as import tariffs for critical components imported from the Asean block. Growth opportunity in the industry has attracted a many companies, including major foreign companies, to operate in Asian auto component market.
Auto Components Industry Current Trends
- As per the data provided by Automotive Component Manufacturers Association of India i.e. ACMA, the auto component industry had grown a compound annual growth rate i.e. CAGR of 14.6 per cent during 2007-11 and is expected to be a US$ 113 billion by 2020.
- As per the reports given by Frost and Sullivan, the component revenues from India will reach US$ 212 million by 2020, which would account for 11 per cent of the global component market.
- As per Lucintel auto component industry would reach $730.8 billion in 2017 with a CAGR of 3.2%
Major Auto Components Industry Players
Some of the major automotive components industry players Aichi Steel Corporation (Japan), Aisin Group (China), Alcoa, Inc. (USA), Central Corporation (Korea), in India Polaris Industries, Piolax India, Bosch Automotive and Panasonic Carbon India Co Ltd. are having good market shares.