The auto ancillary market in China is growing at an exceptional rate. The original equipment manufactures and auto aftermarket is generating huge demand for the auto ancillary products. Market is expected to witness impressive growth in the next five years.
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In India, car accessories is a new concept which has gained popularity in recent times with growing usage of high end cars. The market can be divided into interior and exterior car accessories. In the Indian market, interior car accessories are more popular. The growing youth is providing a fillip to the market due to their perceptions and preferences.
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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.
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.
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