Automotive market

The automotive components market in India is estimated to cross US$44 billion in 2016 with passenger cars accounting for the largest revenue share in the country’s automotive component market in 2015, says a report by Research and Markets.

In 2015, India automotive industry contributed around 7% to the country’s total Gross Domestic Product (GDP), it says in the report “India Automotive Components Market By Vehicle Type, By Demand Category, By Component Type, Competition Forecast and Opportunities, 2011-2021”.

As per Organisation Internationale des Constructeurs d’Automobiles (OICA), motorization rate (includes passenger cars and commercial vehicles) in India increased from 20 per 1,000 inhabitants in 2013 to 22 per 1,000 inhabitants in 2014.

Strong economic growth prospects, rising disposable income and expanding automobile fleet are expected to drive demand for automotive components in the country during the forecast period, according to the report. fii-news.com