NEW YORK, August 8, 2016 /PRNewswire/ --
Increasing vehicle production coupled with growing sales of automobiles to fuel demand for automotive components in India
According to TechSci Research report, "India Automotive Components Market By Vehicle Type, By Demand Category, By Component Type, Competition Forecast and Opportunities, 2011 - 2021', automotive components market in the country is expected to surpass $ 44 billion in 2016. Motorization rate in India grew from 20 per 1,000 inhabitants in 2013 to 22 per 1,000 inhabitants by 2014. Anticipated increase in motorization rate in the coming years is projected to drive India auto components market through 2021. Growing demand for vehicles in the country can be attributed to increasing population base and rising purchasing power of the people. Moreover, India is a prominent exporter of automobiles to various countries across the globe. As a result of rising demand for automobiles from domestic as well as international markets, demand for automotive components in India is expected to grow during the forecast period.
Browse 44 market data Tables and 25 Figures spread through 145 Pages and an in-depth TOC on
"India Automotive Components Market"
Passenger car segment dominated India automotive components market and the trend is projected to continue through 2021. Major factors attributed to continuing dominance of passenger car segment include expanding passenger car fleet size, rising sales of passenger cars, growing disposable income and increasing consumer preference for passenger cars in the country. Engine parts accounted for the largest share in the country's automotive components market on account of increasing number of international automobile companies setting up their manufacturing plants in the country. As per Government of India, by the end of Automotive Mission Plan 2016-2026, automotive sector in the country is projected to contribute 12% to the country's GDP and generate total revenues of US$ 300 billion by 2026.
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"Availability of low cost resources coupled with various initiatives taken by the government such as 'Make in India' is attracting international automobile companies to establish their manufacturing facilities in the country. The government plans to make India a hub for foreign car manufacturers in the coming years. Consequently, several automobile companies are planning to invest in India automobile market, and this anticipated to positively influence India automotive components market over the next 5-10 years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Automotive Components Market By Vehicle Type, By Demand Category, By Component Type, Competition Forecast and Opportunities, 2011 - 2021", has evaluated the future growth potential of automotive components market and provides statistics and information on market size, consumer behavior and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in automotive components market in India.
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