The Indian Auto Component industry is one of India's sunrise industries with tremendous growth prospects. From a low-key supplier providing components to the domestic market alone, the industry has emerged as one of the key auto components centres in Asia and is today seen as a significant player in the global automotive supply chain. India is now a supplier of a range of high-value and critical automobile components to leading global auto makers such as General Motors, Toyota, Ford, and Volkswagen amongst others.
The global auto component industry is likely to touch US$ 1.9 trillion by 2015, of which around 40 per cent (US$ 700 billion) is likely to be supplied from cost- effective countries like India. Even though India's share of the global auto components trade worth US$ 185 billion was only 0.4 per cent in 2007, India is projected to become one of the leading five auto component economies by 2025.
According to S. Chandramohan, Co-Chairman, Task Force on International Business Promotion and Networking, CII, the automotive and auto components industry in India is expected to grow at a healthy rate of around 20 per cent in the next few years.In recent times, the global slowdown of car sales in US, EU and Asian car markets has been affecting the Indian auto component industry, and the industry has been seeing some rough weather.
It also faces a significant challenge from cheap Chinese products. However, industry experts believe things are going to look up soon. The sector's growth rate fell to six per cent during April-July 2008, but according to the Automotive Component Manufacturers Association of India (ACMA), export growth is likely to rebound to above 12 per cent in the near future. This auto industry will grow to the biggest range with all global partners competitor each other to give the best product which will give entire satisfaction
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