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AUTO COMPONENTS

A stable government framework has led to the development of the Indian auto-components industry. Accounting for 2.3 per cent of India’s Gross Domestic Product (GDP), the sector employs as many as 5 million people, both directly and indirectly. The growing presence of global automobile Original Equipment Manufacturers (OEMs) in the Indian manufacturing landscape has significantly increased the localization of their components in the country.

The Indian auto-components industry has experienced healthy growth over the last few years. The Auto Components industry exports which are currently valued at USD 13.3 bn in 2021 are expected to go to $80 billion soon. India is an emerging global hub for sourcing auto components. It offers a favourable scenario with a trade policy without restrictions on import-export and a 100% FDI inflow.

Indian Auto Component Industry registers with the highest-ever turnover of $6.5 Bn, grows 23% during 2021-22.

100% FDI allowed under the automatic route.

2.3 %

Share in India's GDP
5 mn

Employment generated
6 %

CAGR (over 6 years)
$13.3 bn

Auto component exports

1

The rapidly growing auto market in India is expected to reach $300 bn by 2026
2

Automotive aftermarket segment in India is expected to reach $32 bn by 2026
3

Auto Components industry exports to grow 5X in next 10 years

Exports of auto components, which are valued at $13.3 billion in FY21, are predicted to expand at a 23.9 percent annual rate to $80 billion by 2026.
The $46 bn Auto Components industry in India is expected to grow to $200 bn by 2026.
USA, Germany, Turkey, UK, and Italy are the top destinations for exports.
The aftermarket segment, which includes tyres, batteries, and brake parts, is predicted to grow from $9.8 billion in 2020 to $32 billion by 2026.
Under National Automotive Testing and R&D Infrastructure Project (NATRIP) various facilities including passive safety labs comprising of the crash core facility and crash instrumentations including dummies were established at ICAT-Manesar & ARAI-Pune.
The Indian auto-components industry is set to become the third largest in the world by 2025.

Expanding R&D hub
India accounted for 40% of global engineering and R&D activities
Emerging global sourcing hub
Proximity to markets such as ASEAN, Europe, Japan and Korea
Cost competitive
Excise duty reduction in vehicles will spur demand
Sixth largest vehicles manufacturer in the world
Currently valued at $75 bn, the automobile industry is estimated to touch the coveted $300 bn mark by 2026India expected to be the third largest market by 2026
Favorable trade policy
100% FDI allowed and no restrictions on import-export

March 2022: The Popular Electric Vehicle Makers Omega Seiki Mobility (OSM) made a partnership with Zyngo to supply 1,500 e-cargo three-wheelers.
April 2022: Sansera Engineering is ready to receive an order worth $400-500 mn from a North American car maker.
July 2022: The Auto component industry soon can seek 9-11% of its revenue coming from EVs (Electric Vehicle).
November 2022: Maruti Suzuki connects with IIT Bombay to introduce innovation programmes for startups.