India Auto Ancillary Market Research Report 2023 offers a comprehensive analysis of the market, including business opportunities, growth, and trend analysis for various applications, types, and regions such as North America, Europe, Asia-Pacific, South America, Middle East, and Africa. The report delves into important producers, market developments, opportunities, challenges, and threats to the market as a whole. It is a 100+ page report that provides a detailed examination of growth statistics, opportunities, trends and the competitive landscape in the industry.
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The auto ancillary market is anticipated to reach INR 7,756.98 Billion by 2027, expanding at a compound annual growth rate (CAGR) of 15.35% during the FY 2022 to FY 2027 period.
The auto ancillary market deals with the production and sale of intermediate equipment and automotive parts that are used in automobile manufacturing. It is a crucial part of the automotive industry in India. It is segmented into organized and unorganized sectors. The organized sector serves original equipment manufacturers (OEMs) and deals in high-value instruments. The unorganized sector provides the aftermarket with low-value tools and parts. The business is moving toward the production of electric vehicle parts and components. It is expected that by 2025, the auto ancillary market in India will become the third-largest in the world.
Market insights:
The performance of the automotive industry impacts the auto ancillary market. The auto sector has been facing a slump since FY 2019, mostly due to weak consumer sentiments and tightening of liquidity in non-banking financial companies and other lending institutions. Furthermore, it was affected by strict lockdown measures in the wake of the COVID-19 pandemic. However, with the enactment of new regulatory measures and adoption of advanced technologies, the sector is expected to gain momentum from 2021 onwards.
In terms of revenue, the OEM suppliers segment holds the largest market share (~55.98%), followed by exports and aftermarket. However, in terms of the number of players, the market is dominated by the aftermarket segment.
Impact of COVID-19:
Auto ancillary producers faced the challenge of subdued demand and manufacturing restrictions induced by COVID-19-related safety measures. The Society of Indian Automobile Manufacturers (SIAM) reported a 14.07% reduction in automobile production in FY 2021. Following the decline in sales, automobile manufacturers curtailed orders to auto ancillary suppliers and producers. Export of auto ancillary products also dropped in FY 2021 due to international production cuts. However, the market started expanding at a robust pace after the third quarter of FY 2021 with the gradual growth of the automobile industry.
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Government initiatives:
The government has formulated various policies to boost the growth of the market. Auto Policy 2002, Automotive Mission Plan 2016-2026, National Automotive Testing and R&D Infrastructure Project (NATRIP), and National Electric Mobility Mission Plan 2020 (NEMMP), are a few significant programs launched by the government. Other initiatives include providing R&D incentives for industry- and private-sponsored research, granting export subsidy under the Merchandise Exports from India Scheme (MEIS), and offering incentives to players operating in Special Economic Zones.
Key growth drivers of the market:
The enforcement of BS-VI standards of safety and emission is anticipated to help the export market expand during the forecast period for the benefit of auto component players in India
Foreign players prefer India because it is a cost-effective location for manufacturing, which bodes well for the auto ancillary market
Key deterrents to the growth of the market:
Even though annual production of the overall automotive industry has improved, consumption in recent quarters (2019 onwards) experienced a decline mainly due to a liquidity crisis for Non-Banking Financial Companies (NBFCs) Moreover, the lack of research and development infrastructure and quality standards is a threat to the market
Competition analysis:
The auto ancillary market is highly fragmented, the organized sector (OEMs) being dominated by leading players such as Bharat Forge Limited, Mahindra CIE Automotive Limited, Bosch Limited, and Sundram Fasteners Limited.
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Our most recent research report showcases the thriving expansion of the India Auto Ancillary Market and offers in-depth insights into the projected market size, share, and revenue until 2030.
The report addresses the following key questions regarding the India Auto Ancillary market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Auto Ancillary in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Auto Ancillary market?
- What is the market share of the top 5 players in the India Auto Ancillary market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Auto Ancillary market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Auto Ancillary market?
- What are the challenges related to the supply chain and logistics that India Auto Ancillary market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Auto Ancillary market?
- What are the potential risks and uncertainties associated with investing in the India Auto Ancillary market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Auto Ancillary market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Auto Ancillary market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Auto Ancillary market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Auto Ancillary business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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