Driving Innovation: A Comprehensive Analysis of India's Booming Auto Components Market

Indian Auto Components Market is expected to grow at a CAGR of around 20.3% during the forecast period 2021-2027. The market stood at US$56.5 billion in 2019 and witnessed a decline of almost 11% during 2020, owing to the Covid-19 pandemic. Indian auto component sector generated revenue of US$ 39 billion in 2016 and reached US$ 57 billion in 2019. In 2020, the sector witnessed a decline in sales by almost 11.7% to reach US$ 49.3 billion in 2020.Auto component sector includes supplies to domestic OEMs, aftermarket, and export. FY2020 was a difficult year for the industry due to Covid-19 pandemic, however, the industry is expected to witness regrowth post 2021.

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During 2020, the Indian auto component industry witnessed a decline in sales by 11.7% to US$ 49.3 billion, compared to US$ 57.0 billion in 2019. However, the overall automotive sector is expected to witness steady growth post 2021 period on account of reopening of the market post Covid-19 pandemic, rising investment from the OEMs and increasing demand for Indian manufactured products in the overseas market. Under the auto component market passenger vehicle segment dominated the market, followed by 2-wheeler and Medium and heavy commercial vehicles, light commercial vehicle, tractors, 3-wheelers, and earth moving equipment. Domestic OEM supplies in the Indian auto component sector contributed more than 55% of the industry sales, followed by exports (25%) and domestic aftermarket sales (20%) in the FY2021.

Based on product, the Indian Auto Component Market is segmented into Drive Transmission Steering, Engine Components, Suspension Braking, Electrical and Electronic Components, Consumables, Cooling System, Rubber Components. In 2020, Drive Transmission and Steering segment dominated the market. Engine Components and Electrical and Electronic Components were the other major revenue generating segment in 2020. Based on vehicle type, the Indian Auto Component Market is divided into Passenger Vehicles, 2-Wheeler, Medium and Heavy Commercial Vehicles, Light Commercial Vehicles, Tractors, 3-Wheeler, Earth Moving Equipment. Currently Passenger Vehicles dominated the market with more than 45% share, followed by 2-wheeler and Medium and Heavy Commercial Vehicles. In June 2020, Apollo Tyres inaugurated its seventh factory worldwide and fifth in the Indian. The company also plans to invest approximately INR 3,800 crore (US$ 539.08 million) in phase I of the plant and expect to ramp up the production by 2022.

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Based on market type, the market is bifurcated into Supplies to OEMs, Aftermarket, Export. In 2020, auto component was majorly driven by the increased demand from the automotive OEMs. Aftermarket sales of auto component accounted for more than 20% share in 2020. Companies such as Exide, Exicom, Amaron, Greenfuel Energy Solutions, Trontek, Coslight India, Napino Auto Electronics, Amara Raja Batteries, Trinity Energy Systems, and Versatile Auto Components have plans to make lithium-ion batteries to ride the wave of green vehicles.

For a better understanding of the demand of auto components in India, the market is analyzed for major Indian regions including India (Northern India, Southern India, Eastern India, Western India, Central India). Northern India is considered as one of the largest markets for vehicles in India, providing major growth opportunity for the auto component manufacturer. Some of the major players operating in the Indian auto components market includes Minda Industries Ltd., Craftsman Automation and Rolex Rings Ltd., WABCO India Ltd., Endurance Technologies Ltd., Bosch Ltd., Varroc Engineering Ltd., Sundaram Clayton Ltd., Motherson Sumi Systems Limited (MSSL), Bharat Forge, Toyota Kirloskar Motors etc.

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Indian Auto Components Market Segmentation

Market Insight, by Product