Auto Ancillary Market in India Will Expand Exponentially With First Time Vehicle Buyers
According to a new Research On Global Markets report, the auto ancillary market in India is in in for a steep rise. The auto ancillary industry is that part of the automotive sector that deals with the manufacturing and sale of intermediate parts and other allied products like chemicals and equipment used in a vehicle. The supply chain of the auto ancillary industry comprises original equipment manufacturers (OEM), tier I, II and III manufacturers and intermediaries. The high-value products are dealt by the OEMs while the unorganized sector serves as the aftermarket for low-value products.
The Indian market for auto ancillary products is segmented by domestic sales in different categories of automobiles. Two-wheelers hold the largest share as far as domestic sales is concerned. The segmentation of the auto ancillary market in India is also based on component supply to OEMs which includes three-wheelers, two-wheelers, tractors, light commercial vehicles, heavy commercial vehicles, among others. Engine parts are the primary contributors to the auto ancillary market.
The predominantly younger population of India with high purchasing power is the main reason for the rapid growth of the auto ancillary market. Higher per capita income and more disposable income has acted as a driver for this market. Also, with India being the largest producer of steel, it becomes cost effective for the auto ancillary market to grow as steel is the primary raw material for auto components.
However, the auto ancillary market is replete with many challenges. The focus on green energy has led the auto ancillary market to realign their technological developments. Some of the key players of this industry are Exide Industries Limited, Mahindra CIE Automotive Limited, and Bosch Limited among others.
Key highlights of this report:
- Overview of the Indian auto ancillary market
- Historical, current and forecasted market size data for the Indian auto ancillary market (2016 to 2023)
- Qualitative analysis of the Indian auto ancillary market and its segments (automobile sales split, organized vs unorganized split, component supply to OEMs, type-wise market segmentation)
- Trade analysis of auto ancillary in India
- Qualitative analysis of the major drivers and challenges affecting the market
- Analysis of the competitive landscape and profiles of major players operating in the market
- Key recent developments associated with the auto ancillary market in India
Check out the Research on Global Markets report featured in this article:
This report has been collated and designed with the aim to give businesses an in-depth understanding of the auto ancillary industry in India in order to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.