The automotive components market in India is estimated to cross $44 billion USD in 2016. The passenger car segment accounted for the largest revenue share in the country’s automotive component market in 2015, according to new data from Research and Markets.
The company has announced the addition of the “India Automotive Components Market By Vehicle Type, By Demand Category, By Component Type, Competition Forecast and Opportunities, 2011-2021” report to its offerings.
In 2015, India’s automotive industry contributed around 7 percent to the country’s total GDP. As per Organisation Internationale des Constructeurs d’Automobiles (OICA), motorization rate, including passenger cars and commercial vehicles in India increased from 20 per 1,000 inhabitants in 2013 to 22 per 1,000 inhabitants in 2014.
However, the automotive components market in the country witnessed a decline over the past couple of years, predominantly on account of currency fluctuations that negatively affected the country’s automotive industry, finds Research and Markets. The firm notes, however, that strong economic growth prospects, rising disposable income and an expanding automobile fleet are expected to drive demand for automotive components in the country during the forecast period.
For more information about this report, visit: researchandmarkets.com/research/hdxsqr/india_automotive.