Automobile
Industry in India:
One
of the effervescent and emerging industries of India is the
automobile industry which contributes about 22% of manufacturing GDP.
A vast number of employment opportunities are available in this
sector that indirectly leads to 3 to 5 ancillary jobs.
India
is currently holding the third position in the exporter field of
two-wheelers after China and Japan. The next few years are projected
to show the mature stage with cautious growth with increased
features, affordability and income patterns of people.
Automotive
Industry in India:
The
automotive industry’s success lies in the victory of the automobile
sector. Incorporating the demand for the automobiles
and technological advancements, the automobiles
accessories and component industry in India has evolved as a key market with great potential in
Asia as well as the world. The country supplies auto ancillaries to
international automobile makers like General Motors, Ford, and
Toyota. India bags the position of 22nd
rank among the global component exporting countries. It is expected
to reach 9th
rank in exports by 2020.
Market
size:
Three
wheeler segments posted a 24% growth to 51,461 units on the back of
enlarged demands from the urban market. Scooter sales have kicked off
by 29% in the current financial year. Tractor sales in the country
are expected to grow at a compounded annual growth rate of 8-9% in
the next five years.
Indian
automobiles
accessories and component
industry can be diversified into organised and unorganised sectors.
Organised sector caters to Original Equipment Manufacturers (OEMs)
and comprises high-value precision instrument whereas the unorganized
sector constitutes low-valued products and serves the aftermarket
category. Majority of exports are done to countries like Europe that
sketches for 35% followed by countries in North America with 26%.
Growth
drivers of Automobile market:
Ascending
industrial and agricultural output
Increased
per capita income
Rise
in disposable income in agro-sector of rural areas
Affordable
Financial schemes
Government
initiatives:
The
increase in demand for the automobiles
in India has encouraged foreign direct investments to 100%. The
Government of India’s Automotive Mission Plan has ensured the
growth of this sector in the global market.
Car
care products like additives-fuel,
Auto
electrical and light system which comprises of the accelerator
cable, adhesive headlight covers and alternator assemblies
Vehicle
equipment and tools like grease nipples and grease guns, jacks,
lifting devices, etc.
The
list gets lengthier day by day due to the customization of each
automobile according to the wish of the customer. The greater demand
for the automobiles
has led the path for the growth of the automobile sector.
The
demand for the automobiles
is dependent on the positive sentiments and the demand for the
vehicles in the market. The new version of hybrid cars is expected in
the Indian market.
Indiabizsource
plays a vital role in providing contacts to a large number of buyers
as well as sellers and acts as one of the largest B2B services of the
country. The automobile column on the site has a large number of
hits, and is accurate in every sense.