Indian Auto-comp Industry To Maintain Its High Growth
According to a recent study done by 'India Auto Component Market Analysis'
, the Indian auto component industry is expected to grow at 15 percent of CAGR during the financial year 2011 to 2014. As per this study, the major factors behind this growth will be the increasing demand for automobiles and the low cost of production in the Indian market. According to this analysis, the Indian auto industry has been highly benefited from the continuous and rapid growth of the country's economy. With this, factors like availability of low cost labor, easy supply of raw materials and highly qualified workers have helped India in establishing itself as a strong supplier of auto components.It has been identified by this research that even when the economic conditions were tough, the Indian auto industry managed to maintain its positive growth. The EBIT and ROCE results which are considered as an efficient parameter of the strategic performance and resilience of a particular market, were very impressive for the Indian auto industry for the year 2009. The Indian auto industry is all set to reach a globally recognizable position in the coming years as its market share in worldwide auto component market is expected to reach as much as 5 percent by year 2020.
Moreover, as many major auto makers have decided to increase the localized content in the manufacturing of their cars in India, the demand for auto components in the country's market has increased significantly. To make the most of this rising demand, many auto component supplying companies including Robert Bosch and Chrysler have decided to invest heavily in their operations in India.
Since the starting of this year, many auto biggies have launched their cars in the volume-driven compact car segment (including Chevrolet Beat, Ford Figo, Nissan Micra, and Volkswagen polo), which is also ultimately contributing to the growth of the auto components industry in India.
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