Auto Component Market in India Grow at a CAGR of 19.31% by Revenue During the Forecast Period 2017-2021
The Indian auto component industry offers a distinct competitive advantage in terms of cost and quality and this has helped its transformation from a local supplier (to the indigenous auto component industry) to a global supplier of auto parts that caters to big brands in the global automobile industry. A prime example of the confidence that global OEMs have in Indian auto component manufacturers is the recent $2.5-billion (INR 15,400 crores) order bagged by India-based Motherson Sumi from Germanys Daimler. The contract involves the supply of exterior and interior systems designed to equip future Mercedes-Benz vehicles. The order is expected to commence from 2018. Technavios analysts forecast the auto component market in India to grow at a CAGR of 19.31% during the period 2016-2020. Covered : The report covers the present scenario and the growth prospects of the auto component market in India for 2016-2020. To calculate the size of the market, we have considered the yearly revenue da...