The India automotive component market is dominating the industry due to its robust manufacturing capabilities, cost competitiveness, and a rapidly growing domestic automotive market. With advancements in technology, increased investments in R&D, and government initiatives such as the Production Linked Incentive (PLI) scheme, the market is witnessing significant growth.
The India Automotive Component market was valued at $79,957.46 million in 2023 and is projected to reach $144,647.65 million by 2033, growing at a CAGR of 6.40% from 2024 to 2033. The India automotive component market is witnessing significant growth driven by increasing government support through initiatives like the FAME scheme. This shift is prompting demand for components related to EVs, such as batteries, electric motors, and charging systems.
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Segment Review:
By sales channel, the OEM segment attained the highest market share in 2023. This is primarily due to their dominant role in vehicle production. They require a vast range of high-quality components for assembling vehicles, including engines, transmissions, electronic systems, and safety features. The increasing demand for vehicles, particularly from domestic consumers and export markets, further fuels the need for OEM components. OEMs often have long-term relationships with component suppliers, ensuring consistent demand. The shift towards advanced technologies like electric vehicles (EVs) and autonomous driving systems also boosts the OEM sector, leading to its higher market share.
By propulsion, the ICE segment attained the highest market share in 2023. This is primarily due to the widespread adoption of ICE-powered vehicles, which remain the dominant choice for consumers. Despite the growing interest in electric vehicles (EVs), the majority of vehicles in India still rely on traditional ICE technology. Components such as engines, exhaust systems, fuel injectors, and transmission parts are in high demand due to the extensive production and sales of ICE vehicles. The established infrastructure for ICE vehicles, lower initial costs, and widespread availability of fuel further contribute to the continued dominance of this segment.
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Furthermore, the rise in middle class and rising disposable incomes in India are also driving demand for automobiles and, consequently, automotive components. the expansion of the Indian automotive sector into global markets is boosting the demand for high-quality components, especially for export. Moreover, increase in vehicle production, rapid urbanization, and rising demand for commercial vehicles, particularly in sectors such as e-commerce and logistics. The Indian government’s focus on infrastructure development, including improved road networks and smart city projects, further supports the demand for advanced automotive components. The market is benefiting from increased investment in R&D to create sustainable and high-performance solutions.
Key Industry Players:
The key players operating in the India automotive component market include Autoline Industries, Bharat Forge, Bosch Limited, CIE Automotive, Endurance Technologies, Hindustan Composites, JBM Auto, Lumax Industries, Motherson Sumi, PPAP Automotive, Rane Group, TVS Group, Bridgestone India, MRF, Amara Raja Energy & Mobility, and Exide Industries. They have adopted strategies such as contracts, agreements, acquisition, and product launch to improve their market positioning
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