- The auto components manufacturing sector in India continues to be an area of domestic and foreign interest, with various developments over the years in generating new opportunities
- Increasing export, import, aftermarket value addition, and co-creating better ecosystems to generate growth opportunities for businesses are some of the ways via which the Indian auto components market can increase its footprint
- Shared mobility is another area to look at, as it continues to gain prominence in various countries
- While the quintessential automotive industry continues to recover from its brief slowdown in 2019, trends in the electric vehicle space can also yield high-growth opportunities for market entrants
Necessity is surely the mother of invention and adaption. And with that context, the story for the auto components manufacturing sector in India (or by that logic, any manufacturing-oriented sector) would have not accounted for the antagonistic coronavirus pandemic, which holds the propensity to change various dynamics, interests, policymaking, and a fine-tuned regime for the future.
But before we jump to conclusions and talk about what can happen, let’s talk about what has happened and is currently happening.
So how was the sector already performing, you might ask? In one word: Impressively.
Barring a slowdown in 2019 which was largely attributed to the global economic slowdown, the auto components manufacturing sector in India has performed well over the years in various segments.
And owed to the recent developments in the ease of doing business rankings featuring India’s dramatic rise (currently at rank 63, with an aim to crack the top 50 soon) along with improved corporate tax laws for setting up manufacturing capacities for new companies, the sector holds the potential for various market entry opportunities.
These opportunities exist in various facets of the auto components manufacturing sector in India, ranging from exports to aftersales market, while also include the development of new technologies via constructive collaborations between local and foreign partners.
The detailed statistics, numbers, trends, and market entry opportunities for the auto components manufacturing sector in India have been compiled in an exclusive report and you can access it for free, here:
For those looking to assess the Indian market as a potential business destination to either set up a manufacturing capacity or to engage in partnerships, this report can serve as a starting point.
While the potential in the Indian market is immense, it is also important to realize the current pandemic situation to understand how growth strategies via joint ventures might be re-evaluated by companies, as the idea of bringing in new products via collaborations is directly linked to high consumer interest, something which is invariably expected to take a backseat over the course of the next few months.
This does however bring in the aspect of aggressively strengthening domestic production and consequently, export activities going forward to maintain the sector’s health and cope with the global economic slowdown, something which the sector is extremely capable of sustaining.
Our report comprehensively talks about the various growth strategies and business opportunities in the auto components manufacturing sector which can be explored to set sail in India, some of which remain agnostic to the pandemic and harbor a high return in the long-term.
A population going 1.3 billion strong in a high consumption economy is a glowing aspect for new technologies and innovation, something which is being strongly promoted by the strong policy structure by the Government and its concerned authorities.
Therefore, it’ll be interesting to see how this scenario ties into the post-coronavirus phase and the kind of response it draws from the industry, domestic and global. For now, it’s a wait-and-watch game.