India has emerged as a major hub for the production and export of automobile spare parts. The country is home to some of the biggest manufacturers of automotive components in the world. The automobile industry in India is the fourth largest in the world and is expected to grow at a CAGR of 7% in the coming years.
The Indian auto parts industry has been growing at a steady pace and is expected to reach $100 billion by 2025. The growth of this industry can be attributed to various factors such as cost competitiveness, availability of skilled labour, government support, and growing demand for vehicles in the domestic and international markets.
One of the key drivers of the automobile spare parts industry in India is the availability of a wide range of components at competitive prices. India has a vast network of small and medium-sized enterprises that specialize in the production of auto components. These companies use advanced manufacturing techniques to produce high-quality components at lower costs.
The Indian government has been actively promoting the growth of the automobile industry in the country. The government has introduced various schemes and incentives to attract foreign investment in the sector. The Automotive Mission Plan 2016-2026 aims to make India a preferred destination for the design and manufacturing of automobiles and auto components. This has resulted in a significant increase in the export of auto parts from India.
In recent years, India has emerged as a major exporter of auto parts to various countries around the world. The country exports auto components to over 160 countries, including the US, Germany, UK, Italy, France, and Japan. The major export items include engine parts, transmission parts, brake parts, steering and suspension parts, electrical parts, and body parts.
The Indian auto parts industry has been able to establish a strong foothold in the global market due to its competitive pricing and high-quality components. The industry has been able to tap into the growing demand for low-cost and high-quality auto parts in various markets around the world.
In conclusion, the export of automobile spare parts from India has been growing at a rapid pace in recent years. The industry has been able to establish itself as a major player in the global market due to its competitive pricing and high-quality components. With the government’s support and the availability of skilled labour, the industry is expected to continue its growth trajectory in the coming years.
