India is becoming self-sufficient in agriculture, services and
manufacturing products. According to its requirements since decades but all
these sections of development are interdependent on transportation and
automobile industries. Make in India strategy that is being followed by the
government made the achievement more progressive.
The turnover of Indian auto
mobile component industry is expected to account for up to 115 billion US
DOLLARS by the financial year 2021. In 2016, India overtook Japan for the
second place in steel production and low manufacturing cost. Indian auto component manufacturing industry accounts up to 7 percent of the national GDP
and employs over 19 million people. The domestic market is expected to reach
the growth level of 71 percent by 2021 by the competitive and qualitative
efforts of auto component manufacturers in India.
The growth of global OEMs and localization of OEMs made the
country a perfect place for manufacturing and designing base. OEM stands for
original equipment manufacturer. India is expected to reach the 4th place in auto mobile manufacturing by 2020 after
China, US and Japan and third place by 2025. Since last decade, the auto
component industry in India has shown three times growth from USD 39 billion to
100 billion USD by 2016. Auto componentmanufacturers in India account a lot for this development.
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