The market of India auto- components give a share of
approximately 7% in India's GDP and employs millions of people.the market has
seen a drastic growth. It is assumed that Indian export Market of the auto component manufacturer in India will make of 26% of the total
demand by 2021. Different government policies have helped the market to see the
substantial growth. Such systems which have supported are:
➢
Auto Policy 2002
➢
Automotive Mission Plan 2016-2026
➢
National Automotive Testing
➢
R&D Infrastructure Projects (NATRiPs)
The Indian auto -component industry can be brief into the
organized sector and unorganized sector. The industry organized sees the
Original equipment manufacturer and comprises of high-value instruments,
whereas Unorganised consists of low-value cost and look at those products which
are not in trend in the market. According to the study of Automotive Component
Manufacturers Association of India (ACMA), the industry of auto component manufacturer in India is expected to mark a
turnover of US$ 100 billion by 2020.
The government of India is continuously working in this field
and making the layout which will help in the growth of the market. Assumptions
are made that by the end of the year 2026 turnover will be reached at 300$
billion.
Has been made which will help the industry of auto component manufacturer in India to
grow appreciable heights and will help in the economy also. There will be an
increase in the rate of the gross domestic product by up to 13%, and millions
of people will get employment. Globalization is increasing widely, and this
will give auto component manufacturers in India to open up for new avenues and
make a mark in the market worldwide. With the following scenario, new opportunities
will lead to the overall development and with coming time INDIA will thrive in
the market and will become the third largest in auto component by 2025.
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