Having your own four-wheeler
today has become a necessity. Almost every three out of four people own a car.
This is because a car gives you comfort, efficiency and with the modern
advancements in automobiles, cars have become more affordable. The reason for
this has to be the “make in India” initiative.
In recent years, India
has developed its auto component manufacturing industry at a considerable pace.
The auto components manufacturers in India are constantly thriving to achieve the most efficient auto components in
reasonable prices.
What are the reasons for the
growth of auto component manufacturing companies in India?
1. Domestic Market size
With the onset of the new
affordable care ranges, people from the middle-class strata have now started
spending on cars. This has led to more demand and supply.
Also, the auto components manufacturers in India have started getting more chances to
develop cost-efficient components as the government policies have also been
designed to facilitate the manufacturers and consumers alike.
2. Export opportunities
The foreign direct
investment which is commonly known as FDI has also a part to play in enhancing
the exports of auto components manufactured in India. The country now exports
extensively to the most influential markets of the world i.e. the Middle East and
Europe.
The geographical position of
the country adds to the advantage as compared to our neighboring
countries.
3. Competitive upper hand
India is the third-largest steel producing country in the world. This has a lot to do with the
growth of auto components manufacturers in India. The cost of manufacturing in India is relatively lower than many
European countries which are also one of the major reasons for the growth of
Indian automotive industry.https://www.avtec.in
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