India Automotive Accessories Market Report 2021: Application of BS-VI Safety and Emission Standards Expected to Help Export Market Grow – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–Report “Auto Ancillary Market in India 2021” has been added to from ResearchAndMarkets.com offer.
The automotive accessories market is expected to reach INR 7,756.98 billion by FY 2027, expanding at a compound annual growth rate (CAGR) of around 15.35% during the period of the year. fiscal year 2022 to fiscal year 2027.
In terms of revenue, the OEM supplier segment holds the largest market share (~55.98%), followed by export and aftermarket. However, in terms of number of players, the market is dominated by the aftermarket segment.
The automotive aftermarket involves the production and sale of intermediate equipment and automotive parts used in automotive manufacturing. It is a crucial part of the automotive industry in India. It is segmented into organized and unorganized sectors. The organized sector serves original equipment manufacturers (OEMs) and deals in high-value instruments.
The unorganized sector supplies the secondary market with low-value tools and parts. The company focuses on the production of parts and components for electric vehicles. It is expected that by 2025, the auto accessories market in India will become the third largest in the world.
The performance of the automotive industry has an impact on the automotive accessories market. The automotive sector has been facing a slump since FY2019, mainly due to weak consumer sentiment and tight liquidity in non-bank financial companies and other lending institutions. Additionally, it has been affected by strict containment measures as a result of the COVID-19 pandemic.
However, with the enactment of new regulatory measures and the adoption of advanced technologies, the sector is expected to gain momentum from 2021.
Impact of COVID-19:
Auto accessories producers faced the challenge of subdued demand and manufacturing restrictions induced by COVID-19 safety measures. The Society of Indian Automobile Manufacturers (SIAM) reported a 14.07% reduction in automobile production in fiscal year 2021.
Following the drop in sales, car manufacturers reduced their orders to suppliers and producers of car accessories. Exports of automotive auxiliary products also fell in fiscal 2021 due to cuts in international production. However, the market started to grow at a steady pace after the third quarter of fiscal year 2021 with the gradual growth of the automotive industry.
The government has formulated various policies to drive the growth of the market. Auto Policy 2002, Automotive Mission Plan 2016-2026, National Automotive Testing and R&D Infrastructure Project (NATRIP) and National Electric Mobility Mission Plan 2020 (NEMMP) are some important programs launched by the government.
Other initiatives include R&D incentives for industry and private sector sponsored research, provision of export subsidies under the Merchandise Export of India (MEIS) Scheme and providing incentives to actors operating in special economic zones.
Key Market Growth Drivers:
Application of BS-VI safety and emission standards is expected to help the export market grow over the forecast period to benefit automotive components players in India
Foreign players prefer India as it is a profitable manufacturing location, which bodes well for the auto accessories market
Major deterrents to market growth:
Even though the annual production of the entire automotive industry has improved, consumption in recent quarters (from 2019) has seen a decline mainly due to a liquidity crisis for non-financial companies. banks (NBFC).
In addition, the lack of research and development infrastructure and quality standards is a threat to the market.
Competition analysis :
The automotive accessories market is highly fragmented with the organized (OEM) sector being dominated by high profile players such as Bharat Forge Limited, Mahindra CIE Automotive Limited, Bosch Limited and Sundram Fasteners Limited.
Main topics covered:
Chapter 1: Executive Summary
Chapter 2: Socio-economic indicators
Chapter 3: Overview
3.1. Market definition and structure
Chapter 4: Automotive Industry in India – An Overview
4.1. Automotive Production – Volume-Wise (FY 2017-FY 2021)
4.2. Auto Sales – Volume wise (FY 2017-FY 2021)
4.3. National auto sales by vehicle type (fiscal year 2020)
4.4 Automotive Production Trends
Passenger vehicles (fiscal year 2017-fiscal year 2021)
Commercial vehicles (fiscal year 2017-fiscal year 2021)
Three-wheeled vehicles (FY 2017-FY 2021)
Two-wheeled vehicles (FY 2017-FY 2021)
Chapter 5: Automotive Auxiliary Market in India – An Overview
5.1. Market Size and Growth Forecast (FY2019-FY2027E)
5.2. Impact of Atmanirbhar Bharat Abhiyan or Autonomous Mission in India
Chapter 6: Automotive Accessories Market Segmentation
6.1. Automotive Accessories Market Segmentation Based on Stakeholders (FY 2021)
Chapter 7: Covid-19 Impact Analysis
7.1. Covid-19 impact analysis
Chapter 8: Opportunities in the Automotive Aftermarket Market in India
8.1. Opportunities in the Automotive Aftermarket in India
8.2. Favorable industrial policies
8.3. Financial support for industry
8.4. Investments in industry
Chapter 9: Market Trend Analysis
9.1. Market trend analysis
Chapter 10: Business Analysis
10.1. Export of automotive auxiliary products
10.2. Import of automotive auxiliary products
Chapter 11: Market Influencers
11.1. Market factors
11.2. Market challenges
Chapter 12: Competitive Landscape
12.1. Amtek Auto Limited
12.2. Bharat Forge Limited
12.3. Bosch Limited
12.4. Exide Industries Limited
12.5. Gabriel India Limited
12.6. Mahindra Co Automotive Limited
12.7. Sundram Fasteners Limited
12.8. Motor Limited Televisions
12.9. Nifco India Private Limited
12.10. Araymond Fasteners India Private Limited
Main financial performance indicators
Key business segments
Key geographic segments
Chapter 13: Recent Developments
13.1. RECENT DEVELOPMENTS
Chapter 14: Appendix
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