Huge installation of vehicle telematics equipment in automobiles and technological advancements is expected to drive the India automotive accessories & parts market through FY2027
According to TechSci Research report, “India Automotive Accessories & Parts Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR, Two-Wheeler) By Component (Suspension, Anti-Braking System, Brake & Callipers, Chassis, Catalytic Convertor, Exhaust System, Piston, Spark plug, Drive Transmission & Steering Parts, Others (Wheels) By Demand Category (OEM vs Replacement) By Company and By Geography, Forecast & Opportunities, FY2027”, the India automotive accessories & parts market in automobile sector is expected to grow at a steady CAGR for the forecast period. Growing demand for locomotives is expected to fuel the market. Strict safety measures for car safety and use of modern technology such as 3D printing of automotive parts to optimize the production costs and increase the fabrication performance without any harm to environment is influencing the growth of the accessories and parts for the next five years. Launch of initiatives namely The Automotive Mission Plan 2016-26 and Voluntary Vehicle Fleet Modernization programme Vehicles Scrapping Policy which offers incentives in addition with environmental and energy-efficiency advantages. Plethora of tier-1 suppliers have announced the procurement of automotive parts and accessories from their Indian subsidiaries. India In-car entertainment sector which includes providing of navigation features while driving, audio/video visual entertainment, connectivity with smart devices with the help of voice commands, among others is expected to grow at a significant rate. Increasing demand of consumers for installation of the tire-pressure monitoring system to enhance the fuel efficiency and follow the government guidelines is expected to aid the accessories and parts market growth. To reduce the automobile theft, surge in integration of the immobilizer into the vehicles which is an electronic security device that allows the engine to run only when correct key or password is entered by the driver.
Due to the ongoing pandemic COVID-19, disruption in supply chain and lack of skilled labors is expected to hamper the market growth. Government has imposed lockdown in the region which has led to shutdown of manufacturing units. Several of potential consumers has lost jobs and experienced shortage of cash to afford the non-essential items. After the lifting of lockdown, change in consumer preference to own a vehicle to follow the precautionary guidelines and government measures which is expected to influence the market growth. Due to cash crunch faced by consumers, sale of used cars is expected to fuel the automotive accessories and parts market growth for proper vehicle maintenance.
However, high production cost for automotive accessories and parts and the requirement of huge investments for research and development activities to produce advanced parts is expected to create hindrance in the market growth for the next five years.
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India automotive accessories & parts market is segregated into vehicle type, component, demand category, regional distribution, and company. Based on vehicle type, market is further divided into passenger car, light commercial vehicle, medium & heavy commercial vehicle, OTR and two-wheeler. Passenger car segment is to witness growth in the forecast period due to increasing demand for vehicle ownership and rising disposable income among the potential consumers. Based on component, market is categorized into suspension, anti-braking system, brake & calipers, chassis, catalytic convertor, exhaust system, piston, spark plug, drive transmission & steering parts and other. Brake and calipers segment is expected to hold major market share for the predicted period as it is the most worn-out part in an automobile.
The major players operating in the market are NGK Spark Plugs (India) Pvt. Ltd., Federal-Mogul Goetze Limited, Denso India Limited, Spark Minda, Cummins India Ltd., Asahi India Glass Ltd., Mobis India Limited, Anand Automotive Systems Limited, Bharat Forge Limited, Bridgestone India Private Limited, Exxon Mobil India Private Ltd and others are some of the leading players operating in India automotive accessories & parts market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“Increasing government initiatives to promote digital revolution across various verticals including automotive accessories and parts market along with development of online portal distributing aftermarket is expected to influence the market growth. Growing sales of automotive components through online channels to increase the consumer convenience and expand the automotive accessories and parts market reach is attracting the consumer at large scale. Also, lucrative offers and discounts offered by automotive companies is propeling the market demand until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Automotive Accessories & Parts Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, OTR, Two-Wheeler) By Component (Suspension, Anti-Braking System, Brake & Callipers, Chassis, Catalytic Convertor, Exhaust System, Piston, Spark plug, Drive Transmission & Steering Parts, Others (Wheels) By Demand Category (OEM vs Replacement) By Company and By Geography, Forecast & Opportunities, FY2027”, has evaluated the future growth potential of India automotive accessories & parts market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India automotive accessories & parts market.
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