Be the first to like this
Technavio’s market research analysts have predicted that the auto component market in India will grow steadily at a moderate CAGR of around 19% by 2020. Production capacity expansion outpacing domestic consumption will drive export-oriented growth in the coming years and will be one of the major factors that will have a positive impact on the growth of the automobile component market in the coming years. Cost-efficient operations and acceptable quality have increased export volumes for the auto components to global OEMs (original equipment manufacturer). Moreover, recent regulations that facilitate 100% foreign direct investment in the automobile industry will attract more joint ventures and wholly owned subsidiaries. This will augment export growth to OEMs in global markets.