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Over the period between FY16 to FY20, automotive components industry registered a CAGR of 6%, reaching US$ 49.3 billion in FY20, with exports growing at a CAGR of 7.6% during FY16–FY20 to reach US$ 14.5 billion in FY20. The auto components industry accounted for 2.3% of India’s Gross Domestic Product (GDP) and 25% to its manufacturing GDP, providing employment to 50 lakh people in 2018-19.
As per Automobile Component Manufacturers Association (ACMA), automobile component export from India is expected to reach US$ 80 billion by 2026. The Indian auto component industry aims to achieve US$ 200 billion in revenue by 2026. Turnover of automotive component industry stood at Rs 3.5 lakh crore (US$ 49.3 billion) in FY20 and export of auto components grew 2.7% to Rs 1.03 crore (US$ 14.5 billion) during same time.
India’s automobile industry is the world’s fourth largest. India was the world's fourth largest manufacturer of cars and seventh largest manufacturer of commercial vehicles in 2019. Indian automotive industry (including component manufacturing) is expected to reach between Rs 16.16-18.18 trillion (US$ 251.4–282.8 billion) by 2026. Indian automobile industry received Foreign Direct Investment (FDI) worth US$ 24.21 billion between April 2000 and March 2020.
Domestic automobile production increased at 2.36% CAGR during FY16-FY20 with 26.36 million vehicles being manufactured in the country in FY20. Production of two wheelers, passenger vehicles, commercial vehicles and three wheelers reached 21.03 million, 3.43 million, 0.75 million, and 1.13 million, respectively, in FY20.
Automobile export is expected to grow at a CAGR of 3.05% during 2016-2026. The Government of India expects automobile sector to attract US$ 8-10 billion in local and foreign investment by 2023.
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