* Growing working population and expanding middle class are expected to remain key demand drivers.
* By 2025, 4 million of EVs could be sold each year and 10 million by 2030. The market is expected to reach US$ 206 billion by 2030.
* The Indian auto component industry is set to become the 3rd largest globally by 2025.
* India is emerging as a global hub for auto component sourcing and the industry exports over 25% of its production annually.
* Auto component exports are expected to grow and reach US$ 30 billion in FY26.
* India has a competitive advantage in auto components categories such as shafts, bearings and fasteners due to large number of players. This factor is likely to result into higher exports in coming years.
* 100% FDI is allowed under the automatic route for auto components sector.
* Production Linked Incentive (PLI) schemes on automobile and auto components are expected to bring a capex of Rs. 74,850 crore (US$ 9.58 billion) in the next five years.
* The Bharat New Car Assessment Program (BNCAP) will not only strengthen the value chain of the auto component sector, but it will also drive the manufacturing of cutting-edge components, encourage innovation, and foster global excellence.
* A cost-effective manufacturing base keeps costs lower by 10-25% relative to operations in Europe and Latin America.
* India is the 2nd largest steel producer globally, thus has a cost advantage.
* India is emerging as a global auto component sourcing hub due to its proximity to key automotive markets such as ASEAN, Europe, Japan and Korea.
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