IBEF: March 28, 2017
India, being the world's fastest growing air travel market for several months in a row, has added another feather in its cap. The country is now the third-largest domestic aviation market globally with more people flying within the country last year than Japan, which has been pushed to number four spot. India saw close to 10 crore domestic flyers in calendar year 2016, more than the 9.7 crore in Japan, according to the Centre for Asia Pacific Aviation (CAPA).
In another important development, the Indian auto component aftermarket is expected to grow at a CAGR of 10.5 per cent, to reach Rs 75,705 crore (US$ 13 billion) by the year 2019-20, according to a study by Automotive Component Manufacturers Association of India (ACMA). The segment has been valued at Rs 56,098 crore (US$ 8.4 billion) in the financial year 2016-17, which comprises the two and three wheeler segments valued at Rs 12,038 crore (US$ 1.84 billion), passenger cars at Rs 18,970 crore (US$ 2.9 billion), commercial vehicles at Rs 19,748 crore (US$ 3.02 billion) and tractors at Rs 5,342 crore (US$ 816.54 million). The growth estimates are in sync with the targets of the Automotive Mission Plan 2026, according to which the auto component aftermarket could reach Rs 1.79-2 trillion (US$ 27.36-30.57 billion).
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Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.