IBEF: March 24, 2017
New Delhi: The Indian automotive component market is expected to grow at a CAGR of 10.5 per cent, and 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 of 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 Rs 19,748 crore (US$ 3.02 billion) and tractors Rs 5,342 crore (US$ 816.54 million). The growth estimates are in sync with the targets of the Automotive Mission Plans 2026, according to which the auto component aftermarket could reach Rs 1.79-2 trillion (US$ 27.36-30.57 billion).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.