India Automotive After Market
Posted by geeta narwade on March 2nd, 2020
India Automotive After Market worth US$ 32 Bn by 2026 with 14 % CAGR during the forecast period.
India automotive aftermarket, By Distribution ChannelsVibrant automotive sector and increasing vehicle ownership of new and used vehicles in semi-urban and rural markets are driving demand for auto components in India.
Growing working population, expanding middle class has led to an exponential rise in the number of vehicles. India’s car market has the potential to grow over 6 Mn units annually by 2020, this will result in an increase in demand for automotive parts by 2026. India is targeting the deployment of 5-7 million electric vehicles in the country by 2020 under the National Electric Mobility Mission Plan (NEMMP) 2020.
The selling of bogus goods and products under the name of reputed brands is bringing a huge financial loss to the original brands but also posing a great risk to the Indian economy. Smooth transition to the electronic powertrain is one of the vital challenges for the Indian auto after-market sector in the forecast. For small players in the segment, it would be the biggest challenge to technologically adapt themselves for EVs. Also with BS IV implementation, the real challenge for auto after-makers would be to technologically upgrade themselves to manufacture components complying with BS VI standards.
Among products types, tire accounted for 80 % share followed by lighting & electronic component and Brake parts. Tires are an essential part of the vehicle, ensuring tires condition is essential for the vehicle’s safety as it helps to improve gas mileage and performance. Increased consumer awareness, the adoption of new tire technology in spite of higher costs are considerably greater in the passenger vehicle (PV) segment.
The offline segment led the market in 2017. But, e-retailing of auto component is foreseen to gain popularity as it offers freedom of choice, price comparison, multi-product selection, convenience and 24/7 service. At present, online retailing is dominated by accessories. In 2017, the online auto aftermarket in India was estimated at around 0 million and is expected to increase at a CAGR of 7 %. There are huge opportunities in the B2B space due to the speedy growth of organized and independent workshops and customers being positively disposed towards them.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding India Auto Aftermarket Market dynamics, structure by identifying and analyzing the market segments and project the market size. Further, the report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER's analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to emerging segment in India Auto Aftermarket Market.
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India automotive aftermarket, by product:
• Service Providers
• Offline Distribution Channel
• Tata Auto Component Systems
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About the Authorgeeta narwade
Joined: September 2nd, 2019
Articles Posted: 100
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