Latest News- Auto Component Market in India: OEM is expected to lead the Channel segment during 2025-2029
The Auto Component Market in India is being driven by Growing middle-class population
The Auto Component Market in India is expected to grow at a CAGR of 37% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 259.03 billion. In the dynamic auto component market of India, vendors are continually introducing new products to secure a competitive edge. Notably, Tata Motors unveiled its advanced iCNG technology in the Nexon and Punch models in January 2024. Powered by the 1.2L Revotron engine, these vehicles deliver superior performance with a maximum power of 73.4PS in CNG mode, enhancing Tata Motors' presence in the CNG sector. Simultaneously, Mahindra and Mahindra launched the All-Electric XUV400 Pro range on 11th January 2024, further expanding their electric vehicle offerings and catering to the growing demand for sustainable transportation solutions. These product launches underscore the industry's commitment to innovation, efficiency, and environmental sustainability.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Channel (OEM, Aftermarket) Component (Engine and suspension and breaking, Drive transmission and steering, Electricals and electronics, Body and chassis, Others) Vehicle Type (Passenger vehicles, 2 wheelers, Light commercial vehicles, Medium and heavy commercial vehicles, Others) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Auto Component Market in India Research Report
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The Indian auto component market encompasses various sectors such as battery technology, power electronics, lightweight materials like aluminum, electric vehicles, processors, computer systems, and vehicle parts. Components include electric motors, high-capacity batteries, exteriors, exhaust systems, LiDAR, brakes, driving range, battery management systems, radars, gearbox parts, engine parts, performance enhancers, hydraulic systems, springs, driveline, autonomous vehicles, interiors, aftermarket engine components, and electronics. Policies support Industry 4.0 advancements in steering, braking, engine, wheels, fuel economy, charging periods, and automotive technology.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including electric vehicles (EVs), passenger cars (PCs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market growth is attributed to the rising demand for electronic components, such as electric control units (ECUs) and other electrical components, due to the escalating sales of EVs, motorcycles, and PCs over the past decade. Furthermore, regulatory initiatives towards green transportation, advancements in electric vehicle technology, battery recycling, connected car technology, and the future of automotive are expected to significantly impact market growth. Additionally, the establishment of EV charging stations and advancements in EV battery technology are key factors driving the adoption of electric vehicles and vehicle electrification.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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