The Indian automotive market is one of the most rapidly
growing automotive markets in the world today, and one of the
fastest growing sub-sectors within the Indian automobile sector
is the automotive electronics segment.
An expanding middle class, higher disposable incomes and
proactive government policies are underlining the explosive
growth of the Indian automotive industry. Over the last decade,
the market has opened up to global auto majors, and today the
Indian automotive industry rivals China in terms of potential
growth and market size.
Indian auto component ventures continue to upgrade their
production facilities to meet the international standards and to
move up the value chain. Indian companies import production
machinery, tools, CNC machines, molds and dies from foreign
companies to remain competitive internationally. Indian
companies also look for strategic partnerships with foreign auto
component manufacturers to produce the products locally. This
trend is expected to continue for the next five years and
beyond.
Source: US ITA, Frost & Sullivan