Commercial Automotive, An Industry Poised To Soar Higher In 2020
The Indian auto sector has been recording tremendous growth over the past years. The industry currently accounts for almost 7 percent of our GDP and employs about 19 million people both directly and indirectly. As a result, the industry has emerged as a major contributor to India's Gross Domestic Product (GDP). The rapid growth in the Indian manufacturing industry has led to a rise in the demand for Commercial Vehicles as well. The growing demand for Commercial Vehicles has made a positive impact on the demand for vehicle body parts industry as well. Indian vehicle component industry which was estimated to have a turnover of US$ 66 billion turnover by 201516, it is now expected to grow at a 14 percent compound annual growth rate (CAGR) by 20132021, as per a report by Automotive Component Manufacturers' Association of India (ACMA) the nodal agency for the Indian auto component industry.
Clearly, the automotive industry in India occupies a significant space in the Indian economy. Emerging as a global hub for auto component sourcing, India is all set to break into the league of the top five vehicle producing nations across the world. From engine parts, drive transmission and steering parts, body and chassis, suspension and braking parts, equipment and electrical parts, and more, the Indian auto body parts sector covers a wide range of industries. In the years to come, the India automotive components market is anticipated to witness double-digit growth. Growing population, developments in the manufacturing industry are two key factors associated with the Commercial Vehicles and Body Parts Manufacturing Industry. With the marketplace full of options to choose from, in this edition of siliconIndia magazine we have featured a list of `10 Most promising Commercial Vehicles and Body Parts Manufacturers - 2020'. A carefully curated list, it reflects potential Commercial Vehicles and Body Part providers who are setting a niche in the industry with their top-notch offerings. I hope the list helps you find the right partner and we achieve our mission.
Your ideas are always welcome!
Clearly, the automotive industry in India occupies a significant space in the Indian economy. Emerging as a global hub for auto component sourcing, India is all set to break into the league of the top five vehicle producing nations across the world. From engine parts, drive transmission and steering parts, body and chassis, suspension and braking parts, equipment and electrical parts, and more, the Indian auto body parts sector covers a wide range of industries. In the years to come, the India automotive components market is anticipated to witness double-digit growth. Growing population, developments in the manufacturing industry are two key factors associated with the Commercial Vehicles and Body Parts Manufacturing Industry. With the marketplace full of options to choose from, in this edition of siliconIndia magazine we have featured a list of `10 Most promising Commercial Vehicles and Body Parts Manufacturers - 2020'. A carefully curated list, it reflects potential Commercial Vehicles and Body Part providers who are setting a niche in the industry with their top-notch offerings. I hope the list helps you find the right partner and we achieve our mission.
Your ideas are always welcome!
