The Automotive industry in India is leading in many sectors primarily in Passenger Cars, Utility Vehicles, Vans and two Wheelers. The Automotive components in India are made out of the coordinated and chaotic area. The coordinated area alludes to unique hardware producers (OEMs) and is occupied with the assembling of high-esteem exactness instruments.
Though, the disorderly areas involve low esteemed items taking into account secondary selling administrations. Automotive component manufacturers have encountered solid development in recent years.
Recently, ratings agency ICRA said that it revised outlook on the auto component industry from negative to stable residing on the demand revival of original equipment manufacturers (OEMs), replacements and exports.
The organization also said that the domestic auto component industry revenue will grow by 16 - 18 percent in the fiscal year starting from 2021, which will be supported by factors like increasing content per vehicle, low base effect and higher realizations.