India Automotive After Market worth US$ 32 Bn by 2027 with 14 % CAGR during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Vibrant 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 $130 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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Scope of the India automotive aftermarket
India automotive aftermarket, by product:
• Tire
• Battery
• Brake parts
• Filters
• Body parts
• Lighting & electronic components
• Wheels
• Exhaust components
• Turbochargers
• Others
India automotive aftermarket, By End Users Type
• Service Providers
• Independent Workshops
• Automotive OEM Workshop
India automotive aftermarket, By Distribution Channels
• Offline Distribution Channel
• Online Distribution Channel
Key Players analyzed in the Report:
• Tata Auto Component Systems
• Minda Industries Limited
• Continental AG
• 3M
• Delphi Automotive PLC
• Denso Corporation
• Federal-Mogul Corporation
• Magneti Marelli S.p.A.
• Goodyear Tire & Rubber Company
• ZF Friedrichshafen AG
• COOPER TIRE & RUBBER COMPANY
• Robert Bosch GmbH.
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