he automotive sector has seen tremendous growth in the recent decades. A spike in the growth of global automobile Original Equipment Manufacturers (OEMs) operating in the country has made India the preferred designing and manufacturing base of many MNCs whilst leading to a spurt in the number of local manufacturing units.
Auto Components industry exports are expected to grow at an annual rate of 23.9%. The industry will grow fromUS$ 15.2 billion to US$ 80 billion by 2026. The US$ 57 billion Auto Components industry in India is expected to grow to US$ 200 billion by 2026. The Aftermarket segment which includes tyres, batteries and brake parts is expected to reach US$ 32 billion by 2026 from US$ 10.1 billion at present.