Saturday, November 17, 2012
By Manoj Kumawat
Automotive parts industry all set to enter a boom
The number of cars are increasing day by day in India with the most recent addition of the small car Chevrolet Sail UVA. This latest launch will be giving a tough fight to the best selling hatchback Maruti Swift. In all there are over 900 cars in India and there are approximately 36 car brands which are selling their cars. Thus where the new car market is on the rise, the used car market and the auto parts market is also catching up.
According to a report, the automotive parts industry will grow to 37k crore in the next three years. This industry at present has a turnover of around 27k crore.
| See More Chevrolet Sail Hatchback Photos | Get Chevrolet Sail Hatchback Price |
The expected increase in the automotive parts industry is also due to the increasing number of services centres as well as unorganized service stations on the rise in the country. Where car companies have set up their own service stations, there are also privately owned service stations and at these services cars of all brands are serviced and repaired.
It is this organized and unorganized services centres that have stepped up the demand for automotive parts. Also, the number of cars in India is increasing day by day and resultantly, the service industry is also flourishing.
| See More Chevrolet Sail U-VA Photos | Get Chevrolet Sail U-VA Price |
In the meantime, the pre-owned car industry is also on the rise and big players such as Volkswagen have also entered it. Already the other India brands such as Mahindra, Tata and Maruti are into this business and are minting money. It is expected that the used car industry will touch newer heights in the next one year and thus it is believed that the overall auto industry will have a larger share of the used cars as well as automotive parts in its growth. Currently, the two wheeler segment has the highest share with Rs 14,000 crore business compared to only Rs 7000 crore by the car industry.
