The lion is on the prowl for some time now! Even as the pandemic continues to wreak havoc, the aspirations to align with the ‘Make in India’ vision plan for India and the rest of the globe have far from lost steam. If at all, they have only gathered a louder voice supporting this change instance from an erstwhile convenient dependence on imports to assemble in India. The industry realizes that the faster it turns self-reliant, the quicker it can encash on the opportunities that present themselves. The Automotive Mission Plan (AMP) 2016-26 seeks to outline the trajectory of the advancement of the Automobile component industry ecosystem in India. To give a perspective, the automotive component industry in India foresees a growth potential of USD 260-300 billion by the end of FY2026. The country by then could count itself to be amongst the top three automotive industries in the world.
In India, the industry is projected to contribute 12 per cent to the Gross Domestic Product (GDP). On the ground, it will play a catalyst in generating 65 million direct and indirect jobs. Notably, the overall turnover of the Indian auto component industry stood at USD 50 billion with a Compounded Annual Growth Rate (CAGR) of eight per cent according to Deepak Jain, President, Automotive Component Manufacturers Association (ACMA). In FY2020, the aftermarket stood at USD 10 billion with a CAGR of 12 per cent. The change in supply chain dynamics is said to be among the key drivers of this change in external relationships had with Indian manufacturers. Opine experts, it has played a catalyst in the industry turning more ‘Vocal For Local’.
The purchase preference
Denne historien er fra May 2021-utgaven av Auto Components India.
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Denne historien er fra May 2021-utgaven av Auto Components India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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NEW ZF TESTING LAB IN THE UK
ZF has opened a new testing lab in the UK. UK’s first dedicated 800V Test and Validation Laboratory is located at its R&D hub in Solihull.
CUMI RECEIVES TOT FROM DMRL
Carborundum Universal Limited (CUMI) receives Transfer of Technology (ToT) from Defence Metallurgical Research Laboratory (DMRL) to manufacture add-on composite armour for Wheeled Armoured Platform (WhAP) vehicles.
NEOLITE ZKW OPENS NEW PLANT IN PUNE
Neolite ZKW has opened a new eco-friendly manufacturing plant in Pune.
BRIDGING THE SKILL GAP
In an upfront interaction, Marcos Oliveira, President and CEO of lochpe-Maxion S.A. speaks about the upskilling initiative to bridge the skill gap and create a level playing field, with Upendra Kasbekar.
TECHNICAL EMPOWERMENT AT MAXION WHEELS
In an era where the need for skilled labour is more pressing than ever, initiatives focused on upskilling through industry-academia collaboration have become pivotal to national growth, writes
CROSS BORDER SOLUTIONS
In the automotive aftermarket, the push for digitisation has become essential for companies of all sizes seeking a competitive edge in global e-commerce
FRONT-ENGINE MULTIAXLE GARUD
Ashok Leyland has unveiled the Garud, a testament to advancements in bus chassis engineering featuring an innovative architecture and quality aggregates, writes Upendra Kasbekar.
VEERO CHASSIS AND UNDERPINNINGS
Mahindra Veero spotlights chassis innovations and robust underpinnings. The advancement in the underpinning is significant, writes .
POWERTRAINS AND THE EVOLVING AFTERMARKET
The 27th edition of Automechanika Frankfurt got underway, marking the return of the global automotive industry's largest B2B aftermarket trade fair. It underscored the powertrains and the evolving aftermarket,
HIGH PRECISION PRODUCTION
MR Components leverages intelligent automation to produce high-precision gear components monthly, optimising output with unmanned operations. In an upfront conversation, Alessandro Reguzzo, Founder and MD of the company shares the fundamental philosophy with Team
