Auto Component Industry To Touch The $300 Billion Mark Soon

The automobile sector has seen remarkable growth in recent years, and the same has been the case with the auto-component industry. It was reported in the year 2019 that the auto-industry expanded by 10.6%. This industry was able to reach the mark of US$56.2 billion in the FY19.

With the growing demand for automobiles, the requirements of auto-component have been increasing significantly. Reports suggest that today auto-component industry accounts for 2.3% of India’s GDP and it has a total of 1.5 million employees. In India, it is also a favourite destination for many foreign investors.

Importance of this industry

Today, the high Precision Auto components manufacturer in India are in constant demand all over the world, and most of the company resist using usual quality or cheap parts. This increases the demand for good auto-components that are used in everyday vehicles like cars, two-wheelers and big vehicles like trucks and buses.

Government has also been planning many strategies to ensure that this industry gets the resources it needs and it is also expected that this industry would be able to produce 300 billion dollar in profit by the year 2026. It is also likely that this industry would grow at a rate of CAGR 15%.

Precision Components

It is said that there are excellent benefits of the Precision Auto components manufacturer in India are they are listed below:

•With the use of these components in automobiles, one can ensure the manufacturing of excellent vehicles.

•These components will enhance the performance of any automobile.

•They automatically ensure the longer life of any automobile out there and thus return on investment is excellent.

Most of these equipment with higher precision already come with pre-engineered features, and this allows the easier assembly of these components when required. So most of the automobile vendors today want to buy the high Precision Auto components manufacturer in India as these components can help them make thei