Auto component industry to grow at 10% in FY 2017
The Dollar Business Bureau Rating agency ICRA said that the auto component industry is expected to grow by 10 percent in the current financial year, considering the sales growth in motorcycle segment and passenger vehicles. In its quarterly note on the auto component segment, ICRA said that it expects the auto component sector to gain momentum and register a growth of 8.5 percent to 10 percent in 2016-17 as against the growth of 2.8 percent in the last financial year. Taking into consideration the rising localisation by original equipment manufacturers (OEMs), high component content in every vehicle and increasing exports from the country, the growth in the auto component sector will be more than the underlying growth in automotive industry, over ...
India to become third largest automobile market by 2020: Study
The Dollar Business Bureau Total turnover of the automobile industry in India is expected to reach $145 billion by 2016 Despite a slowdown in recent years, India is expected to become a major automobile manufacturing hub and the third largest market for automobiles by 2020, according to a report published by Deloitte. The report says that the global automobile industry is changing and the focus is expected to turn to India where automobile demand and manufacturing are growing. It says that various factors including higher income growth, large work force and low oil prices are likely to drive the sector forward in the coming years. According to official sources, India is currently the seventh-largest automobiles producer in the world with ...
