The Indian automobile components industry has grown impressively over the last decade. Automobile exports from India grew at a robust 29.64 per cent in 2010-11 riding on two-wheelers and commercial vehicles. Passenger car exports from India touched 4,47,403 units in FY'll as against 4,41,709 units in the FY'10, up 1.29 percent.
The growth is a reflection of the emergence of India as a global automobile hub with almost all global auto makers having set up plants in India to cater mainly to the domestic market and also the export market. The Indian auto component industry has kept pace with technological developments and is today catering not only to OEM and Tier I auto makers in India but abroad as well. Many Indian auto part makers have today also succeeded in emerging as the supplier of choice to global auto majors.
According to a Vision 2020 Document prepared by the Automotive Components Manufacturer's Association, the overall domestic demand for automobile components is likely to increase from about USD 30 billion in 2009 to as much as USD 119 billion by 2020.
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