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The automobile sector is set to experience a big move, here's how

India is set to become a major beneficiary of the restructuring of global supply chains taking place due to Covid-19 and the Russia-Ukraine conflict.

India is well-placed to benefit from structural shifts in the automotive sector, with FDI inflows increasing and exports growing.

India has the potential to become the world’s fifth-largest economy in 2019, with a GDP of 4.7 tn US dollars in 2023.

The auto component industry’s turnover increased from 1.1 lakh cr (USD 24 bn) in FY 2009, to 3.5 lakh cr (USD 51.2 bn) in FY 2018.

India seeks to double its contribution to manufacturing GDP with a fourfold growth in size and a six-fold growth in exports by 2026.

The future of the auto OEM and auto component industry is being shaped by trends, policies and discontinuities.

Government initiatives like the PLI and FAME scheme are encouraging Make in India movements.

Low-cost advantage vs. developed economies and strength of Tier 2 & 3 domestic supplier base are aiding India’s growth.

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India's automobile sector is set to experience a major transformation due to global supply chain diversification, government initiatives, and rising consumer class. This will open up multiple opportunities for auto component manufacturers to benefit from the shift with increased exports and domestic investments.

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The automobile sector is set to experience a big move, here's how

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