Description

This Frost Radar™ analyzes the Indian automotive component aftermarket and identifies growth factors and key emerging trends in the industry. The automotive component aftermarket has been steadily growing at a CAGR of 13% over the last five years. However, the market is expected to slow down in FY '21 due to the lockdown and the associated effects of the COVID-19 pandemic, but the market is expected to revive back by FY '22 because of weaker sentiment toward buying new vehicle and the increasing average vehicle parc age as an effect of that sentiment. There are a number of component manufacturers in India, and 9 companies were shortlisted as they are considered to be at the top when it comes to R&D, innovation, customer alignment, and to also consistently cater to a large customer base by offering innovative products and business models that help sell their products through various channels. The top 9 companies have been shortlisted and plotted on the Frost Radar™. The companies are plotted in terms of both innovation and growth and are based on the primary interviews and research. Each company is profiled on the basis of four key aspects: Frost Radar™ Location, Growth, Innovation, and Next Steps. Strategic insights are provided on how the automotive component market will evolve and what companies need to watch out for.