India′s auto industry is going through a sluggish phase, here is something for component makers to cherish as exports have grown by 4.4 per cent to touch $ 9.69 billion in 2013.
Despite a decline in import by 5 per cent to $ 12.70 billion last year, the company refrained a net importer of components, as is shown by Automotive Component Manufacturers Association of India (ACMA) showed. The main attraction of this export transaction is that 80 per cent of the exports are to global original equipment manufacturers (OEM′s) and tier I companies. Domestic auto parts manufacturers have won the confidence of global companies that further result into setting up their sourcing centres in India. There are about 35-40 international purchasing offices set up by various global entities in India now.
The US remains India′s biggest auto component export market but it is down by 7.1 per cent last year at $ 1.98 billion. Germany is the second largest market with increase of 8.6 percent at $ 780 million, while it was up 3.6 per cent to the UK, the third largest at $ 580 million.
China remains the number one country from where maximum components were imported and valued at $ 2.62 billion in 2013, with an increase of 10 per cent over the previous year. Germany was second at $ 1.86 billion, down 3 per cent, followed by Japan at $ 1.62 billion, down by 14 per cent. India is mainly importing auto parts in two categories, namely, high tech parts, which come mainly from Germany, Japan, Korea and Thailand, and aftermarket parts that are usually coming from China.
Annual car sales in India had witnessed a decline of 9.59 per cent in the year 2013, which is first time in last 11 years. Indian auto industry is bearing the brunt of economical slowdown in the country. According to the society of Indian Automobile industry (SIAM), domestic car sales fell from 19,98,703 units in 2012 to 18,07,011 units in 2013.
Recently, we reported about Honda Cars India Limited′s (HCIL) aggressive plans to expand its dealership network across the country and now it has been reported that the company is eyeing to esta....... Read More
Honda Cars India (HCI) is hoping to start a new segment with the Mobilio, and for lack of a better term, very reluctantly calls the seven-seater a MPV. Sources close to the project have confirmed that....... Read More
The 17th Oman International Motor Show will be held from 02-05 December, 2014 at Oman International Exhibition Centre, Muscat, Oman 2014. The show is organized by Oman Expo and Comnet Exhibitions P....... Read More
The battle of the dashboard is getting stiffer, and one of the biggest players of this field Microsoft aims to stay at the top of the game with the introduction of ′Windows in the Car.′ A....... Read More
Tata Motors today launched the Aria MPV in its new 2014 avatar in India. The new model retains the styling from its outgoing version and the only changes are new black bezel headlights and clear lens ....... Read More