The reason for this has to be the “make in India” initiative.
In recent years, India has developed its auto component manufacturing industry at a considerable pace. The auto components manufacturers in India are constantly thriving to achieve the most efficient auto components in reasonable prices.
What are the reasons for the growth of auto component manufacturing companies in India?
- Domestic Market size
With the onset of the new affordable care ranges, people from the middle-class strata have now started spending on cars. This has led to more demand and supply.
Also, the auto components manufacturers in India have started getting more chances to develop cost-efficient components as the government policies have also been designed to facilitate the manufacturers and consumers alike.
- Export opportunities
The foreign direct investment which is commonly known as FDI has also a part to play in enhancing the exports of auto components manufactured in India. The country now exports extensively to the most influential markets of the world i.e. the Middle East and Europe.
The geographical position of the country adds to the advantage as compared to our neighboring countries.
- Competitive upper hand
India is the third-largest steel producing country in the world. This has a lot to do with the growth of auto components manufacturers in India. The cost of manufacturing in India is relatively lower than many European countries which are also one of the major reasons for the growth of Indian automotive industry