India has emerged as a global player in the auto component industry. The high quality of automotive spare parts and the low labour costs are primary reasons for the escalation of India from the position of a local supplier to that of a globally recognized player. This tremendous growth has made the country a lucrative destination for foreign investment. As per reports, the automotive component industry is now poised to touch a whopping US$ 104 billion by 2020.
The automotive spare parts market in India is divided into segments comprising two-wheelers, three-wheelers, passenger cars and commercial vehicles.
Here’s a list of the top 5 names in the Indian automobile spare parts market:
Lucas TVS was established through a joint venture between Lucas UK and TVS India in 1962. However, Lucas TVS became a wholly-owned Indian company from 2001 after Lucas UK ceased to exist worldwide. The company is a leader in auto electricals in the country and has more than 50 years of experience in designing, manufacturing and supply of products to OEMs across the world. Their products comprise OEMs, aftermarket and non-automotive products.
In India, Bosch has the largest development centre, outside Germany, for engineering and technology solutions. Bosch is one of the leading suppliers of technology in various sectors including consumer goods, industrial technology and mobility solutions worldwide. It has about 13 companies that cater to different sectors in the country. The company had set up its manufacturing unit in India in 1951 and has since expanded exponentially. Today, Bosch has as many as 18 manufacturing units in India.
Delco Remy caters to the commercial vehicles segment. The company manufactures parts for the heavy-duty automotive products and transportation industry. The company is today known as Remy International. It has been a trusted brand for more than 120 years.
Uno Minda is has been one of the top names in the automotive components industry. The company has as many as 62 manufacturing units across the world and is known for its innovative products. In India, the company is headquartered in Manesar and has R&D and engineering centres in Sonepat, Pune and Manesar.
Valeo has a legacy of more than 90 years to its name. The company had its origins in 1923 in a small workshop in France. Today, the company has a presence in as many 33 countries. The company has a wide network that comprises automotive companies from across the world. Valeo is a technology supplier and is primarily recognised as a solutions provider for smart mobility. The core focus areas of Valeo’s operations are intuitive driving and reducing CO2 emissions.
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