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With the auto industry reporting brilliant growth rates in the Indian auto market, estimates regarding future growth too are making the rounds here. Reports reveal CAGR of around 15% during FY 2011–FY 2014. This can be attributed to low production costs, and rising demand for cars in India.
The "India Auto Component Market Analysis" report points that growth of the Indian economy has given weightage to the auto component industry. Growth at profitable rates is possible because of varied factors including low labor expenses, ability to acquire raw materials at good rates, and employees who maintain good standards.
Despite recession creating havoc for developed economies, India was able to sustain through these difficult months, and this is related to the fact that the auto industry didn't succumb and contributed to financial growth. In fact, India is going to be able to make a noticeable mark in the global auto market by 2020.
