In auto component industry, India has a high-level competition because of the presence of global as well as Indian auto component companies. On talking about the size of the industry, India cover around 34.7 billion US dollars along with an approximate growth of 26 percent per annum since 2005. As the industry occupied a slow growth in the session 2008-09 due to the depreciation in the global market, auto component manufacturers in India are ready to take such challenges.
In the past few years, auto component manufacturers in India had increased their grip in the global market. Along with this, a parallel growth in the export market also occurred and reached 17 percent per annum in the previous six years. Some high thinkers from auto component manufacturers in India are working according to the global companies by focusing on the terms like TQM, 6 sigmas, TPM etc. and are achieving quality certificates for their dedicated work.
The key reason behind the success of Indian auto component manufacturer in the presence of highly skilled and high-quality service providers at a cheaper cost but still India is having only one percent share at the global level in the respective industry.
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