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The home auto part aftermarket is predicted to the touch USD 14 billion mark by 2028 on the again of sturdy progress in automobile parc within the nation, a report commissioned by trade physique ACMA in partnership with Ernst & Younger stated.
As per the International Automotive Aftermarket Analysis Report, the dimensions of the automotive aftermarket stood at USD 10 billion in 2023.
The expansion of aftermarket in India is being fuelled by a gentle enhance within the automobile parc — variety of autos working on the highway — which presently stands at 340 million and is predicted to develop at a CAGR of over 8 per cent for the subsequent 5 years, it added.
“The Indian home aftermarket, valued at USD 10 billion in 2023, is poised to surge virtually 1.4 occasions over the subsequent 5 years on the again of rising automobile demand and promising capabilities of the Indian aftermarket gamers,” ACMA President Shradha Suri Marwah stated in a press release.
Moreover, key ten worldwide markets supply export alternatives of over USD 35 billion, she famous. The report targeted on seven product classes particularly engine, suspension, braking and transmission components together with rubber parts, cooling techniques and filters. Tyres and consumables similar to batteries, coolants, and lubricants aren’t lined within the examine.
As per the report, the two-wheeler and passenger automobile parcs are projected to indicate sturdy progress from 257 to 365 million models and from round 47 to over 72 million models respectively by 2028. The pre-owned automobiles gross sales are projected to develop round 17.5 per cent CAGR till FY 28, fuelled by organised companies and on-line platforms, it said.
Equally, the business automobile parc is predicted to develop from 13 million models to 19 million models in 2028. The tractor section presently contributes near USD 1 billion to the Indian aftermarket and the parc is predicted to develop from 14 million models to over 19 million models in the course of the 2023-28 interval, the report stated.
On the export entrance, 5 of the markets — Indonesia, LATAM, Poland, Brazil, Columbia and Bangladesh have matured aftermarket with a considerable variety of ageing autos, it said.
Alternatively markets like North Africa, South Africa, East Africa, West Africa and UAE are quick growing and supply excessive progress alternatives, it added. The mixed export potential to those ten markets is predicted to develop to over USD 35 billion by 2028, the report claimed.
The Automotive Part Producers Affiliation of India (ACMA) Director Normal Vinnie Mehta stated the fifth version of ACMA Automechanika shall be held at Bharat Mandapam from February 1 to three. The occasion is predicted to witness the participation of over 500 exhibitors from greater than 12 nations, he added.
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