The report emphasized that the global market for car components offers strong growth prospects for Indian suppliers, in which countries such as Brazil, Indonesia, Colombia and various African regions show considerable potential.
It stated: “The global market for car components, in particular the independent aftermarket offers a great chance for our industry”.
The study in the report divides the possibility of two broad market categories, adult markets with considerable consumption and development markets with strategic trade benefits.
With adult markets, Indonesia distinguishes itself with an expected aftermarket -size of USD 7,759 million in 2028. Here, importers prefer short lead times and flexible order quantities that can effectively meet Indian suppliers.
Latin -American countries, in particular Brazil and Colombia, also present attractive prospects. Brazil, with a large number of vehicles on the road and a high average vehicle age, is expected to have a huge USD 12,091 million aftermarket size. The aftermarket of Colombia is projected on USD 1,999 million. These markets require organized offer by large distributors and wholesalers, an area where Indian exporters can strengthen their presence. Poland, with an expected USD 4,769 million aftermarket, is another example of an adult market, although the primary focus for Indian players Brazil, Indonesia and Colombia remains.
The report also shared that the developing markets also have an enormous promise, especially throughout Africa.
Noord -Afrika is expected to have an aftermarket size of USD 3,415 million, South Africa USD 3,685 million, East -Africa USD 521 million and West -Africa USD 596 million.
These regions have a strong preference for cheaper parts compared to real parts, giving Indian manufacturers a lead. The increasing number of independent garages in North and South Africa stimulates the demand for aftermarket components further.
The report noted that customers in East and West Africa are very price-sensitive and receptive to cheaper alternatives, including parts that are up to 50 percent cheaper than products from Chinese-Origin.
The VAE, with an aftermarket size of USD 888 million, also plays a key role as a trade gateway for the countries of the Gulf Cooperation Council (GCC) and Africa, which offer logistical benefits and faster lead times.
With these opportunities, Indian exporters of the auto-component can use fast-growing markets, use cost benefits and strengthen their worldwide presence, in particular in Brazil, Indonesia, Colombia and Africa.
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