Business Ideas for Automobile Parts Manufacturing. Highly-Demanded Automotive Components Business.
Automobile parts are manufactured across the globe with accuracy and advanced technology methods. The automobile industry of India has experienced healthy growth in the last few years. The key drivers that have fueled the growth of the automotive industry are rapid urbanization, increasing middle-class population, and an ever increasing development in infrastructure. A few of the most important automobile components are the engine, gearbox parts, drive axle, steering and suspension, brakes, and so forth. The industry of auto components has expanded to 10.6% to reach US $56.52 billion in the year 2019. The industry accounts for 2.3 % of India’s GDP and employs as many as 1.5 million people directly and indirectly each.
Related Projects: – Automobile Industry and Auto Components, Automotive components, spare parts, Auto Parts, Car Parts
Different Materials Used In Auto Manufacturing
The automobile industry uses various materials including aluminum, plastic, glass, alloys, metal, petroleum products, and others. These parts are used in creating everything from those small things such as dashboard needles and wiring to big stuff like engine blocks or the transmission gears.
- The cars today use a tremendous amount of plastic in auto manufacturing. This makes up to 50% of the construction of the new cars. It is not very surprising as the plastic is durable, cheap to make, and can be easily turned into anything.
- Use of aluminum in automobiles is not very old, it is being used increasingly in the car world due to its quality of being lightweight but tough in nature. Aluminum can be used in automotive manufacturing to create body panels for a lighter, more performance-oriented vehicle.
- Use of Alloys in the automotive industry is classified into different categories: cast, extruded, and rolled alloys, each meant for different parts and positions in vehicles. Depending on the chemical composition and properties, the automotive alloys are designated by series. Every series consists of different variations and sub-groups, depending on composition, manufacturing techniques, and the tempers of various alloys.
Related Books: – Automobile Industry, Automotive Components & Allied Products Engine Parts
Automobile Industry’s Market Size
The automobile industry can be classified into organized and unorganized sectors. The organized sector supplies to original equipment manufacturers and contains high-value precision instruments, whereas the unorganized sector includes low-value products and holds mostly to the aftermarket category.
The revenue of the automobile component industry stood at US $56.52 billion in FY 19, up from the US $35 billion in FY 14. As per the researchers, the automobile components export from India is anticipated to reach the US $80 billion by the year 2026. The Indian industry of auto components aims to achieve US $200 billion in revenue by the year 2026.
Related Videos: – Industrial & Engineering Products, Manufactured Goods, Mechanical, Automobile, Metal, Metallurgical, Wire, Aluminum, Copper Products, LPG Cylinder
The Forecasted Market for Automotive Components
The increasing globalizing world has been opening new opportunities for the transportation industry, especially while it makes a shift towards electric, electronic and hybrid cars that are deemed more efficient, safe, and reliable modes of transportation. In the upcoming years, this will lead to newer verticals and opportunities for auto-component manufacturers who will have to adapt change in systematic R & D.
Indian auto-components industry is set to be the 3rd largest in the world by the year 2025. The Indian auto-components makers are well-positioned to benefit from the globalization of the sector as the export potential will increase by up to the US $30 billion by the year 2021.
Conclusion
The book by NIIR project consultancy services (NPCS) has published a book named “The Complete Book on Production of Automobile Components & Allied Products” the book provides valuable information related to the integral parts of an automobile and practices that are followed in the finishing of the products. It talks about the characterization of vehicles, including structure, load, fuel used, requirement of various components, fabrication, and so on. A book is a helpful tool for all the entrepreneurs’ research centers, professionals, and libraries.
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