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Business News › Industry › Auto › Auto News › India's auto component industry to hit USD 145 billion by 2030, exports to triple: NITI Aayog
India's auto component industry to hit USD 145
billion by 2030, exports to triple: NITI Aayog
ANI Last Updated: Apr 12, 2025, 10:16:00 AM IST
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Synopsis
NITI Aayog envisions India's automotive component production soaring to USD 145
billion by 2030, with exports tripling to USD 60 billion. A new report analyzes the sector,
highlighting opportunities and challenges to enhance India's global competitiveness.
Strategic fiscal and non-fiscal interventions are suggested to boost India's role in global
automotive markets.
ANI
India's top policy think tank body NITI
Aayog has envisions the country's
automotive component production
growing to USD 145 billion by 2030,
with exports tripling from USD 20
billion to USD 60 billion. Most Searched Stocks
124.11 -59.7%
IRFC Share Price
Upside
India's auto component industry to hit USD 145
"NITI Aayog's vision for India's 03:59 PM | 11 Apr 2025
1.05(0.86%)
automotive sector by 2030 is ambitious
billion by 2030, exports to triple: NITI Aayog
53.0 34.0%
Suzlon Energy
yet achievable. The report envisions the Share Price
country's automotive component production growing to USD 145 billion, with 03:59 PM | 11 Apr 2025
1.79(3.5%)
Upside
exports tripling from USD 20 billion to USD 60 billion," the think tank body
154.2 39.4%
added in a release. IREDA Share Price
03:59 PM | 11 Apr 2025
Upside
2.58(1.71%)
NITI Aayog has released an insightful report titled "Automotive Industry: Tata Motors Share
595.05 36.8%
Powering India's Participation in Global Value Chains". Price
03:59 PM | 11 Apr 2025
Upside
12.15(2.09%)
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This report offers an extensive analysis of India's automotive sector,
highlighting both opportunities and challenges, and outlining a pathway for
positioning India as a key player in global automotive markets.
NITI Aayog's report outlines several strategic fiscal and non-fiscal
interventions aimed at enhancing India's global competitiveness in the
automotive sector.
The interventions are structured across four categories of automotive
components based on their complexity and manufacturing maturity i.e.
Emerging & Complex, Conventional & Complex, Conventional & Simple and
Emerging & Simple.
Under the fiscal interventions, it has suggested Opex (Operational
Expenditure) support, skill development, R&D, IP transfer, and cluster
development.
While under the non-fiscal interventions, NITI Aayog suggests measures such
as industry 4.0 adoption, international collaboration, simplifying regulatory
processes, worker hour flexibility, and, supplier discovery.
In 2023, global automobile production reached approximately 94 million
units. The global automotive components market was valued at USD 2 trillion,
with the export share reaching approximately USD 700 billion.
India has emerged as the fourth-largest global producer after China, USA and
Japan, with an annual production of nearly 6 million vehicles.
The Indian automotive sector has gained a strong domestic and export market
presence, particularly in the small car and utility vehicle segments.
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modest share (around 3 per cent) in the global automotive component trade,
which amounts to approximately $20 billion.
The bulk of global trade in automotive components is driven by engine
components, drive transmission, and steering systems, but India's share in
these high-precision segments remains low at just 2-4 per cent.
India's automotive sector faces challenges on account of operational cost,
infrastructural gaps, moderate GVC integration, inadequate R&D expenditure
etc. that hinder its competitiveness in the global value chain (GVC), NITI
Aayog report added.
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