Auto-Component Industry to Grow to $110 Bn by 2020: Acma
The Automotive Component Manufacturers Association of India (ACMA) said the industry could grow to $110 billion by 2020 and create one million new jobs with an estimated investment of $35 billion by that time. “The high projections of vehicle production in the country will provide traction to the auto component industry, which is expected to grow almost five-fold to over $110 billion from its current level of $26 billion,” said Jayant Davar, president, ACMA.
According to a joint study conducted by ACMA and Ernest and Young, the automobile industry is projected to be a five million units industry by 2015 and over 9 million by 2020. The commercial vehicles segment’s volumes are estimated to be over 1.4 million by 2015 and over 2.2 million by 2020. “The domestic turnover can grow to $80 billion and exports scale up to another $29 billion,” said the study. The industry can potentially be contributing 3.6% of gross domestic product (GDP) by 2020, up from the current 2.1%. - IANS
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