India has emerged as a prominent global centre for the automobile spare parts industry, primarily due to its significant export share of approximately 25% of total production. The country’s growth from being a local supplier to a global player can be attributed to the excellent quality of automotive spare parts coupled with low labour costs. As the world’s second-largest steel producer, India offers cost-effective solutions in comparison to other nations. The Indian Auto Component industry is witnessing remarkable growth in its exports, with a current valuation of $13.3 billion in FY21. Projections indicate that by 2026, these exports are anticipated to surge to an impressive $80 billion. Among the top export destinations for India’s auto component industry are the USA, Germany, the UK, Thailand, and Italy. Notably, in the financial year 2021-22, the industry achieved its highest trade surplus of $700 million. Furthermore, the aftermarket segment, encompassing tyre, battery, and brake parts, is poised for substantial expansion, with expectations to reach $32 billion by 2026, a significant increase from its $9.8 billion valuation in FY20. The country is home to several renowned auto parts manufacturers, and here is a compilation of the top companies in the Indian auto parts manufacturing sector.
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Rane Holding Ltd.
Rane Holdings specializes in the production of components for a wide range of vehicles, including passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, three-wheelers, multi-utility vehicles, and farm tractors. The extensive range of products they offer includes a diverse array of items such as steering gear products, suspension and steering linkage products, die casting products, engine valves, valve guides, tappets, brake linings, disc pads, clutch facings, hydraulic power steering gear, hydraulic pumps, seat belts, and airbags. Their product portfolio caters to multiple automotive requirements, showcasing their commitment to providing comprehensive solutions to the industry.
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Sundaram Clayton Ltd.
Within the Indian auto parts market, this company provides a comprehensive range of products including brakes, axles, road wheels, gearboxes, suspension shock absorbers, radiators, exhaust pipes, catalyzers, clutches, steering wheels and columns, and steering boxes. In addition to its product offerings, the company also delivers services such as design and engineering, die-casting, machining, as well as inspection and testing.
Sundaram Clayton Limited (SCL) is an esteemed division of the renowned TVS group, a prominent player in the manufacturing and distribution of auto components in India. With a substantial market presence, the TVS group holds a remarkable value of $8.5 billion in the auto components manufacturing and distribution sector in India. As a leading supplier, SCL specializes in providing aluminium die castings to both the automotive and non-automotive industries.
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Minda Industries Ltd.
As a prominent Tier 1 supplier, the company specializes in providing exclusive automotive solutions to original equipment manufacturers. With a presence in seven countries, the company operates 52 manufacturing plants and has three design centres. Minda Industries, headquartered in Manesar, Haryana, has established itself as a significant player in the global automotive components manufacturing industry. The company’s remarkable journey began in 1958 with limited initial capital, and today, it boasts a group turnover exceeding US$ 1140 million, a testament to its success and growth as a conglomerate.
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Munjal Shawan Ltd.
This company stands as a major supplier of shock absorbers in India and has a wide client base spanning various countries such as India, Japan, Germany, the United States, and the United Kingdom. Established in 1985 through a collaboration with Showa Corporation, a renowned Japanese firm, Munjal Showa Limited currently operates with a board of nine directors, including Yogesh Chander Munjal, Ashok Kumar Munjal, and several others
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India Nippon Electricals Ltd.
India Nippon Electricals Ltd. holds a prominent position as a manufacturer of electronic ignition systems designed for three-wheelers, two-wheelers, and portable engines. In 1986, the company entered into a joint venture by partnering with Lucas Indian Service Limited and MAHLE Electric Drives Japan Corporation. Currently, India Nippon Electricals Limited operates under the leadership of 12 directors, including Tirumala Kumara Balaji, Ranganathan Vijayaraghavan, and other accomplished individuals.
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Usha International Ltd.
Established in 1934, Usha is a renowned company that manufactures auto components and a diverse range of products including home appliances, sewing machines, fans, power products, water coolers and dispensers, and farm equipment. The headquarter of Usha Internationals is located in Gurgaon, India.
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Automotive Axies Ltd.
The company stands as the largest manufacturer of automotive axles and rear drive axle assemblies in India. Established in 1981, it is headquartered in Mysuru, Bangalore. Their primary product offerings encompass drive axles, front steer axles, defence axles, off-highway axles, non-drive axles, drum brakes, and disc brakes. Under the leadership of seven directors, including Bhoopalam Chandrashekharaiah Prabhakar, Babasaheb Neelkanth Kalyani, and a team of other esteemed individuals, Automotive Axles Limited operates with a strong and experienced board of directors. These directors bring their expertise and knowledge to guide the company towards continued growth and success.
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Menon Bearings Ltd.
This company holds a prominent position as one of India’s top manufacturers of engine bearings. Their high-quality products find application in a wide range of engines, including automotive engines, generators, compressors, stationary engines, marine engines, earth movers and tillers. Menon Bearings Limited operates under the guidance of six directors, including Santosh Kamlesh Prabhu, Ramesh Dattatraya Dixit, and other accomplished individuals.
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Mahindra CIE Automotive Ltd.
The company offers a diverse range of products in its portfolio, encompassing engine components, steering components, and automotive chassis. These include essential parts such as crankshafts, camshafts, connecting rods, steering knuckles, stabilizer bars, leaf spring saddles, spindles, radius arms, control arms, and pitman’s arms. In addition to automotive components, the company also manufactures various non-automotive products.
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Varroc Engineering Ltd.
Varroc is a prominent global tier-1 automotive component group, with its operations commencing in India back in 1990. Varroc Engineering Ltd. excels in the design, manufacturing, and supply of a wide range of automotive components. Their expertise spans various areas, including the production of exterior lighting systems, plastic and polymer components, electrical-electronics components, and precision metallic components. These products are directly supplied to original equipment manufacturers (OEMs) of passenger cars, commercial vehicles, two-wheelers, three-wheelers, and off-highway vehicles (OHVs) worldwide.
Conclusion
The top 10 auto parts manufacturers in India contribute significantly to the growth and development of the country’s automotive industry. These companies are driving the growth of the Indian automotive sector, showcasing India’s capabilities as a manufacturing hub for high-quality auto parts. As the industry continues to evolve, these manufacturers will play a vital role in shaping the future of the automotive sector in India and beyond.
