Auto Component Companies to explore New Markets

Auto Component Companies are now facing many slowdowns in their market demand and resulting they cut down their production plans.

Auto component companies are now eyeing aerospace, prosthetics and power segments to boost up their sales and they are also exploring aftermarket in india and overseas as well as These auto component companies are also exploring at building new components as per the changing Euro emission norms. With emission norms changing and given the fact that the Obama administration is keen on promoting clean technology, OEs have postponed their requirement by about a year. Instead of June 2010, we are now working to meet the 2011 timelines, said an official from one of the top auto component companies.

Another auto component companies endorsed that the US aftermarket is definitely a promising opportunity for the auto component companies. Even if they look at a $ 2.5-3 billion aftermarket volume in five years time, it would benefit them tremendously. Wipers, starter motors and alternators are products that Indian component companies can evaluate through cost-competitive strategies, said VG Ramakrishnan, Automotive and Transportation Director, Frost and Sullivan.