India's Automobile Exports Soaring High: A Golden Period for Wholesalers of Indian Automotive Spare Parts
India's automobile industry has witnessed a remarkable export surge, with the Ministry of Commerce & Industry reporting a significant increase of 35.9% in the financial year 2021-22. The country exported a staggering 5,617,246 units of automobiles, compared to 4,134,047 units in the previous year. This growth trend presents a golden period for wholesalers of Indian automotive spare parts to capitalise on the rising demand.
The export of passenger vehicles, including cars Hyundai Creta, Suzuki BALENO, Maruti Suzuki Dzire, Hyundai Grand i10, Hyundai i20, Volkswagen Vento, and Suzuki S-Presso witnessed a remarkable upswing, reaching 577,875 units in 2021-22 from 404,397 units in 2020-21, representing a substantial growth rate of 42.9%. Additionally, commercial vehicles experienced a substantial surge of 83.36%, with exports reaching 92,297 units in 2021-22. These numbers highlight the increasing popularity and demand for Indian-made vehicles worldwide.
Several factors have contributed to this impressive growth in Indian automobile exports. The Indian government has implemented multiple measures to promote and support the country's exports, including the extension of the Foreign Trade Policy (2015-20) until March 2023 and the Interest Equalization Scheme on pre- and post-shipment rupee export credit until March 2024. These initiatives have created a favourable environment for exporters, facilitating their ability to reach international markets and expand their business horizons.
As the demand for Indian-made cars continues to rise globally, wholesalers of automotive spare parts have an exceptional opportunity to capitalize on this golden period. Stocking Indian automotive spare parts enables wholesalers to meet the increasing demand from vehicle owners worldwide. By offering a comprehensive range of genuine spare parts for popular Indian car models, wholesalers can cater to the needs of customers seeking reliable and authentic components.
India's robust manufacturing capabilities and the ongoing government initiatives, such as the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the correction of tariff rates, further enhance the attractiveness of Indian automotive spare parts. These initiatives promote a favourable business environment and ensure exporters remain competitive in international markets.
Moreover, wholesalers can leverage the "Districts as Export Hubs" initiative, which identifies products with export potential in each district. By focusing on these products and addressing any existing bottlenecks, wholesalers can contribute to employment generation and economic growth at the local level.
It is worth mentioning the pivotal role played by Indian missions abroad in promoting trade, tourism, technology, and investment. Their increased engagement has opened up new avenues for business partnerships and collaborations, further driving the demand for Indian automotive spare parts.
In conclusion, India's remarkable growth in automobile exports presents a golden period for wholesalers of Indian automotive spare parts. By stocking and supplying genuine components, wholesalers can cater to the increasing demand for Indian-made vehicles worldwide. With the government's support and favourable trade policies, this is an opportune time to tap into the expanding market and establish a strong presence as a reliable supplier of Indian automotive spare parts.
