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In 2023, India’s passenger vehicle market was valued at USD 65.1 billion, projected to grow to USD 102.11 billion by 2028 at a CAGR of 9.45%. This growth is driven by factors like increasing demand for electric vehicles, luxury and premium cars, aging vehicles, and a shift towards public transport. 

The market has seen substantial growth, with an anticipated 18-20% increase in the fiscal year 2023-2024. This surge is fueled by the rising demand for SUVs, premiumization, and a growing middle class with higher disposable income. 

Additionally, there’s a notable uptick in demand for utility vehicles, including SUVs and MPVs, with new models boosting growth nationwide. As of December 2023, the automobile sector accounted for 5.35% of the total FDI inflow, according to the DPIIT Report. 

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Here is a list of companies that supply components for passenger vehicles.

Apollo Tyres Ltd 

Apollo Tyres is engaged in the business of manufacturing automatic bias and radial tyres, and tubes. It has plants in Kochi, Vadodara, Pune, and Chennai. The product profile includes prominent tyre brands in the T&B, light truck, passenger car, and farm vehicle segments in India. 

Apollo Tyres has established strategic partnerships with multiple automobile manufacturers, supplying tyres to leading companies such as Audi, Mercedes-Benz, Volvo, Volkswagen, Hyundai, Ford, Toyota, Maruti Suzuki, Tata Motors, Mahindra & Mahindra (M&M), and Ashok Leyland. 

Shares of Apollo Tyres Ltd have increased by 23% over the past six months and by 41% over the last year. 

Castrol India Ltd 

Castrol India Ltd is a leading manufacturer and marketer of automotive and industrial lubricants in India. With a dominant market share of 48% in the retail automotive lubricant sector. 

The company supplies its products to leading automobile companies, including Tata Motors. Their high-performance brands like Castrol EDGE, Castrol MAGNATEC, and Castrol GTX are popular choices for passenger cars. Additionally, the company offers associated services to support its product offerings.

Shares of Castrol India have increased by 46 % over the past six months and by 79% over the last year. 

Asahi India Glass Ltd 

Asahi India Glass Ltd(AIS) is a leading integrated glass solution provider that offers a wide range of offerings including laminated windshields, tempered glass for sidelights and backlights as well as value-added products like solar control glass, acoustic glass, defogger glass heated, and rain sensor windshields. 

Asahi India Glass Ltd(AIS) is a leading glass solutions company with a 72 percent market share in the passenger car glass market and it is the 2nd largest manufacturer of float glass in India. 

AIS provides end-to-end solutions in the entire glass value chain – from the manufacturing of float glass, processing, and fabrication to installation services. AIS offers varied types of glass products and services to its customers in India and across the globe. 

AIS has strategic tie-ups with automobile manufacturers like Maruti Udyog, Tata Motors, Hyundai Motors, Mahindra & Mahindra, General Motors, Ford India, Fiat India, Honda, Eicher, Volvo, Hindustan Motors, Skoda Auto, and many others. 

Shares of Asahi India Glass Ltd have increased by 12 % over the past one month and by 24% over the last year. 

Motherson Sumi Wiring India Ltd 

The company is engaged in the manufacture and sale of components to automotive original equipment manufacturers. 

The company provides wiring harness solutions to original equipment manufacturers in India and manufactures, assembles, delivers integrated electrical and electronic distribution systems for power supply and data transfer across vehicle types 

Motherson Sumi Wiring India is a manufacturer of wiring harnesses, harness components, and other electric wires and it is a market leader in the Indian wiring harness industry with a market share of over 40 percent.

Shares of Motherson Sumi Wiring India Ltd have increased by 11 % over the past six months and by 39% over the last 12 months 

Gabriel India Ltd 

Gabriel India Ltd is the largest producer and supplier of high-quality Ride Control Products such as shock absorbers, Struts, and Front forks for the Indian Automotive Industry catering to Passenger and Commercial vehicles. 

Gabriel is a frontrunner in the manufacture of suspension components (shock absorbers and struts) in India. With a 32% market share in the 2-wheeler and 3-wheeler categories, a 24% market share in the Passenger vehicle segment, and an 89% market share in the commercial vehicle category. 

Gabriel is also the leading manufacturer of shock absorbers for new-generation vehicles in the 2 & 3-wheeler segment in India, including Electric Vehicles(EVs). 

Gabriel has initiated product design for EV OEMs such as OLA Electric, Okinawa, Ather Energy, and TVS in the e-2W category, and Bajaj, M&M, and Tube Investment in the e-3W category. 

The company has longstanding technological alliances with worldwide giants such as Yamaha Motor Hydraulic System Co Ltd, KYB Spain, and Kayaba Industry Co. 

Shares of Gabriel India Ltd have increased by 5% over the past six months and by 124% over the last 12 months. 

Uno Minda Ltd 

Uno Minda Ltd is a manufacturer and supplier of Automotive Solutions and systems to Original Equipment Manufacturers. 

Uno Minda supplies automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems, and alloy wheels. 

Uno Minda supplies components to include Maruti Suzuki,Renault Nissan Mahindra & Mahindra,Royal Enfield,Yamaha,Tata Group,Swaraj Mazda,Bajaj,Honda Motorcycles and Scooters and Hyundai.

Shares of Uno Minda Ltd have increased by 20% over the past six months and by 44% over the last 12 months. 

Amara Raja Energy & Mobility Ltd 

Amara Raja Batteries Limited stands as a leading manufacturer of lead-acid batteries in the Indian storage battery sector, catering to both industrial and automotive needs. With its products reaching over 50 countries globally, the company has gained international recognition. 

Under the umbrella of Amara Raja Industrial Batteries, the company offers an extensive array of battery solutions across various sectors including UPS, Telecom, Railways, Defence, and Motive. Meanwhile, Amara Raja Energy & Mobility Limited holds the distinction of being the pioneer in the production of Valve Regulated Lead-Acid (VRLA) batteries in India. 

Furthermore, the company has established strong original equipment (OE) relationships, supplying automotive batteries to renowned automobile manufacturers such as Ashok Leyland, Ford India, Honda, Hyundai, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors. 

Shares of Amara Raja Energy & Mobility Ltd have increased by 60% over the past six months and by 67% over the last 12 months. 

Written by Omkar Chitnis

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