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Indian Auto Market Revenue Drops Down
According to the report issued by the Automotive Component Manufacturers Association of India the component industry"s contribution figured Rs24800 crore out of the net revenue. The need for revamping the industry from the influence of furious auto parts was effected through a white paper on legislation to counter the activities. The cry came in the wake of Rs8700 crore bogus auto parts which were sneaked into the market in the last year.
Another feature that needs close attention is the deprival of employment opportunities to1.15 million genuine personnel due to this counterfeit in component industry. The body"s President expressed necessary action from relevant bodies to contain this menace and he suggested to redefine the Motor Vehicles Act by including this act. This may be effected, he suggested, by enacting Automotive Components Anti-counterfeit and Product Safety Law. The Law may stipulate the kind of furious products and genuine products.
The study of aftermarket in the country about the on-road vehicles gave an estimated Rs33000 crore revenue out of which 25% came from the service segment while the component industry contributing the rest. The body also made a maiden survey about the vehicle population from 44 regional transport offices which revealed that there has been 94.7 million vehicles on record. From the study, it was found that the two wheelers comprised about 46% to be the top most, followed by passenger vehicles with 26%, commercial vehicles with 25%. The lowest population was found in three wheelers which had got just 3% aftermarket. The figures based on what is called vehicle parc, constituting the net number of vehicles on road, indicated that the two wheelers constituted 76%, passenger vehicles 15% and commercial vehicles 9%.
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