New Delhi, Aug 27 (IANS) The Automotive Component Manufacturers Association of India (ACMA) Thursday said the industry could grow to $110 billion by 2020 and create one million new jobs with an estimated investment of $35 billion by that time.
‘The high projections of vehicle production in the country will provide traction to the auto component industry, which is expected to grow almost five-fold to over $110 billion from its current level of $26 billion,’ said Jayant Davar, president, ACMA.
According to a joint study conducted by ACMA and Ernest and Young, the automobile industry is projected to be a five million units industry by 2015 and over 9 million by 2020. The commercial vehicles segment’s volumes are estimated to be over 1.4 million by 2015 and over 2.2 million by 2020.
‘The domestic turnover can grow to $80 billion and exports scale up to another $29 billion,’ said the study.
The industry can potentially be contributing 3.6 percent of gross domestic product (GDP) by 2020, up from the current 2.1 percent.
