Riding high on the back of a growing automobile industry, the Indian Auto Components sector is set to gain too. The automobile sector is expected to reach $145 billion by 2016, which experts feel can be achieved with policy intervention by the government to ride over the difficult market conditions.
Echoing similar sentiment, SMEs in the auto components sector too have a positive outlook for the future.
This is revealed in the latest report, 'Auto Components Sector', launched by IndiaMART Knowledge Services (IKS), an in-house research unit of IndiaMART.com. The report further reveals that as high as 71% of the SMEs find computers useful for their business and 69.6% regularly use internet as it has played a major role in the growth of their business.
This is indicative of a huge presence of SMEs online who are actively involved in generating business opportunities through the internet.
On the launch of the second IKS Report, Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com, said, “Carrying the foundations of the entire economy on their shoulders, SMEs need to be aware of the changes happening in the sector.
Lack of this information is detrimental to their growth and therefore, we bring such developments in this report on auto components sector. We hope to provide definite insights on the industry through such reports.”
The aim of the IKS report is to provide in depth information highlighting opportunity areas that can be tapped by SMEs to their advantage and can translate into growth for them.
Backed by data from different sources, the report also presents survey findings conducted amongst auto components SMEs to gauge their experience in the previous year and the outlook for the current one. It also shares various challenges being faced by the small enterprises.
Previous to this, IKS introduced its maiden report on Apparel sector which emphasized on different areas of opportunity besides underlining core issues being faced by apparel SMEs. This report also seeks to bring to light the shifting trend towards acceptance of the online medium as an important aspect of their business by SMEs.