WHEELS OF CHANGE

IN 2019, India became the world’s fifth-largest auto market, with domestic sales of 21.5 million vehicles. Automobile exports reached 4.77 million units that year, with two-wheelers making up 73.9 per cent of vehicles exported. Meanwhile, the auto components industry was valued at Rs 4.23 lakh crore in 2018-19.

In recent years, Indian automotive companies, from original equipment makers to auto parts manufacturers, have stepped on to the global stage, exporting to the West Asia, Latin America and Asia-Pacific regions, and are critical suppliers in the global value chain. They have leveraged their domestic success to build an impressive international market, especially for two-wheelers, farm equipment and auto components. But more needs to be done.

For several years, imports from China have dominated the automotive components space. According to the Automotive Component Manufacturers Association, India imports about Rs 33,750 crore worth of such goods from China, 26 per cent of the total Rs 1.28 lakh crore worth of imports of auto parts. This is where India needs to build self-reliance in a big way.

HERO MOTOCORP

ESTABLISHED: 1984

Indian Hero

Hero MotoCorp is the largest two-wheeler manufacturer in the country, selling more than 7 million two-wheelers on an average per year and accounting for every second motorcycle sold in India. It has been one of the key drivers of world-class yet frugal Indian manufacturing and innovation.

In 2011, Hero stunned the world by buying out its erstwhile partner Honda (from former company Hero Honda) and commencing its solo journey as Hero MotoCorp. Since then, the homegrown company has silenced sceptics by not just maintaining its dominant market leadership in India but by also taking giant strides in expanding its global footprint across Asia, Africa, West Asia and South and Central America.