The Indian market for automotive parts and parts accessories has been booming for the last five years and now it has crossed the Rs 5,000 crore mark.
According to data from the Indian Automobile Manufacturers Association (IAMA), a trade body, Indian automobile companies have sold $1.6 billion worth of vehicles in the first three months of 2018.
The numbers represent a 30% increase on the same period last year.
The IMA said this surge in sales had been fuelled by a surge in orders from China and South Africa, as well as a surge of domestic demand for parts and accessories.
The IMA has estimated that in 2018, a total of 8,000 auto parts were sold in India.
In 2016, 1,500 were sold, and in 2015, 1.3 million.
The country has the largest domestic automotive market in the world.
Its share in the global automotive market is expected to reach 28% by 2019, according to IHS Automotive.
In India, its share is projected to reach around 30% by 2022, according the IHS.
The industry is also experiencing growth in Asia.
In 2018, Asia was the world’s largest market for new car sales, according data from Autocar.
In 2017, it was the second-largest market behind the US, the IMA reported.