The Indian passenger vehicle (PV) and light commercial vehicle (LCV) industry has experienced steady growth since the COVID-19 pandemic and is expected to continue expanding in the future. In addition, the total number of vehicles in operation (VIO) has increased, particularly among vehicles that are over 10 years old. This trend suggests a longer duration of vehicle ownership, accompanied by a relatively slower rate of vehicle replacement and scrappage. As demand rises for older vehicles and for standard life cycle parts, the aftermarket is expected to benefit significantly, particularly in the area of replacement cabin and engine cooling systems. This demand is further influenced by factors such as worsening climatic conditions, traffic congestion, longer transit times, and changing driver habits.

• Why is most of the aftermarket demand for replacement parts anticipated to come from PVs, and how can you leverage the same to grow?
• Which industry dynamics are impacting the growth trajectory of thermal management components for PVs and LCVs?
• What are the major suppliers with established technological and value chain footprints transforming the Indian automotive industry, and how can you achieve growth and gain a competitive edge over them?