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CARE Ratings Research Report
The production and demand of the auto component industry are directly proportional to that of the automobiles industry.
Although a sizeable portion of auto components production caters to original equipment manufacturers, the aftermarket or the replacement markets have emerged as crucial sources of revenue for the auto components industry over the past few years.
Historically, the automobile OEMs were concentrated in the developed nations and so did the ancillaries.
However, in recent years, the manufacturing of auto components is gradually gaining traction in Asian countries such as China, India, and others due to the presence of higher market potential and low-cost manufacturing.
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