The growth rate of the Indian automobile market exceeded the expectations of many people. From January to August this year, the automobile production in India increased by 32% year-on-year. In the last financial year that ended in March of this year, India’s automobile industry has grown at the second fastest rate in the world. Some forecasts indicate that by 2020, the average annual growth rate of the Indian automotive industry is expected to reach 14%, making it the fastest growing automobile market in the world.
■The surge in demand in the Indian market is such that the high growth even exceeds that of India’s own automotive industry. The Indian parts industry was caught off guard at such a high growth rate. Many parts and components are in short supply, and some parts and components are in short supply. The Indian market has seen some models unable to deliver cars in time.
At present, the most lacking parts in India are automotive batteries and engine castings. Castings are an important part of automotive engines and transmissions. India Xinjia, the largest foundry maker in India, is now able to meet customer needs. The company's technical director, Bala Swaminasa, said: "Customers have increased the order quantity of engine castings in a short period of time, which has caused us to have some difficulty in supplying."
More Indian parts companies cannot keep up with such fast-growing market demands. “India auto parts suppliers have not been able to keep up with rising market demand even if they try their best to expand production. The shortage of parts caused by spare parts shortage will cause the entire vehicle company to suffer sales and profit loss.†Analysis by Deepesh Rathore, India Marketing Director, IHS Automotive .
â– India's slower development of local components For India, parts supply has become a shortcoming in the development of its own auto industry. Analysts pointed out that the lack of competition in the Indian auto parts market is one of the main reasons. India's spare parts market is monopolized by a few large-scale enterprises, and its awareness of initiative to adapt to market demand is lacking. In the current market situation, there are many companies that do not move and watch market changes carefully.
"Many insiders are concerned that this rapid growth in the Indian automotive industry will not continue, so manufacturers are too cautious," said a person in charge of an automobile consultancy. According to a director of parts and components supply in New Delhi, India, suppliers will consider increasing production capacity only when demand is stable and there is no supply risk.
In addition, there are many drawbacks of locally manufactured automobile parts in India, such as unqualified quality. According to sources, Volkswagen, a German automaker, has sought at least 400 suppliers in India and has passed audits with less than 75%.
â– Increased reliance on manufacturing in China It is precisely because of the current state of the development of parts and components in India that Indian auto companies have started to purchase parts from China.
In addition to Tata, Indian local car manufacturer Ashok Leyland Ltd also imported some parts from China and is considering signing long-term supply contracts with Chinese parts suppliers. Ashok Director R. Se?鄄shasayee said: "The price advantage is the reason why we import parts from China." The relevant person in charge of Beiqi Futian once disclosed that some parts made in China are 30% to 35% cheaper than those made in India. The person in charge of Weichai Power said: “The Indian economy is growing and truck demand is increasing. Indian consumers need products with reasonable prices and superior quality. Our company's products can meet this demand. Compared with competitors, we The price of the product is 40% to 50% cheaper."
The excellent quality and preferential prices make Chinese auto parts companies an indispensable force in the Indian market. India imports a total of US$4.5 billion in parts annually. Among them, Chinese products account for more than 10%, and this proportion is still expanding rapidly. India’s auto parts imports have increased at a rate of 30% per year, and parts imported from China have grown at a rate of 100%. According to the ACMA, it is estimated that by 2020, the turnover of India's auto parts industry is expected to reach US$110 billion, which is five times the current US$22 billion. For Chinese parts companies, India will be a promising market.
■The surge in demand in the Indian market is such that the high growth even exceeds that of India’s own automotive industry. The Indian parts industry was caught off guard at such a high growth rate. Many parts and components are in short supply, and some parts and components are in short supply. The Indian market has seen some models unable to deliver cars in time.
At present, the most lacking parts in India are automotive batteries and engine castings. Castings are an important part of automotive engines and transmissions. India Xinjia, the largest foundry maker in India, is now able to meet customer needs. The company's technical director, Bala Swaminasa, said: "Customers have increased the order quantity of engine castings in a short period of time, which has caused us to have some difficulty in supplying."
More Indian parts companies cannot keep up with such fast-growing market demands. “India auto parts suppliers have not been able to keep up with rising market demand even if they try their best to expand production. The shortage of parts caused by spare parts shortage will cause the entire vehicle company to suffer sales and profit loss.†Analysis by Deepesh Rathore, India Marketing Director, IHS Automotive .
â– India's slower development of local components For India, parts supply has become a shortcoming in the development of its own auto industry. Analysts pointed out that the lack of competition in the Indian auto parts market is one of the main reasons. India's spare parts market is monopolized by a few large-scale enterprises, and its awareness of initiative to adapt to market demand is lacking. In the current market situation, there are many companies that do not move and watch market changes carefully.
"Many insiders are concerned that this rapid growth in the Indian automotive industry will not continue, so manufacturers are too cautious," said a person in charge of an automobile consultancy. According to a director of parts and components supply in New Delhi, India, suppliers will consider increasing production capacity only when demand is stable and there is no supply risk.
In addition, there are many drawbacks of locally manufactured automobile parts in India, such as unqualified quality. According to sources, Volkswagen, a German automaker, has sought at least 400 suppliers in India and has passed audits with less than 75%.
â– Increased reliance on manufacturing in China It is precisely because of the current state of the development of parts and components in India that Indian auto companies have started to purchase parts from China.
In addition to Tata, Indian local car manufacturer Ashok Leyland Ltd also imported some parts from China and is considering signing long-term supply contracts with Chinese parts suppliers. Ashok Director R. Se?鄄shasayee said: "The price advantage is the reason why we import parts from China." The relevant person in charge of Beiqi Futian once disclosed that some parts made in China are 30% to 35% cheaper than those made in India. The person in charge of Weichai Power said: “The Indian economy is growing and truck demand is increasing. Indian consumers need products with reasonable prices and superior quality. Our company's products can meet this demand. Compared with competitors, we The price of the product is 40% to 50% cheaper."
The excellent quality and preferential prices make Chinese auto parts companies an indispensable force in the Indian market. India imports a total of US$4.5 billion in parts annually. Among them, Chinese products account for more than 10%, and this proportion is still expanding rapidly. India’s auto parts imports have increased at a rate of 30% per year, and parts imported from China have grown at a rate of 100%. According to the ACMA, it is estimated that by 2020, the turnover of India's auto parts industry is expected to reach US$110 billion, which is five times the current US$22 billion. For Chinese parts companies, India will be a promising market.
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