Spare parts of machines are essential products for all kinds of manufacturing industries, where different machines are put into functions. The textile spare parts industry is now booming in India, as the prices of spare parts are much lower than that available in the markets of European and South American countries. Since India is geographically closer to both the Middle East and Europe, the industrial giants of these regions prefer to buy original spare parts from Indian companies.
Basic facts about spare parts industrial growth in India
According to the present scenario in Indian industries, the Indian government expects more growth in the textile spare parts industry by the end of 2026 than the turnover in the auto parts industry. The popularity of products sold by Indian spare parts companies in the global market will result in a huge hike in the export of these materials to other countries. A considerable percentage of India’s GDP will be fulfilled by the spare parts industry.
Expectation of revenue earnings from spare parts industry
There are different kinds of spare parts manufactured and sold by Indian industries. However, the revenue earned by selling auto spare parts is expected to be around 26% of the gross revenue expected from spare parts businesses. A textile machinery parts manufacturer can hope to capture a major share of the global business by the end of 2021. It is expected that a domestic spare parts industry will have a business of $115 billion within a few years.
All-over growth of spare parts industry in India
Different spare parts manufacturers of other countries, like Germany, France, and Canada, are backing the Indian spare parts business. These companies are also developing new factories in India, where original sewing machine spare parts, textile machinery parts, and auto components are manufactured. Moreover, millions of people are employed in this spare parts industry all over the country. This industry has seen a huge growth in the last 10 years, achieving billion of business profits from the global market.
This extraordinary growth of this industry is credited to the manufacturing of all types of spare parts of the best quality in India. Now, the country earns a large amount of foreign money from the export of spare machinery parts.