The Chinese have entered the Indian car market, if not with cars, then with car manufacturing components. Japanese cars have ruled Indian roads for a couple of decades. Now it is Malaysia’s turn. Car component manufacturer Hardex Corporation Sdn Bhd is making inroads into the booming Indian car market and has closed a few profitable deals at the recent Auto Expo in New Delhi.
Hardex produces silicone, adhesive, sealant, and aerosol. Lau Keng Chong, Hardex’s marketing manager, stated to local newspapers that Hardex sold products worth $130,000 at the Expo. There were nine other Malaysia-based car parts producers present at the Auto Expo to test the Indian market.
Hardex is trying to get into the Indian market, which is expanding at almost a rate of 15 percent annually. KPMG's “India Automotive Study 2007” estimated that India’s car industry is worth $34 billion per year. It also mentioned that the car industry contributes close to 5 percent of India's gross domestic product.
The Society of Indian Automobile Manufacturers (SIAM) reported India to be Asia’s third largest car market. The total sales of all classes of vehicles in India were almost 10 million units in the last two years.