Escorts Auto Products, a leading manufacturer of auto products for over four decades, is drawing up plans to expand its presence in the domestic aftermarket, in addition to ramping up its exports business. Part of the Rs. 4,000+ crore Escorts Group, the Faridabad-based auto component major is also is looking for a strategic foray into high value-added products, besides adding new product lines and catering to new segments.
The company manufactures its suspension components like shock absorbers, telescopic front forks, McPherson struts, steering components and special dampers and is catering to OEMs and the replacement market in India and several other overseas markets for all vehicle categories, including motorcycles, scooters, passenger cars, commercial vehicles, and multi-utility vehicles.
In an exclusive interaction with MOTORINDIA, Mr. Deepak Manchanda, General Manager – Head Sales & Marketing at Escorts Ltd., stated: “Escorts presents a combination of integrated manufacturing facilities, in-house state-of-the-art R&D, as well as advanced production, testing and validation facilities, which have enabled us to bring new and reliable products on a global platform. Exports and aftermarket would be the growth engines for us in the coming five-eight years accounting for 70 per cent of our business. To further our objective, we have expanded our range in the last one year. That is why we are very delighted to participate for the second time in ACMA Automechanika because it not only helps in generating more business for our hi-tech products in the domestic market, but opens up some opportunities in the overseas markets as well.”
It is to be mentioned here that Escorts exports to several global auto companies in countries like Iran, Bangladesh, Sri Lanka, South Africa, Indonesia, Nigeria, the UAE, Thailand, Nepal, Ukraine, Australia, Europe and going forward Latin America. “In the export business, we are expecting a 15-20 per cent y-o-y growth, both through an increase in the existing markets and through new markets.”
Escorts is also looking to augment its presence in the CV segment where it already has a formidable presence, in addition to the two-wheeler. Furthermore, it is also a significant player in the niche space in various other vehicle segments.
“We supply shock absorbers, struts, etc., to most of the key CV players in India and big European players too. We are also adding new customers and products in our portfolio in both domestic and exports markets in the CV segment,” noted Mr. Manchanda.
Furthermore, Escorts’ ever-expanding replacement market network is 300+ dealers and more than 10,000 retailers expanding all over India, South Asia, Europe and the Middle East. Besides the automotive industry, it also designs and manufactures specialised dampers and shock absorbers for railway and defence vehicles.