Bosch Limited optimistic about the future of automotive market in India despite macro uncertainties
Bosch Limited, supplier of technology and services in India, is optimistic about the automotive market despite ongoing uncertainties caused by certain macro factors.
In the fiscal year 2022-23, the automotive market saw record production volumes, resulting in a strong order book for the next 3 to 5 years.
Bosch Limited expects moderate growth in India’s GDP, leading to a 5 to 6 percent increase in the automotive market.
The company remains confident in its ability to navigate these headwinds, particularly with an increase in content per vehicle due to components supplied for exhaust gas treatment and implementation of BSVI stage 2.
Bosch Limited expects total revenue from sales to grow around 15 percent.
In the broader Bosch Group, the company exceeded its business targets in a challenging year, increasing its total sales to 88.2 billion euros and raising the EBIT margin from operations from 4.0 to 4.3 percent in 2022.
Despite the modest economic outlook, Bosch is aiming for sales growth of between 6 and 9 percent for the whole year 2023, with a target for EBIT margin from operations in the region of 5 percent.
The company wants to grow significantly faster in the coming years and aims to be among the leading three suppliers in its relevant markets.
Bosch is responding to the trend toward software-based automotive engineering by realigning its automotive-supply business and managing
Bosch Mobility as a business sector with its own leadership team. The newly restructured mobility business is set to grow annually by an average of roughly 6 percent up to 2029, when it will achieve annual sales of more than 80 billion eurosh