Accordingly, the company sees India as a key pillar of its growth strategy in Asia Pacific.
“Over the past ten years, Bosch has doubled its sales in Asia Pacific. By 2020, we are aiming to double our sales in the region again,” said Dr. Volkmar Denner, the chairman of the Bosch board of management, during a press briefing in Bangalore, India.
Denner forecasts that after registering projected economic growth of around 4.8 percent this year, India will likely grow by 6 percent in 2015.
This makes the country one of the global engines of growth alongside China.
“We expect to see India establish itself as the world’s fifth largest vehicle manufacturer by the end of this decade,” Denner said.
The Bosch Group has been active on the subcontinent since 1922. In 2013, the company generated sales in India of approximately INR 13,200 crores a three-fold increase over ten years ago.
Bosch currently employs 27,000 associates at ten production sites and seven R&D locations in India. Since 2010, the Bosch Group has invested around INR 5,400 crores in the expansion of manufacturing and research facilities there, of which some INR 1,200 crores were invested in the current year alone.