New Delhi, June 15 -- India's auto parts makers are increasingly trying to supply more products for every vehicle they serve, instead of relying only on higher automobile sales for growth, according to company executives and industry experts. The shift is driving acquisitions, mergers and broader product portfolios, while easing automakers' sourcing as they deal with fewer suppliers. Companies such as Belrise Industries, Bosch India, Tenneco Clean Air India and SJS Enterprises have identified rising content per vehicle as a key growth driver. Some have reported a 60-100% increase in the value of components supplied per vehicle over the past 12-18 months. "In two-wheelers, around 18 months ago it (content per vehicle) would have been Rs.12,000 optimum and now it's gone to Rs.20,000 if I include the merger of our two related parties, Badve Autocomps and Eximius," Swatid Badve, general manager at Belrise Industries, told analysts and investors during an earnings call on 25 May. "In the same way, in four-wheelers, we were at close to a Rs.25,000 content per vehicle maybe 18 months ago, which has gone up to Rs.40,000-45,000 with the acquisition of H-One," Badve said, adding that the higher content per vehicle is going to be a key growth driver in the year ahead. In a bid to win a bigger share of vehicles by consolidating operations, companies such as Bosch and Belrise have also implemented mergers of group businesses to improve operations with customers. Listed in May 2025, Belrise merged two of its subsidiaries-Badve Autocomps and Eximus-into itself in February 2026 to simplify group structure and offer a wide range of products under one roof, including automotive sheet metal and casting parts, polymer components, suspension and mirror systems, among others. It also acquired the Indian business of Japanese H-One Co in April 2025 to offer high tensile steel components to its customers, with the business integration completing in the financial year 2026. In its annual report for fiscal year 2026 (FY26), automotive decorative part suppliers SJS Enterprises noted that the value of a typical kit provided to a four-wheeler by the company has risen from around Rs.1,200-1,500 to Rs.3,500-5,000, a growth of over 100% in the last few years. The company sees this value in passenger vehicles rising 5-8x in future. "Automotive and EV (electrical vehicle) surge, with the electric models demanding 1.5-2x higher aesthetic content (decals, chrome, IML or in-mold labeling) versus ICE (internal combustion engine) vehicles, bolstered by PLI (production-linked incentive) schemes and export growth," SJS noted as part of its key market growth drivers in its annual report. Experts suggest that suppliers looking to simplify their structure and offer more products under one roof is also being prompted by the fact that automakers increasingly want to work with component makers who can offer more under one partnership. "Managing fewer, more capable suppliers lowers procurement and supply chain costs, improves lifecycle economics, and gives manufacturers better control over the customer experience and brand promise," said Vinay Piparsania, founder at Millenstrat Advisory and Research. "Greater system integration can also lead to lower warranty costs, improved customer satisfaction, and stronger profitability." "For component manufacturers, higher content per vehicle means capturing a larger share of the vehicle value chain, moving from being part suppliers to strategic technology partners," he added. "As the industry evolves, the winners will be those suppliers that can deliver complete solutions and help OEMs (original equipment manufacturers) differentiate while improving both operational efficiency and financial performance." Tenneco Clean Air India, which offers emission control, exhaust systems and suspension, among other components, has also noted that it is seeing more opportunities to increase the content share per vehicle owing to its adoption of advanced suspension technologies in vehicles and upcoming regulations such as CAFE III (corporate average fuel efficiency-phase III) norms and BS7 (Bharat Stage VII). "Anything-from a traditional ICE petrol, diesel engine all the way up to just short of a full EV-our Tenneco Clean Air business has a lot of potential in terms of content per vehicle," Arvind Chandrasekharan said during a 3 June earnings call. "I think for us, the content goes up from somewhere from x to 1.3x to 1.5x. That gives us additional content, and we typically say that's another Rs 300-400 crore addressable market for CAFE and the BS7 for us is another 1,000 or so," Chandrasekharan said. "So, about Rs.1,300-1,400 crore addressable market we can go after in the next three to five years." And Bosch India, in its latest commentary to investors on 21 May, said it will continue to see an increase in content per vehicle as it expands its portfolio along with simplification of group structure to offer more products. In April, Bosch acquired a privately-held sister company Bosch Chassis Systems India Pvt. Ltd for over Rs.9,000 crore in a bid to offer more products under one roof. "Content per vehicle is a constant increase, and this is happening, and we've discussed this couple of times also in the past. So, this is a thing which continues all the time for us. And we expect this trend to continue also in the upcoming fiscal year," Guruprasad Mudlapur, president of Bosch Group in India, told investors and analysts....