Pricol Ltd, based in Coimbatore, is one of the leading manufacturers of vehicle dashboards in India. The company is one of the biggest spenders on research and development (R&D) in the auto parts industry. This focus on R&D helps Pricol stay ahead in areas like driver information systems. Pricol has two R&D centers approved by the Department of Scientific and Industrial Research (DSIR). It has filed 20 patents, with 17 already granted.
The company is focusing on technology to meet customer needs in the next three years. Pricol’s strong R&D focus has helped it gain market share over the past five years, especially against competitors like Nippon Seiki and Minda.
In the financial year 2023, Pricol had about 50% market share in two-wheeler instrument clusters, making it the second largest in the world after Nippon Seiki. It also holds 80% of the market for digital clusters used in electric two-wheelers and 70% and 90% shares in commercial and off-highway vehicles, respectively.
While the average R&D spending in the Indian auto sector is around 2%, global companies like ZF and Schaeffler AG spend over 5%. Tata Motors and Mahindra have also increased their R&D investments recently.
While many Indian auto parts companies are increasing R&D spending, the average in the Indian sector is about 2%, while global companies often spend more than 5%. For example, the German company ZF spends about 7.8% on R&D.
Overall, Pricol’s strong investment in R&D is helping it grow and meet customer needs effectively. Pricol Ltd, based in Coimbatore, is a prominent manufacturer of vehicle dashboards and driver information systems.
Known for its significant investment in research and development, Pricol has secured a leading position in the Indian auto component industry. The company holds a substantial market share in various segments, including two-wheeler instrument clusters, digital clusters for electric two-wheelers, commercial vehicles, and off-highway vehicles.
