The car accessories sector has matured from a niche market for basic mechanical components into a multi-billion-rupee, technology-driven industry. Split between OEM (Original Equipment Manufacturer) factory-fitted parts and the independent aftermarket, modern vehicle enhancements increasingly prioritise digital integration, connectivity and safety. Driven by younger, upwardly mobile consumers who view their cars as extensions of their lifestyles, the Indian market is witnessing soaring demand for both functional technology (such as dashcams and 360-degree cameras) and aesthetic customisation, including ambient lighting, alloy wheels and premium body kits.
Today, the estimated size of the OEM car accessories market is around Rs14,000 crore and is growing rapidly at 8-10 per cent annually, driven by rising consumer demand for personalisation, vehicle connectivity and safety. Consumers increasingly prefer high-quality, manufacturer-backed components to generic aftermarket options in order to preserve warranties, resale value and seamless technology integration.
Gurgaon-based, closely held Hyco Enterprises (Hyco), a leading OEM player in both the passenger and commercial vehicle accessories segments, was founded by the Wassan family in 1977. Today, it manufactures a wide range of products, including end-to-end flooring solutions for four-wheelers, seat cushions, boot mats, seat covers, chrome door visors, side cladding, bumper corner protectors, 3D mats, humidifiers and many more. The company deals in more than 100 SKUs across multiple product categories.
Modern machinery
While many competitors struggled to stay afloat in this highly competitive industry, Hyco remained at the forefront of developing modern application engineering solutions that combined cost efficiency with international safety standards. It invested carefully in modern machinery and technology-driven products, a deliberate strategy that ultimately yielded significant success. “Our USP is innovation, quality, safety and a wide range of products to meet customer requirements at every level,” says Hemant Wassan, Managing Director.
Hyco also established a wholly owned subsidiary, Callmate India, in 1995 to focus on the growing demand for electronic mobility and lifestyle accessories through both imports and manufacturing. Callmate has gradually evolved into a diversified business spanning power solutions, audio devices, automotive accessories and emerging smart mobility products. It combines in-house product development with OEM partnerships to deliver reliable and cost-effective solutions across categories. The Hyco Group achieved a turnover of over Rs300 crore in FY26, employs around 800 people and is now diversifying into new areas.
Hyco’s story is a remarkable tale of resilience. Founder Satish Kumar Wassan was born in Gojra, now in Pakistan. He came to India as a refugee during the Partition in 1947 at the age of just 11. Like many families of that era, the transition brought immense hardship and uncertainty. He worked as a salesman in a small electrical shop in Chandni Chowk. Even at an early age, he displayed a strong entrepreneurial instinct and a deep interest in business and manufacturing.
Wassan first started a small unit producing electrical components. Later, in 1977, he established a manufacturing facility in the Mayapuri Industrial Area and ventured into plastics manufacturing, laying the foundation of what would eventually become Hyco Enterprises. He was also the first to introduce PVC mats for two-wheelers and four-wheelers in the segment.
Satish Kumar Wassan was later joined in the business by his two sons, Atul and Hemant. To survive and thrive in this competitive market, they adopted an OEM-focused strategy and worked relentlessly to drive growth. The company reached an important milestone when it became an OEM supplier to Mahindra Ford. However, the real breakthrough came in 1999 with Maruti, when Hyco developed cost-effective floor mats for Maruti Genuine Accessories (MGA). The company has not looked back since.
“It took us almost 2 years to enter Maruti’s OEM ecosystem,” recalls Atul, Director, Hyco, and a former Indian cricketer and cricket commentator. Today, Hyco is a preferred vendor to Maruti and accounts for almost 25 per cent of the company’s floor-mat requirements across various car models. Hyco is also a trusted OEM partner to leading automobile manufacturers, including Mahindra, Tata Motors, Hyundai, MG Motor, Toyota, Kia, Honda, Ford and Ashok Leyland, among others.
The third generation has now joined the family business. Atul’s son, Aayushmaan, is Director, Hyco Group, and CEO of Callmate India. Hemant’s two sons, Anshuman and Aryamaan, have also joined as directors responsible for development and marketing activities.
Hyco Enterprises is now entering its next phase of growth through strategic diversification into advanced flooring solutions, with a strong focus on premium yet cost-effective products for commercial, residential and institutional applications, as well as railways, metro systems and industrial facilities.
“We are setting up a new manufacturing facility in Gurgaon with an investment of Rs100 crore, funded through internal accruals and bank finance. The new facility will have a raw-material handling capacity of one tonne per hour,” says Hemant.
The upcoming 80,000 sq ft facility is being planned as a future-ready manufacturing hub for advanced flooring, waterproofing and surface-protection systems. The expansion is aimed at creating large-scale domestic manufacturing capabilities for product categories that currently depend heavily on imports and limited local production. Through this facility, Hyco aims to combine material innovation, engineering-led product development and scalable manufacturing to create globally competitive solutions for both Indian and international markets.
Hyco currently operates four manufacturing facilities and has developed one of the most integrated manufacturing ecosystems within India’s automotive interior solutions segment. The company possesses advanced in-house capabilities spanning product development, tool engineering, extrusion, thermoforming, vacuum forming, material processing, stitching, assembly and finishing operations.
Quality control
“This vertically integrated structure enables the company to maintain strong control over quality, dimensional consistency, development timelines and large-scale production requirements,” says Anshuman.
The company currently supports multiple leading automotive OEM programmes across passenger vehicles, SUVs, utility vehicles and mobility-focused applications, while continuously investing in process improvement, automation, material innovation and validation-driven manufacturing systems. Hyco’s manufacturing philosophy is centred on engineering precision, scalability, durability and adaptability to evolving industry requirements.
“We have highly skilled and experienced people with expertise across product development, sourcing, manufacturing and shipping. They carry out the production process with dedication and maintain attention to detail from testing through to delivery. Only the highest-quality products leave our plants,” explains Hemant.
As the world moves towards sustainability, Hyco has introduced several unique products, including car floor mats made from recycled plastic fibre (PET), recycled vinyl mats and floor mats produced from recycled foam scrap.
“Sustainability has always been an indispensable part of Hyco’s corporate philosophy. We practise it through our daily work and management principles. It forms an integral part of our strategy. Our aim is to go green by increasing reusability and reducing the burden of environmental pollution,” explains Atul.
Callmate has strengthened its focus on power-centric innovation across everyday mobility products. The company is particularly bullish on high-growth categories such as dashcams and portable power stations, viewing them as key drivers of the next phase of consumer electronics adoption in India. This growth is being supported by increasing awareness of road safety, rising travel usage and growing demand for reliable backup power solutions.
Aayushmaan is enthusiastic about Callmate’s evolving product portfolio, which aligns closely with modern consumer preferences such as wireless ecosystems, multi-device compatibility and design-led accessories. By combining decades of manufacturing expertise with contemporary consumer expectations, the company delivers durable, accessible and reliable everyday technology products. Going forward, Aayushmaan aims to strategically expand the brand’s OEM business.
Hyco has demonstrated remarkable resilience as a significant player in its market segment. Supported by a booming automotive industry, the company aims to achieve an annual revenue of Rs600 crore within the next 3 years. Until then, the management has no plans for an IPO.