Source : PTI | The automotive components industry grew 11 per cent year-on-year to INR 3.32 lakh crore in the first half of the current fiscal, industry body ACMA said on Thursday. The turnover of the automotive component industry in the April-September period of last fiscal stood at INR 2.98 lakh crore.
“With vehicle sales across all segments reaching pre-pandemic levels and despite geopolitical challenges on the exports front, the auto components sector witnessed a steady growth in both domestic and international markets in the first half of FY2024-25,” Automotive Component Manufacturers Association of India (ACMA) President Shradha Suri Marwah said.
She said the festive season brought significant sales across most segments of the vehicle industry.
“However, reflecting on the past eight months of this fiscal year, while two-wheelers have shown promising growth, sales of passenger vehicles and commercial vehicles have been relatively moderate,” she added.
On the exports front, with geological challenges, delivery time and freight costs have once again gone up, Marwah said.
“That said, in value terms, the industry remains in robust health, signalling stability and resilience amidst evolving market dynamics,” she added.
The components industry continues to make investments for purposes of higher value addition, technology upgradation and localisation to stay relevant to both domestic and international customers, Marwah said.
ACMA Director General Vinnie Mehta said that with vehicle sales and exports displaying steady performance, the auto component industry demonstrated a growth of 11.3 per cent scaling a turnover of INR 3.32 lakh crore in the first half of FY 2024-25.
Auto component supplies to all the segments — OEMs (original equipment manufacturers), exports as also the aftermarket remained steadfast, he added.
Exports grew by 7 per cent to USD 11.1 billion (INR 93.34 lakh crore) while imports grew by 4 per cent to USD 11 billion (INR 92.05 lakh crore) with USD 150 million in surplus, the industry body said.
The aftermarket, estimated at INR 47,416 crore, also witnessed a growth of 5 per cent year-on-year, it added.
Similarly, component supplies to OEMs in the domestic market grew by 11 per cent year-on-year to INR 2.83 lakh crore, ACMA said.
