Indian auto component industry clocked 9.8% growth in FY24 at INR 6.14 lakh crore
(L-R) Vinnie Mehta, Director General of ACMA and Shradha Suri Marwah, President of ACMA and CMD of Subros
The Automotive Component Manufacturers Association of India (ACMA), through its latest Industry Performance Review FY 2023-24, has outlined that the country's auto component industry is now progressing significantly and is stronger across several fronts despite various odds.
The turnover of the auto component industry stood at a substantial INR 6.14 lakh crore (USD 74.1 billion) for the period between April 2023 to March 2024, marking an impressive 9.8% increase compared to the previous fiscal year. This growth was underpinned by steady vehicle production, a thriving aftermarket, and expanding exports.
Vinnie Mehta, Director General of ACMA, highlighted the sector's performance, noting that domestic component sales to original equipment manufacturers (OEMs) grew by 8.9% to INR 5.18 lakh crore. Notably, the electric vehicle (EV) segment contributed 6% to total component production. Meanwhile, exports of auto components grew by 5.5% to USD 21.2 billion, despite geopolitical tensions and rising logistics costs. Imports also saw a modest increase of 3% to USD 20.9 billion, resulting in a trade surplus of USD 300 million.
Shradha Suri Marwah, President of ACMA and CMD of Subros, emphasised the sector's resilience and adaptation amid global uncertainties. She pointed out that while the first quarter of FY25 saw a slight slowdown in vehicle sales due to adverse weather conditions and electoral effects, the industry remains optimistic. With favorable macroeconomic indicators and government policies supporting growth, Marwah anticipates continued strong performance in FY25.
Although the lengthened after-market segment expanded to a turnover of INR 93,886 crore (USD 11.3 billion) for the fiscal year FY 2023-24, it rose 10% overtime from the prior year. This was due to better traffic flow in the market as well as higher demand for used vehicles aided in equal measure by enhanced e-commerce acceptance in the rural market.
Finally, based on the data included in the ACMA report, it is possible to conclude that effective further from now, the auto component industry remains one of the most influential segments of the Indian economy. By maintaining a steady velocity in car manufacturing and increasing the pace of localisation strategies, this sector is found to be in the right track of unlocking new prospects in China as well as in the global market.
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Major exported products in this sector were drive transmission and steering, engines and their parts, bodies and chassis, suspension and braking systems, among others. Likewise, the import section contained objects like engines and their parts, body and chassis, and drive transmission and steering used largely from Asia, Europe, and North America.
Launch of ACMA Mobility Foundation
At the event, Mehta also announced the launch of ACMA Mobility Foundation, a new entity under the umbrella of ACMA to foster inclusive growth and development by integrating non-traditional automotive players in the value chain. By doing so, the apex body aims to bring the new-age, innovative startups and non-traditional technology players under its gamut.
