Indian Auto Component Sector Records Growth of 11.3 Percent in First-Half of 2024-25
The turnover of the automotive component industry stood at INR 3.32 lakh crore (USD 39.6 billion) for the period April to September 2024, registering a growth of 11.3 percent over the first-half of the previous year.
December 12, 2024. By Aishwarya
The turnover of the automotive component industry stood at INR 3.32 lakh crore (USD 39.6 billion) for the period April to September 2024, registering a growth of 11.3 percent over the first-half of the previous year.
Commenting on the performance of the auto component industry in India, Vinnie Mehta, Director General, ACMA said, “With vehicle sales and exports displaying steady performance, the auto component industry demonstrated a growth of 11.3 percent scaling a turnover of INR 3.32 lakh crore (USD 39.6 billion) in the first-half of FY 2024-25. Auto Component supplies to all segments of the industry i.e., to OEMs, Exports as also the aftermarket remained steadfast. Exports grew by 7 percent to USD 11.1 billion (INR 93.34 lakh crore) while imports grew by 4 percent to USD 11 billion (INR 92.05 lakh crore) with USD 150 million in surplus. The Aftermarket, estimated at INR 47,416 crores also witnessed a growth of 5 percent. Component supplies to OEMs in the domestic market grew by 11.2 percent to INR 2.83 lakh crore”.
Sharing insights on the performance of the auto component industry, Shradha Suri Marwah, President, ACMA & CMD, Subros said, “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 the international markets in the first-half of FY2024-25.”
Elaborating on the mood of the industry and outlook for the near to mid-term future, Shradha mentioned, “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 (PVs) and commercial vehicles (CVs) has been relatively moderate. On exports front, with geological challenges, delivery time and freight costs have once again gone up. That said, in value terms, the industry remains in robust health, signaling stability and resilience amidst evolving market dynamics. 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.”
please contact: contact@energetica-india.net.
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix
Muthu Subramanian
MD & General Manager
From Charging to Swapping: How Yuma Energy is Changing EV Refueling