Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s Auto Component manufacturing industry announced the findings of its Industry Performance Review for the first half of fiscal 2023-24. The turnover of the automotive component industry stood at Rs.2.98 lakh crore ($36.1 billion) for the period April to September 2023, registering a growth of 12.6 per cent 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 12.6 per cent scaling a turnover of Rs 2.98 lakh crore ($36.1 billion) in the first-half of FY 2023-24. Auto component supplies to all segments of the industry that is to OEMs, Exports as also the aftermarket remained steadfast. Exports grew by 2.7 per cent to $10.4 billion (Rs 85.87 lakh crore) while imports grew by 3.6 per cent to $10.6 billion (Rs 87.42 lakh crore). The Aftermarket, estimated at Rs 45,158 crore also witnessed a growth of 7.5 per cent. Component sales to OEMs in the domestic market grew by 13.9 per cent to Rs 2.54 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 prepandemic levels and with mitigation of supply-side issues witnessed during the pandemic such as availability of semiconductors, high input raw-material costs and non-availability of containers, the auto components sector witnessed a steady growth in both domestic and the international markets in the first-half of FY2023-24.”

Elaborating on the mood of the industry and outlook for the near to mid-term future, Marwah mentioned, “Going forward, considering the festive season has gone well with significant sales across most segments of the vehicle industry, I am optimistic that the current fiscal year will witness another good performance from the auto components sector. 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.”

Key findings of the ACMA industry performance review for H1 2023-24