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Automotive Component Industry achieves $70 bn turnover in FY23 with 33% growth
Industry News- Aug 09,23
Automotive Component Manufacturers Association of India (ACMA) released the data revealing reveals that this achievement surpasses the previous record of Rs 4.2 lakh crore turnover in the fiscal year 2021-22.
The automobile sector is experiencing a remarkable period of growth. In the fiscal year 2022-23, the automotive component industry has achieved an unprecedented milestone with a turnover of nearly $70 billion (equivalent to Rs 5.6 lakh crore), marking an impressive year-on-year growth of approximately 33 per cent.
Recent data released by the Automotive Component Manufacturers Association of India (ACMA), the leading industry association, reveals that this achievement surpasses the previous record of Rs 4.2 lakh crore turnover in the fiscal year 2021-22.
Vinnie Mehta, the Director General of ACMA, commented, "Benefiting from robust vehicle sales within the country, a thriving aftermarket, and consistent export figures, the auto component industry has showcased its most exceptional performance in FY23." During this period, exports experienced a growth of 5.2 per cent, amounting to Rs 1.61 lakh crore ($20.1 billion), while imports saw an increase of nearly 11 per cent, reaching Rs 1.63 lakh crore ($20.3 billion).
Automotive Component Manufacturers Association of India
Vinnie Mehta
ACMA
Automotive Component Industry
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