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Indian auto component industry up by 34.8% in H1 FY23: ACMA
Industry News- Dec 22,22
While exports grew by 8.6% to $ 10.1 billion, imports were up by 17.2% to $ 10.1 billion.
New Delhi:
Indian auto component industry grew by 34.8 per cent in first-half of 2022-23, said Automotive Component Manufacturers Association of India (ACMA) in its Industry Performance Review. The turnover of the automotive component industry stood at Rs 2.65 lakh crore ($33.8 billion) for the period April 2022 to September 2022, registering a growth of 34.8 per cent over the first half of the previous year.
Commenting on the performance of the auto component industry in India, Vinnie Mehta, Director General, ACMA said, “With vehicle sales and exports gaining traction, month-on-month, the auto component industry demonstrated a growth of 34.8 percent scaling a turnover of Rs 2.65 lakh crore ($ 33.8 billion) in the first-half of FY 2022-23. Steady growth was witnessed in all segments – supply to OEMs, Exports as also the aftermarket. Exports grew by 8.6 percent to $ 10.1 billion (Rs 79.03 lakh crore) while imports grew by 17.2 percent to $ 10.1 billion (Rs 79.8 lakh crore). The Aftermarket, estimated at Rs 42,007 crore also witnessed a growth of 8 percent. Component sales to OEMs in the domestic market grew by 46 percent to Rs 2.23 lakh crore.”
Sharing his insights on the performance of the auto component industry, Sunjay Kapur, President, ACMA Chairman, Sona Comstar, said, “With vehicle sales across all segments, reaching the pre-pandemic levels and moderation in the supply-side issues 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 FY2022-23. With domestic manufacturing of vehicles and components gathering pace, imports also witnessed an uptick.”
Elaborating on the mood of the industry and outlook for the near to mid-term future, Kapur mentioned, “Going forward, I am optimistic that the current fiscal year will witness another good performance from the auto components sector. Further, with growth in consumption of EVs, we are witnessing fast transformation of the auto components sector to be an integral part of the EV manufacturing supply chain. The components industry is making steady investments as also acquiring technology companies. For medium to long term outlook, we need to be wary of the impending recession in Europe and the US as also the supply chain issues which are not fully behind us.”
Key findings of the ACMA Industry Performance Review for H1 2022-23:
- Exports: Exports of auto components grew by 8.6 percent to $ 10.1 billion (Rs 79,033 crore) in H1 2022-23 from $ 9.3 billion (Rs 68,746 crore) in H1 2021-22. North America accounting for 33 per cent of exports, saw an increase of 12 percent, while Europe and Asia, accounting for 30 per cent and 26 per cent respectively also registered increase of 4 and 11 per cent respectively.
- Imports: Imports of auto components grew by 17.2 per cent from $ 8.7 billion (Rs 64,310 crore) in H1 2021-22 to $ 10.1 billion (Rs 79,815 crore) in H1 2022-23. Asia accounted for 65 per cent of imports followed by Europe and North America, with 26 per cent and 8 per cent respectively. Imports from Asia grew by 21 per cent, from Europe by 6 per cent and from North America by 29 per cent.
- Aftermarket: The aftermarket in H1 2022-23 witnessed a growth of 8 per cent to Rs 42,007 crore ($ 5.4 billion) from Rs 38,895 crore ($ 5.3 billion) in H1 2021-22.
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