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ZF Group targets €2 billion annual sourcing by 2030
Industry News- Aug 29,24
The company’s growth in India will be supported by its three core areas: commercial vehicles, wind transmissions, and other advanced technologies.
ZF Group, a global leader in automotive parts, is projecting substantial growth in sourcing and revenue across all its business sectors, including mobility and wind energy, over the next six years. The company aims to reach an annual sourcing value of approximately €2 billion by 2030, while its total revenue in India is expected to climb to €3 billion, up from €1.1 billion in 2023.
Peter Laier, Management Board Member, ZF Group, highlighted the rising transportation needs in India as a key driver of this growth. He emphasized that the expected increase in vehicles on the road will enhance the value per vehicle. Additionally, the Indian government's significant investments in sustainable energy, particularly wind energy, present vast opportunities for ZF's expansion. Laier noted, "Our strong belief in India as a market drives our substantial investment here."
The company’s growth in India will be supported by its three core areas: commercial vehicles, wind transmissions, and other advanced technologies. ZF already holds a leading market position in many product areas, particularly wind transmissions, where the company has made considerable investments.
ZF is also prepared to meet emerging safety regulations and new technology demands, including mandatory ESP installations and electric parking brakes, which are expected to spur growth in the passenger car segment. In the commercial vehicle sector, growth will be fuelled by regulatory changes and market expansion.
Akash Passey, President, ZF Group India, pointed to significant advancements in electromobility, especially in two-wheelers, three-wheelers, and buses. While adoption in passenger cars and trucks has been slower, it is gradually increasing.
ZF is closely monitoring developments in technologies such as ethanol, biofuels, and hydrogen, in line with the Indian government's hydrogen policy, which extends through 2030. However, the company remains primarily focused on internal combustion engines and electromobility.
ZF Group operates 18 manufacturing units and 10 engineering centres across India, employing 16,000 people across 14 entities, including one joint venture. The company's comprehensive approach positions it to capitalize on India's growing market demands and technological advancements.
(Business Line)
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