Auto components industry hits highest growth record in FY22 post-pandemic

New Delhi, Aug 23 (KNN) India’s auto component industry in the post-pandemic times has registered its highest-ever turnover of Rs 4.2 lakh crore in FY22, recording a growth of 23 per cent over Rs 3.4 lakh crore in FY21.

“The sector’s turnover grew 23 per cent in the last fiscal, aided by a 20 per cent year-on-year increase in production of passenger vehicles (PVs) and 30 per cent growth in commercial vehicle (CV) output,” Automobile Component Manufacturers Association (ACMA) said.

As per reports, the industry is expected to maintain double-digit sales growth in the current fiscal as well, driven by increased demand amid fewer supply chain disruptions.

Sunjay Kapur, president, ACMA said that “Whilst the automotive value chain faced significant disruptions over the last two years in wake of the pandemic, vehicle sales, especially in the PV, CV and tractor segments now seem to have reached the pre-pandemic levels.”

According the ACMA data , auto component sales to Original Equipment Manufacturers (OEMs) in the domestic market rose 21 per cen to Rs 3.41 lakh crore, while component exports witnessed 43 per cent growth to Rs 1.41 lakh crore. Auto component sales to the EV segment stood at Rs 3,520 crore, which is about 1 per cent of component sales to OEMs.

Imports of auto components also increased during the last fiscal by 33 per cent to Rs 1.36 lakh crore from Rs 1.02 lakh crore in 2020-21.Currently Asia accounted for 65 per cent of imports followed by Europe and North America at 27 per cent and 7 per cent, respectively.  (KNN Bureau)