Indian Automotive Components Industry Records 11.3 pc Growth, Hits Rs 3.32 Lakh Crore Turnover In H1 FY25

New Delhi, Dec 13 (KNN) The Indian automotive components industry has reported a significant turnover growth of 11.3 percent, reaching Rs 3.32 lakh crore during the first half of the fiscal year 2024-25, according to the Industry Performance Review released by the Automotive Component Manufacturers Association of India (ACMA).

Vinnie Mehta, Director General, ACMA, highlighted the industry's steady performance, emphasising that vehicle sales and exports have maintained a consistent trajectory.

The growth reflects strong performance across various industry segments, including original equipment manufacturers (OEMs), exports, and the aftermarket.

Component supplies to domestic OEMs experienced an 11 percent year-on-year increase, climbing to Rs 2.83 lakh crore.

The aftermarket segment also demonstrated resilience, growing 5 percent to Rs 47,416 crore compared to the same period in the previous fiscal year.

Shradha Suri Marwah, President, ACMA, provided additional context, noting that vehicle sales have returned to pre-pandemic levels despite ongoing geopolitical challenges.

The festive season particularly contributed to significant sales across multiple vehicle segments, though she acknowledged varied performance across different vehicle categories.

Export performance was notably strong, with a 7 percent increase to USD 11.1 billion, while imports grew 4 percent to USD 11 billion, resulting in a modest USD 150 million surplus.

However, Marwah also cautioned about increasing delivery times and freight costs due to geological challenges.

Despite these challenges, Marwah expressed optimism about the industry's future, emphasising continued investments in technology upgradation, value addition, and localisation.

These strategic initiatives are designed to maintain the industry's competitiveness in both domestic and international markets, signalling a robust and resilient automotive components sector in India.

(KNN Bureau)