ENA Sectors 2024-12-13 17:04:33 <p><span style="font-size:14px"><strong>New Delhi, Dec 13 (KNN)</strong> 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).</span></p> <p><span style="font-size:14px">Vinnie Mehta, Director General, ACMA, highlighted the industry's steady performance, emphasising that vehicle sales and exports have maintained a consistent trajectory.</span></p> <p><span style="font-size:14px">The growth reflects strong performance across various industry segments, including original equipment manufacturers (OEMs), exports, and the aftermarket.</span></p> <p><span style="font-size:14px">Component supplies to domestic OEMs experienced an 11 percent year-on-year increase, climbing to Rs 2.83 lakh crore.</span></p> <p><span style="font-size:14px">The aftermarket segment also demonstrated resilience, growing 5 percent to Rs 47,416 crore compared to the same period in the previous fiscal year.</span></p> <p><span style="font-size:14px">Shradha Suri Marwah, President, ACMA, provided additional context, noting that vehicle sales have returned to pre-pandemic levels despite ongoing geopolitical challenges.</span></p> <p><span style="font-size:14px">The festive season particularly contributed to significant sales across multiple vehicle segments, though she acknowledged varied performance across different vehicle categories.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">However, Marwah also cautioned about increasing delivery times and freight costs due to geological challenges.</span></p> <p><span style="font-size:14px">Despite these challenges, Marwah expressed optimism about the industry's future, emphasising continued investments in technology upgradation, value addition, and localisation.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 40249 https://knnindia.co.in/news/newsdetails/sectors/indian-automotive-components-industry-records-113-pc-growth-hits-rs-332-lakh-crore-turnover-in-h1-fy25 2024-12-13 17:04:33 knnindia.co.in