NEW DELHI: On the back of strong demand for powerful vehicles such as SUVs and premium motorcycles, the auto component industry’s total sales grew by 12.6% year-on-year (YoY) to $36.1 billion in the first half of the current financial year (H1FY24), Automotive Component Manufacturers Association of India (ACMA) said on Wednesday.
Shradha Suri Marwah, President, ACMA & CMD, Subros said, “With vehicle sales across segments, reaching pre-pandemic levels and with mitigation of supply-side issues witnessed during the pandemic such as availability of semiconductors, high input raw-material costs and non-availability of containers, auto components sector saw a steady growth in both domestic and international markets in first-half of FY2023-24.”
ACMA said the industry intends to invest about $7 billion over the next five years as certain positive factors such as robust GDP growth forecast, stable international demand/ exports and new entrants in the mobility space are favorable for them. Vinnie Mehta, Director General, ACMA, said auto component supplies to all segments of the industry i.e., to OEMs (original equipment manufacturers), exports as also the aftermarket remained steadfast.