Indian auto component industry grows 23% in FY22, clocks highest-ever turnover
- Indian auto component market has registered increased sales in both domestic and export markets in the FY22.
Indian auto component industry has grown 23 per cent in FY2021-22, claims the Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s Auto Component manufacturing industry. It also claimed that the auto component industry of the country had recorded its highest-ever turnover of ₹4.2 lakh crore in the last fiscal.
ACMA claims that sales to the OEMs have grown 22 per cent on the back of the recovery in the market. Also, sales to overseas markets of the Indian auto component industry have increased by 43 per cent, and imports increased by 33 per cent. ACMA claims that the export and import of the Indian auto industry has clocked a trade surplus for the very first time. Auto component aftermarket too grew by 15 per cent to ₹74,203 crore, claimed ACMA.
The apex governing body of the Indian auto parts industry has said that the industry is optimistic as the economy revives and vehicle demand exhibits stability.
Speaking on the performance of the auto component industry, Vinnie Mehta, Director General, ACMA, said that despite the supply-side issues, as vehicle sales and exports gradually gained traction, month-on-month, the auto component industry demonstrated remarkable performance in FY2021-22. "Significant growth was witnessed across all segments including supply to OEMs, Exports as also the Aftermarket. In this backdrop the component industry sized-up to Rs.4.20 lakh crore (USD 56.5 billion) registering 23 per cent growth, thus outpacing its highest ever turnover of Rs.3.95 lakh crore in FY18-19. Exports grew by 43 per cent to Rs.1.41 lakh crore (USD 19.0 billion) while imports grew by 33 percent to Rs.1.36 lakh crore (USD 18.3 billion) leading to trade surplus of USD 700 million. The Aftermarket, estimated at Rs. 74,203 crore also witnessed a steady growth of 15 per cent. Component sales to OEMs in the domestic market grew by 22 per cent to Rs.3.41 lakh crore," he further said.