Uptick in passenger vehicle sales to raise aftermarket demand: ACMA2 min read . Updated: 21 Oct 2020, 08:29 AM IST
Major car makers reported a near 20 per cent jump in August domestic passenger vehicle sales compared to last year which is expected to further rise during the festive season.
The uptick in the passenger vehicles segment, coupled with sale of second-hand vehicles, on account of increased use of personal cars is expected to lead to a rise in aftermarket demand, according to automobile component makers' body ACMA.
The automotive industry is shifting gears as it witnesses an uptick in vehicle consumption in the second quarter of the current financial year, the Automotive Component Manufacturers Association of India (ACMA) said in a release.
ACMA also announced that the 5th edition of its four-day international trade fair for the aftermarket and service industry, "Automechanika" will now be held at New Delhi's Pragati Maidan from April 22 next year in association with Messe Frankfurt India.
The event was earlier scheduled for February 2021 at the same venue.
The organisers believe that hosting the fair at a later date in the new financial year will enable the industry to re-connect in a secure B2B (business-to-business) environment, creating a stronger impact and rightly serving its objective of business, knowledge and tech-exchange, said the release.
With health and safety taking precedence, mobility needs and consumer sentiments have led to a rise in vehicle buying — and demand for private vehicles has picked up with green shoots emerging in the two-wheeler and small car segments, ACMA said.
"Major car makers reported a near 20 per cent jump in August domestic passenger vehicle sales compared to last year which is expected to further rise during the festive season," ACMA stated in the release. This growth, combined with car parc of second-hand vehicles due to increased private-car use, is expected to lead to a rise in aftermarket demand, it added.
The shifting trends have brought with it a surge in omni-channel aftermarket models as well as 'new normal' aftermarket solutions, it added.
"As the automotive sector gears up to get back on track with shifting consumer trends, the 2021 edition of ACMA Automechanika New Delhi will be the first meeting point for "face-to-face networking" to revive trade discussions," the association said.
ACMA Director General Vinnie Mehta said that with shifts in supply chains, mobility and consumer sentiment and focus on 'Aatmanirbhar' and local manufacturing, the aftermarket sector represents a growth avenue. "This is the perfect time for auto component players to come together to plan the route ahead."
As the industry is gearing up to take on 2021, we are geared up to provide a safe, successful and dynamic business platform, Mehta added.
"Until now, we were majorly talking about sustainable mobility. The pandemic has now forced us to re-look for innovative solutions for safe, smart and sustainable mobility, and auto component suppliers need to assess the impact of these disruptive trends on their business," said Messe Frankfurt Asia Holdings Executive Director and board member Raj Manek.
He also said mutual collaboration within the industry is important now more than ever and ACMA Automechanika New Delhi will be the convergence point to take these discussions ahead. "We are also exploring a hybrid model for the 2021 edition to enhance business networking and overall exhibition experience for the industry."
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.