Captains of auto comp industry share insights on market outlook and recipe for growth

Following the deliberations that were held during the 60th SIAM and ACMA Annual Conventions, MOTORINDIA had reached out to an elite set of experts from the auto component industry to know their views on how the auto and auto component industry would perform during the rest of the current financial year and the next year and what they think the government and vehicle manufacturers could do to put the industry back on the growth path.

Ashok Minda, GCEO & Chairman, Spark Minda Group

Market Outlook

As we noticed, the entire economy and different vehicle segments were severely affected in Q1 due to COVID-19 impact and the lockdown. This resulted in a very difficult time faced by the entire manufacturing sector, automotive ecosystem including the ancillary industry.

Following various safety guidelines, we are servicing our customer requirements currently, which has consistently grown since May’20. Our production volumes have recovered well in the last 2 months; however, we still are facing challenges in manpower and SCM areas.

With the gradual lifting of lockdown, Q2 which just ended, saw revival of 2W and tractor in a V-shape recovery. The PV segment has also recovered well. We are confident of a good festival season-based demand and volume achievement in the next 2 quarters.

In line with the founding principle of our company, we will continue to provide solutions to our customers and remain customer-centric at all times. We are revamping our business and product strategy to ensure we are ready with relevant products for the dynamic Indian automotive industry.

Expectations