India's auto components industry is at the cusp of a transformative phase, playing a critical role in the nation's vision of sustainable and advanced mobility. With electrification, sustainability, localization, and cutting-edge innovation becoming the industry's focal points, the sector has shown resilience in overcoming global disruptions while adapting to new trends.
Central to this growth story is the upcoming Bharat Mobility Global Expo 2025 - The Components Show, a flagship event that aims to unite stakeholders to forge partnerships, showcase technological advancements, and co-create solutions that transcend geographic and economic boundaries.
A Robust Industry Adapting to Change
The auto components industry in India has become a vital cog in the country's economy. According to the Automotive Component Manufacturers Association of India (ACMA), the sector achieved a remarkable turnover of Rs.6.14 lakh crore (USD 74.1 billion) in FY 2023-24. With a steady annual growth rate of 9.8%, it continues to be an enabler of both automotive OEMs and the aftermarket ecosystem.
The sector's ability to pivot towards sustainable practices and advanced technologies is evident in its export performance, which saw a 5.5% rise to USD 21.2 billion. Imports, growing at a restrained 3%, underscore the industry's concerted push toward self-reliance. Electric vehicle (EV) components accounted for 6% of the total output, highlighting the growing integration of green technologies within the manufacturing ecosystem.
"This performance speaks volumes of the industry's commitment to innovation, sustainability, and resilience," says Vinnie Mehta, Director General, ACMA. "Component supply for EVs indicates the pace at which the sector is pivoting to align with global and domestic trends."
Exports and Imports: Trends and Challenges
This story is from the January 10, 2025 edition of Business Standard.
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This story is from the January 10, 2025 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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