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Auto Components Sector grows fastest in six years

 YorkDenis
  61
 May 21, 2024

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NEW DELHI: The domestic auto component industry grew at its fastest pace in six years, up 14.3% to Rs 2,920 crore in the last fiscal, driven by strong aftermarket sales demand.

Data provided by the Automotive Component Manufacturers Association of India (ACMA) shows that the aftermarket segment grew by 25.6% to Rs 560, 960 1 crore in the last fiscal from Rs 446, 600 start crore in the previous fiscal.

Exports in the last fiscal year were 731, 280 Compared to 709, 1600 in the previous year, billion rupees billion rupees 3.1% growth. Imports declined by 0.1% to Rs 9057.1% billion in the last fiscal year as compared to Rs 9066.2.2 billion in 2015-16.

ACMA Rattan Kapur President (Rattan Kapur) “Automobile production remains strong despite the demonetization issue and uncertainty over GST implementation.” Against this backdrop, the performance of the auto component industry is encouraging.”

Looking at the distribution of auto component suppliers, ACMA said passenger cars accounted for 49%, two-wheelers 22%, medium and heavy commercial vehicles 11%, light commercial vehicles 8%, tractors 6%, three-wheelers 2% … 2% backhoe loaders.

“At Kapoor, we believe that a technological revolution in the automobile industry is on the horizon. Therefore, it is imperative for the components industry to invest in R&D, create intellectual property, acquire and develop relevant technologies at a faster pace to meet the future demands. In 2020, the ACMA industry is gearing up to upgrade from BS-IV to BS-VI. “Crossing a generation of technology in just three years requires not only significant investment in technology acquisition and assimilation, but also human skills. ‘

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