Auto component industry to grow up to 10 pc in 2016-17: Icra

June 2, 2024

NEW DELHI: Icra ratings agency today said it expects auto sales in the auto component industry to grow by 10 percent in the current fiscal, driven by growth in sales in passenger car and motorcycle segments.

The rating agency said in its quarterly auto report on the components sector that it expects the auto components sector to grow by 8.5-10% in the current fiscal, compared to a growth rate of 2.8% in the last fiscal.

In the medium to long term, the auto components industry is likely to grow higher than the underlying growth of the automotive industry, given the increase in OEM localization, increase in component content per vehicle and increase in exports to India.

“ICRA According to the report, the implementation of the Seventh Wage Board is expected to support urban/semi-urban industries such as photovoltaics, scooters, etc., while rural demand will be boosted by above-average monsoons. On the other hand, ICRA said that strong demand for passenger vehicles in North America and Europe may offset the expected decline in this segment of medium and heavy commercial vehicles (MHCV) in these markets.

Subrata Ray, Senior Vice President and Co-Head of Corporate Division Evaluation, Icra “Relative improvement in (OEM) export demand and stabilized aftermarket demand may contribute to the overall growth of the automotive components industry,” said OEMs. ”

The industry has been in consolidation mode for the past two years, the rating agency said. Steps have been taken to shrink balance sheets in view of low demand and overcapacity.

Iqra said, “… Companies focusing on high value-added products can ease their overall profitability during the downturn and protect them from intense competition in the merchandising space.

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