Automotive components industry grows 11% in H1FY25: ACMA

The Automotive Component Manufacturers Association of India (ACMA) has said that the automotive components industry grew 11% year-on-year to Rs 3.32 lakh crore in the first half of the current fiscal (H1FY25).

The turnover of the automotive component industry in the April-September period of last fiscal stood at Rs 2.98 lakh crore. It said exports grew by 7% to $11.1 billion (Rs 93.34 lakh crore) while imports grew by 4% to $11 billion (Rs 92.05 lakh crore) with $150 million in surplus.

It noted that the aftermarket, estimated at ₹47,416 crore, also witnessed a growth of 5% year-on-year. Similarly, component supplies to OEMs in the domestic market grew by 11% year-on-year to ₹2.83 lakh crore.

ACMA President Shradha Suri Marwa said that vehicle sales across all segments reached pre-pandemic levels, and despite geopolitical challenges on the exports front, the auto components sector witnessed steady growth in both domestic and international markets in the first half of FY2024-25.

She also said the festive season brought significant sales across most segments of the vehicle industry. However, she said that reflecting on the past eight months of this fiscal year, while two-wheelers have shown promising growth, sales of passenger vehicles and commercial vehicles have been relatively moderate.

She said that on the exports front, with geological challenges, delivery time and freight costs have once again gone up. That said, in value terms, the industry remains in robust health, signalling stability and resilience amidst evolving market dynamics.

She added that the components industry continues to invest in higher value addition, technology upgradation, and localisation to stay relevant to both domestic and international customers.