According to the Automotive Component Manufacturers' Association of India (ACMA), India's auto component sector recorded its highest-ever revenue of Rs. 4.2 trillion (US$ 52.59 billion) in FY 2021–22, growing by 23% as a result of good aftermarket and export results.
Imports of auto parts increased by 33% in FY 2021-22, exports increased by 43% over the same time, said ACMA.
Due to a rise in the number of vehicles on the road, prolonged vehicle use, rising demand for used cars, rising commodity prices, and the emergence of new sales channels like online retailers and multi-brand outlets, the aftermarket's turnover exceeded pre-pandemic levels in FY 2021–22, according to ACMA.
In FY 2021–22, the aftermarket for automotive components generated revenue of Rs. 74,203 crore (US$ 9.29 billion), a 15% increase over the previous year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.