Auto components industry to grow 10-15% in FY24: ACMA

According to the Automotive Component Manufacturers Association of India (ACMA), the auto-components industry of India is expected to grow by 10-15% in FY24, which would be driven by both domestic and export market demand.

The auto components industry which clocked a turnover of US$ 56.5 billion in FY22 with a growth of 23% over the previous year is expected to end FY23 with a growth of 15%.

ACMA Director General Mr. Vinnie Mehta informed on the sidelines of an event organised by the industry body, that until December 2022, the export and import continued to be very well-balanced as they stood at US$ 15.1 billion.

On the other hand, Mr. Sunjay Kapur, ACMA President remarked that the domestic industry is looking very positive in terms of growth. He added that in the short to medium term, the Indian auto components industry is gaining from the transition to electric vehicles (EV) in the developed markets of the West. In addition, many of the conventionally produced components have the choice of moving to India as their production is halted in the West.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.