Indian Auto Component Industry grows 65% to ₹1.96 lakh crore in first-half of 2021-22

By OEM Update Editorial December 23, 2021 11:12 am IST

Most auto component manufacturers are preparing to be part of EV supply chain.

Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s Auto Component manufacturing industry announced the findings of its Industry Performance Review for the first half of fiscal 2021-22. The turnover of the automotive component industry stood at ₹1.96 lakh crore (USD 26.6 billion) for the period April 2021 to September 2021, registering a growth of 65 percent over the first half of the previous year.

Commenting on the performance of the auto component industry in India, Vinnie Mehta, Director General, ACMA said, “Despite the slow offtake in vehicles sales due to supply side issues, especially in the first quarter, the auto component industry demonstrated a remarkable turn-around in the first-half of FY 2021-22. With significant growth in all segments – supply to OEMs, Exports as also the aftermarket, the component industry grew to ₹1.96 lakh crore (USD 26.6 billion) registering 65 per cent growth. Exports grew by 76 per cent to ₹68.7 lakh crore (USD 9.3 billion) while imports grew by 71 percent to ₹64.3 lakh crore (USD 8.7 billion) leading to trade surplus of USD 600 million. The Aftermarket, estimated at ₹38,895 crore also witnessed a steady growth of 25 per cent. Component sales to OEMs in the domestic market grew by 76 percent to ₹1.53 lakh crore”.

Sharing his insights on the performance of the auto component industry, Sunjay Kapur, President, ACMA said, “Despite resurgence of demand for vehicles, supply-side issues of availability of semiconductors, increasing input costs, rising logistics costs and availability of containers, among others, continue to hamper recovery in the automotive sector. The auto component industry, in this backdrop, displayed remarkable resilience. Increased value-addition to meet regulatory compliance, fast recovery in external markets and traction in the domestic aftermarket market have contributed to the growth of the sector in the first-half of FY 2021-22.

For more info, visit: www.acma.in