Auto components industry logs 34.8% growth at Rs 2.65 lakh crore in H1FY23

22 Dec 2022 , 11:49 AM

The Automotive Component Manufacturers Association of India reported on Wednesday that India’s auto components industry grew 34.8% to Rs2.65 lakh crore in the first half of 2022-23, fuelled by domestic demand, particularly from the passenger vehicle segment.

During the period, component exports increased by 8.6% to USD 10.1 billion (Rs79.03 lakh crore), while imports increased by 17.2% to USD 10.1 billion (Rs79.8 lakh crore), according to the Automotive Component Manufacturers Association of India (ACMA).

The experts outlined that there has been a shift in demand towards SUVs, and the value proposition has also been enhanced.

However, the two-wheeler industry remained under pressure, it accounted for approximately 18% of revenue, compared to 21% in the first half of the previous fiscal year.

The association reported that exports increased by 8.6% to USD 10.1 billion (Rs79,033 crore) in H1 2022-23, up from USD 9.3 billion (Rs68,746 crore) in H1 2021-22.

In terms of new technology, electric vehicles accounted for approximately 1% of total auto component industry turnover.

According to ACMA, the aftermarket segment increased by 8% in H1 2021-22, to Rs42,007 crore (USD 5.4 billion) from Rs38,895 crore (USD 5.3 billion).

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