The automotive components industry in India is a vital segment of the nation's manufacturing sector, contributing significantly to economic growth and industrial development. In the fiscal year 2023-24, the industry achieved a turnover of approximately $73.1 billion, marking a 9.8% increase from the previous year.
This growth is driven by consistent vehicle production, a robust aftermarket, and rising exports. The sector is projected to grow at an estimated 14% during FY2024-28, potentially reaching $111 billion by 2028.
India's auto components industry has also established itself as a global manufacturing hub, with exports reaching $21.2 billion in FY 2023-24, reflecting a 5.5% growth.
The industry's emphasis on research and development has fostered innovation, enhancing its competitiveness in the global market.
The Automotive Component Manufacturers Association of India (ACMA) plays a pivotal role in this transformation, championing innovation, sustainability, and inclusivity. ACMA's efforts are positioning the Indian auto components industry as a vital player in the global mobility landscape.
Overall, the Indian automotive components industry is on a steady upward trajectory, contributing significantly to the country's economic growth and establishing itself as a key player in the global automotive supply chain.