Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s Auto Component manufacturing industry has announced the findings of its Industry Performance Review for the first half of fiscal 2022-23.
As per the findings, the turnover of the automotive component industry stood at Rs.2.65 lakh crore (USD 33.8 billion) for the period April 2022 to September 2022, registering a growth of 34.8 per cent over the first half of the previous year.
Vinnie Mehta, Director General, ACMA said, “Steady growth was witnessed in all segments – supply to OEMs, Exports as also the aftermarket. Exports grew by 8.6 percent to USD 10.1 billion (Rs.79.03 lakh crore) while imports grew by 17.2 percent to USD 10.1 billion (Rs.79.8 lakh crore). The Aftermarket, estimated at Rs. 42,007 crore also witnessed a growth of 8 percent. Component sales to OEMs in the domestic market grew by 46 percent to Rs.2.23 lakh crore”.
“There has been demand shift towards the SUVs and the value proposition has also been enhanced,” Mehta added.
Key findings of the ACMA Industry Performance Review for H1 2022-23:
Exports of auto components grew by 8.6 percent to USD 10.1 billion (Rs.79,033 crore) in H1 2022-23 from USD 9.3 billion (Rs 68,746 crore) in H1 2021-22. North America accounting for 33 per cent of exports, saw an increase of 12 percent, while Europe and Asia, accounting for 30 per cent and 26 per cent respectively also registered increase of 4 and 11 per cent respectively.
Imports of auto components grew by 17.2 per cent from USD 8.7 billion (Rs.64,310 crore) in H1 2021-22 to USD 10.1 billion (Rs.79,815 crore) in H1 2022-23. Asia accounted for 65 per cent of imports followed by Europe and North America, with 26 per cent and 8 per cent respectively. Imports from Asia grew by 21 per cent, from Europe by 6 per cent and from North America by 29 per cent.
The aftermarket in H1 2022-23 witnessed a growth of 8 per cent to Rs 42,007crore (USD 5.4 billion) from Rs.38,895 crore (USD 5.3 billion) in H1 2021-22.