Turnover of Indian auto component industry at Rs 1.96 lakh crore

The Automotive Component Manufacturers Association of India (ACMA) told the media that the turnover of the industry stood at Rs 1.96 lakh crore during April-September, with 65% growth over the first half (H1) of 2020. Exports increased by 76% to Rs 68,746 crore in H1 2021-22 from Rs 39,003 crore in H1 2020-21. President of ACMA, Sunjay Kapur, said that despite a slow offtake in the sales of vehicles in the first quarter (Q1) due to supply issues, the auto component industry witnessed a remarkable turn-around in H1 2021-22. Europe accounted for 31% of exports, witnessed a growth of 81%, while North America and Asia accounting for 32% and 25%, witnessed 81% and 73% growth, respectively. Imports increased by 71% from Rs 37,710 crore in H1 2020-21 to Rs 64,310 crore in H1 2021-22. Asia, with the highest imports of 63%, while Europe and North America with 29% and 7%, respectively. Imports witnessed a steep rise, showing growth in domestic manufacturing. The aftermarket during H1 2021-22 witnessed 25% growth to Rs 38,895 crore from Rs 31,116 crore in H1 2020-21. Image Source