Auto components industry to grow 10-15 pc in FY24

09 Mar 2023 CW Team

Notwithstanding concerns about a recession in the US and Europe's major markets, India's auto component sector is predicted to increase by between 10 and 15% in FY24, supported by both domestic and export market demand, the Automotive Component Manufacturers Association of India stated on Monday. The auto components sector is anticipated to complete FY23 with a gain of 15% after clocking a USD 56.5 billion in revenue in FY22, an increase of 23% over the prior year.

As the major Western markets of the US and Europe move towards electric vehicles, the domestic component sector stands to benefit from the outsourcing of the production of ICE components to India.

"Our export and import continue to be really, really well balanced and they are both at USD 15.1 billion in the first nine months that have passed, that is until December 2022," Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta told reporters in an interaction here on the sidelines of an event organised by the industry body.

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