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The Automotive Component Manufacturers Association of India (ACMA) has said India's auto components industry witnessed a 34.8 per cent growth to Rs 2.65 lakh crore in first-half of current financial year (H1FY23), riding on domestic demand, particularly from the passenger vehicles segment.  It highlighted during the period, exports of components grew by 8.6 per cent to USD 10.1 billion (Rs 79.03 lakh crore), while imports climbed 17.2 per cent to USD 10.1 billion (Rs 79.8 lakh crore).

ACMA President Sunjay Kapur said ‘We've seen great growth come out of passenger cars and commercial vehicles... The festive season was very positive for two-wheelers, and we hope that two-wheelers will be back on the growth track, like they have been in the past.’ Further, he said moderation in the supply-side issues, such as availability of semiconductors, high input raw-material costs and non-availability of containers, also helped in the growth witnessed in the first half of the ongoing fiscal.

Besides, ACMA Director General Vinnie Mehta said ‘In the first half, 47 per cent of our revenue to the supply to the OEMs, which is USD 28.6 billion dollars, came from passenger vehicles. Interestingly, in the first half of last fiscal, the passenger vehicles accounted for about 38 per cent of our revenue from the OEM.’ He added there has been a demand shift towards SUVs, and the value proposition has also been enhanced.