India`s auto components industry likely to grow around 10-15% in FY24: ACMA
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Automotive Component Manufacturers Association of India (ACMA) has said that India's auto components industry is expected to grow around 10-15 per cent in FY24, driven by both domestic and export market demand despite fears of recession in major markets of US and Europe.
It further said the auto components industry which clocked a turnover of $56.5 billion in FY22 with a growth of 23 per cent over the previous year is expected to end FY23 with a growth of 15 per cent. The domestic components industry stands to gain from the manufacturing of components for internal combustion engines (ICE) moving to India as the major Western markets of US and Europe migrate towards electric vehicles.
ACMA Director General Vinnie Mehta said ‘in the first nine months that have gone by, that is until December 2022, our export and import continue to be really very well balanced and they are both at $15.1 billion.' He also said ‘we are wary of the fact of the headwinds because of recessionary trends in Europe and the US. Despite these trends, we feel that our exports are growing in the expected trajectory. We haven't found any slowdown happening in exports. Also imports, because the domestic market has picked up quite strongly.’
