Powered by: Motilal Oswal
2024-12-13 11:50:22 am | Source: Accord Fintech
Automotive components industry grows 11% in H1FY25: ACMA

Automotive Component Manufacturers Association of India (ACMA) has said that the automotive components industry grew 11 per cent year-on-year to Rs 3.32 lakh crore in the first half of the current fiscal (H1FY25). The turnover of the automotive component industry in the April-September period of last fiscal stood at Rs 2.98 lakh crore. It said exports grew by 7 per cent to $11.1 billion (Rs 93.34 lakh crore) while imports grew by 4 per cent to $11 billion (Rs 92.05 lakh crore) with $150 million in surplus. It noted that the aftermarket, estimated at Rs 47,416 crore, also witnessed a growth of 5 per cent year-on-year. Similarly, component supplies to OEMs in the domestic market grew by 11 per cent year-on-year to Rs 2.83 lakh crore.

ACMA President Shradha Suri Marwa said with vehicle sales across all segments reaching pre-pandemic levels and despite geopolitical challenges on the exports front, the auto components sector witnessed a steady growth in both domestic and international markets in the first half of FY2024-25. She also said the festive season brought significant sales across most segments of the vehicle industry. However, she said reflecting on the past eight months of this fiscal year, while two-wheelers have shown promising growth, sales of passenger vehicles and commercial vehicles have been relatively moderate. 

On the exports front, she said with geological challenges, delivery time and freight costs have once again gone up. That said, in value terms, the industry remains in robust health, signalling stability and resilience amidst evolving market dynamics. She added that the components industry continues to make investments for purposes of higher value addition, technology upgradation and localisation to stay relevant to both domestic and international customers. 

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here
Latest News
Denta Water and Infra Solutions coming with IPO to r...

Aditya Birla SL AMC announces appointment of key per...

Baroda BNP Paribas MF introduces Energy Opportunitie...

RBI likely to announce significant changes to Liquid...

PNB MetLife, Truhome Finance (formerly known as Shri...

Global companies likely to be affected by Donald Tru...

Skydo receives RBI In-Principle Authorization to Ope...

Grade A warehousing stock surges 170 pc in India in ...

IDBI Bank Limited - Financial Results for the Quart...

Quick-commerce to remain hot sector for VC investmen...