Auto Components Market Recovers to Pre-Pandemic Levels

The Indian auto parts and vehicle components trade upwardly by 11.3 Pc to INR 3,32,332 Cr. ($39.6 B) in the FY24 first half (April-September 2024), against a similar time of FY24. This data was collected from the Industry Performance Review for the period 2024-25 of the Automotive Component Manufacturers Association of India.

Addressing the performance, Vinnie Mehta, Director General of ACMA, noted, “With vehicle sales and exports displaying steady performance, the auto component industry demonstrated a growth of 11.3 percent scaling a turnover of Rs. 3.32 lakh crore ($39.6 billion) in the first-half of FY 2024-25.” He also mentioned that the overall supply of auto parts to the entire stratum of the market: from OEMs to exports and the aftermarket, remained stagnant.

According to ACMA, components exported to OEMs in the domestic market have increased by 11 percent YOY to Rs 283000 crore ($33.8 billion) during the F1H of FY 2024-25. The aftermarket, which currently stands at Rs 47,416 crore ($5.7 billion), rose by 5 percent yoy from Rs 45,158 crore ($5.5 billion) in H1FY24.

Speaking about the performance of the auto component industry, Shradha Suri Marwah, who is the President of ACMA and the CMD of Subros, mentioned, “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 the international markets in the first-half of FY2024-25.”