Auto parts industry grows 11% to Rs 3.32 lakh crore in April-September: ACMA
The auto parts industry grew 11 percent year-on-year to Rs 3.32 lakh crore in the first half of the current fiscal, industry body ACMA said on Thursday. The profit of the auto parts industry in the April-September period of the last fiscal stood at Rs 2.98 lakh crore.
“With auto sales across all segments reaching pre-pandemic levels and despite the country’s challenges in terms of exports, the auto component industry has witnessed sustained growth in the domestic and international markets in the first half of FY2024-25,” Automotive Component Manufacturers Association of India President (ACMA) Shradha Suri Marwah said.
He said the holiday season brings big sales in many parts of the auto industry. “However, if we look at the last eight months of this financial year, while two-wheelers have shown promising growth, sales of passenger cars and commercial vehicles have been at a low level,” he added.
On the export side, with geological challenges, delivery time and freight costs have also increased, Marwah said. .
The parts industry continues to invest for the purposes of higher value addition, technology development and localization to remain viable for local and international customers, Marwah said.
ACMA Director General Vinnie Mehta said that with auto sales and exports showing stable performance, the auto parts industry has shown a growth of 11.3 percent posting a profit of Rs 3.32 lakh crore in the first half of FY 2024-25.
The Auto segment caters to all segments — OEMs (original equipment manufacturers), exports as well as the aftermarket remains strong, he added.
Exports grew by 7 percent to $11.1 billion (Rs 93.34 lakh crore) while imports grew by 4 percent to $11 billion (Rs 92.05 lakh crore) with a surplus of Rs. -150, said the industry association.
The aftermarket, estimated at Rs 47,416 crore, also saw a growth of 5 percent year-on-year, it added. Similarly, supplies by OEMs in the domestic market grew by 11 percent year-on-year to Rs 2.83 lakh crore, ACMA said.
