The Indian auto component industry has recorded a turnover of ₹3.32 lakh crore (USD 39.6 billion) in the first half (H1) of fiscal year 2024-25, reflecting an 11.3 per cent increase compared to the same period in the previous fiscal year.
According to Vinnie Mehta, Director General of ACMA, the industry’s growth was driven by strong demand across Original Equipment Manufacturers (OEMs), exports, and the aftermarket. Supplies to OEMs in the domestic market grew by 11.2 per cent to ₹2.83 lakh crore (USD 33.8 billion), bolstered by a preference for high-value components and more powerful vehicles.
Exports
Exports also experienced a 7 per cent rise, reaching USD 11.1 billion (₹93,342 crore), with North America and Asia contributing significantly. The aftermarket segment showed a steady 5 per cent growth, totaling ₹47,416 crore (USD 5.7 billion), partly due to increasing e-commerce penetration in rural areas.
Despite geopolitical headwinds, exports grew steadily. North America accounted for 31 per cent of exports with an 8.3 per cent rise, while Asia saw a 10 per cent increase, contributing 22 per cent of exports. Europe, which also holds a 31 per cent share, remained flat compared to last year.
Imports
Imports of auto components rose by 4 per cent to USD 11 billion (₹92,050 crore). Asia dominated the import market, accounting for 65 per cent of total imports, with a growth of 5.5 per cent. Europe contributed 27 per cent with a modest 3.2 per cent growth, while imports from North America declined by 8.3 per cent.
Aftermarket Sector
The aftermarket sector, now valued at ₹47,416 crore (USD 5.7 billion), demonstrated a 5 per cent growth. The rise of e-commerce has led to deeper market penetration in rural areas and a gradual shift towards a more organised framework.
Industry Outlook
Shradha Suri Marwah, President of ACMA and CMD of Subros, highlighted the industry's resilience despite geopolitical challenges and fluctuating vehicle sales. While passenger vehicles (PVs) and commercial vehicles (CVs) showed moderate growth, two-wheelers witnessed a promising surge.
Looking ahead, the sector is focusing on investments in value addition, technology upgrades, and localisation to cater to both domestic and international markets. Marwah expressed optimism, noting, “The industry remains in robust health, signaling stability amidst evolving market dynamics.”
Key Statistics from H1 FY2024-25
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