The auto component industry expects to maintain double-digit sales growth in the current fiscal after having reported its highest-ever turnover in FY22, with demand expected to remain robust. As per the Automotive Component Manufacturers Association (ACMA), the sector reported a turnover of Rs 4.2 lakh crore last fiscal, a growth of 23 percent over 2020-21, as passenger and commercial vehicle production increased by 20 percent and 30 percent respectively due to increased demand and fewer supply chain disruptions.
Auto component sales to original equipment manufacturers (OEMs) in the domestic market stood at Rs 3.41 lakh crore last fiscal, up 22 percent as compared to FY21. Similarly, exports of auto components witnessed a growth of 43 percent to Rs 1.41 lakh crore (USD 19.0 billion) in 2021-22, as against Rs 0.98 lakh crore (USD 13.3 billion) in 2020-21.
“If the growth trend continues, we have no reason to believe it won’t,” ACMA President Sunjay Kapur told.
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