India's auto component manufacturing industry grew 65% during H1 2021

Automotive Component Manufacturers Association of India (ACMA), the apex body representing India's auto component manufacturing industry, on Tuesday announced that the turnover of the industry stood at Rs 1.96 lakh crore for the period April 2021 to September 2021, registering a growth of 65 per cent over the first half of the previous year.

Exports of auto components grew by 76 per cent to Rs 68,746 crore in the first half of 2021-22 from Rs 39,003 crore in the first half of 2020-21.

Europe accounting for 31 per cent of exports, saw an increase of 81 per cent, while North America and Asia, accounting for 32 per cent and 25 per cent respectively also registered increase of 81 and 73 per cent respectively.

"Despite the slow offtake in vehicles sales due to supply side issues, especially in the first quarter, the auto component industry demonstrated a remarkable turn-around in the first-half of FY 2021-22. With significant growth in all segments -- supply to OEMs, exports as also the aftermarket, the component industry grew to Rs 1.96 lakh crore registering 65 per cent growth," Sunjay Kapur, President, ACMA, said in a statement.

Imports of auto components grew by 71 per cent from Rs.37,710 crore in the first half of 2020-21 to Rs 64,310 crore in the first half of 2021-22.

Asia accounted for 63 per cent of imports followed by Europe and North America, with 29 per cent and 7 per cent respectively. Imports from all geographies witnessed steep increase reflecting growth in domestic manufacturing activities.

The aftermarket in the first half of 2021-22 witnessed a growth of 25 per cent to Rs 38,895 crore from Rs 31,116 crore in the first half of 2020-21.