Indian automotive components industry has registered a turnover of Rs. 4.20
lakh crore (USD 56.5 billion) for the period April 2021 to March 2022,
registering a growth of 23 per cent over the previous year.
was stated by the Automotive Component Manufacturers Association of India
(ACMA), the apex body representing India’s Auto Component manufacturing
industry in its findings of its Industry Performance Review for the fiscal year
Mehta, Director General, ACMA said, “Despite the supply-side issues, as vehicle
sales and exports gradually gained traction, month-on-month, the auto component
industry demonstrated a remarkable performance in FY2021-22. Significant growth
was witnessed across all segments including supply to OEMs, exports as also the
aftermarket. In this backdrop the component industry sized-up to Rs. 4.20 lakh
crore (USD 56.5 billion) registering 23 per cent growth, thus outpacing its highest
ever turnover of Rs.3.95 lakh crore in FY18-19. Exports grew by 43 per cent to
Rs.1.41 lakh crore (USD 19.0 billion) while imports grew by 33 percent to
Rs.1.36 lakh crore (USD 18.3 billion) leading to trade surplus of USD 700
million. The Aftermarket, estimated at Rs. 74,203 crore also witnessed a steady
growth of 15 per cent. Component sales to OEMs in the domestic market grew by
22 per cent to Rs.3.41 lakh crore.”
his insights on the performance of the industry, Sunjay Kapur, President, ACMA
& Chairman, Sona Comstar said, “Whilst the automotive value-chain faced
significant disruptions over the last two years in wake of the pandemic,
vehicle sales, especially in the PV, CV and tractor segments now seem to have
reached the pre-pandemic levels. Of late, there has been some moderation in the
supply-side issues of availability of semiconductors, input raw-material costs
and availability of containers. Increased value-addition to meet regulatory
compliance, fast recovery in external markets and traction in the domestic
market, both OEMs and aftermarket have contributed to the remarkable growth of
the auto components sector in FY 2021-22.”
on the mood of the industry and outlook for the near future, Kapur mentioned,
“Going forward, with a slew of new launches, vehicle sales are expected to gain
traction during the festive season. Further, increased focus by the auto
industry on deep-localisation and the announcements of the PLI schemes by the
Government on Advanced Chemistry Cell (ACC) batteries and auto & auto
components will facilitate the creation of a state-of-the-art automotive value
chain and aid in developing India into an attractive alternative source of
high-end auto components. The component industry is also transforming itself as
sales of two-wheeler and three-wheeler EVs gain traction. I am hopeful that the
buoyancy in the market will continue through the year and that FY22-23 will
witness a healthy performance.”
offtake of two-wheelers, increase in cost of insurance, high inflation,
excessive fuel cost and extreme logistics costs are some of the issues of
concern to the industry and do need urgent Government attention”, added Kapur.
Key findings of the ACMA Annual Industry Performance
Review for 2021-22:
Sales to OEMs: Auto Component sales
to OEMs, in the domestic market, at Rs.3.41 lakh crore (USD 45.8 billion), grew
22 per cent compared to the previous year. Enhanced raw material prices,
consumption of increased value-added components and shift in market preference towards
larger and more-powerful vehicles contributed to the increased turnover of the
•Exports: Exports of auto components
witnessed growth of 43 per cent to Rs.1.41 lakh crore (USD 19.0 billion) in
2021-22 in contrast to Rs.0.98 lakh crore (USD 13.3 billion) in 2020-21. North
America accounting for 32 per cent of exports, saw a growth of 46 percent.
Europe accounting for 31 per cent and Asia for 25 per cent grew 39 per cent and
40 per cent respectively.
key export items included drive transmission & steering, engine components,
Body/Chassis, Suspension & Braking etc.
•Imports: Traction in the domestic
market also reflected on imports of component into India. Component imports
grew by 33 per cent in 2021-22 to Rs.1.36 lakh crore (USD 18.3 billion) from
Rs.1.02 lakh crore (USD 13.8 billion) in 2020-21. Asia accounted for 65 per
cent of imports followed by Europe and North America at 27 per cent and 7 per
cent respectively. Imports from Asia grew 30 per cent, while those from Europe
by 39 per cent and from North America by 36 per cent.
Aftermarket: Increased movement of
vehicles post-pandemic and surge in demand for used- vehicles led to buoyancy
in the aftermarket, across all segments. The turnover of the aftermarket in FY
2021-22 stood at Rs. 74,203 crore (USD10.0 billion) compared to Rs.64,524 crore
(USD 8.7 billion) in the previous year.
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