Indian Auto parts Sector Turnover Rises 9.8% to INR 6.14 lakh cr in FY24

ACMA has announced that the Indian auto component industry recorded a turnover of INR 6.14 lakh crore (USD 74.1 billion) in FY24, showing a growth of 9.8% from the previous year. Consistent vehicle production, a robust aftermarket, and higher exports are the reasons for this growth.

Vinnie Mehta, Director General of ACMA, said, "On the back of steady vehicles’ production in the country, a robust aftermarket and growth in exports, the auto component industry grew to INR 6.14 lakh crore (USD 74.1 billion) registering 9.8% growth in FY24, thus outpacing the turnover of INR 5.59 lakh crore in the previous fiscal. Component supply to OEMs in the domestic market grew by 8.9% to INR 5.18 lakh crore, with supply to the EV manufacturing industry accounting for 6% of the total component production in the country. Exports grew by 5.5% to USD 21.2 billion while imports grew by 3% to USD 20.9 billion, thus resulting in a trade surplus of USD 300 million. The Aftermarket, estimated at INR 93,886 crore, also witnessed growth of 10%."

The yearly report noted that sales of auto components to domestic original equipment manufacturers (OEMs) increased by 8.9% to INR 5.18 lakh crore (USD 62.4 billion). The rise was caused by increased consumption of value-added parts, a focus on local production, and a shift in market preference towards bigger, more robust vehicles.