It has been a good year for the Indian automotive components industry in India with it registering a growth of 18.3 per cent in FY2017-18. Overall, the Indian automotive component industry had a turnover of ₹ 3.45 lakh crore or $ 51.2 billion, during the said period. Also, the exports from the industry grew by 23.9 per cent, bringing in about ₹ 90,571 crore. The Indian auto components aftermarket industry grew by 9.8 per cent, with an increase of ₹ 61,601.
Commenting on the performance of the auto component industry in India, Vinnie Mehta, Director General, ACMA said, “The year gone by witnessed an upswing in the overall performance of the vehicle industry, despite it facing several regulatory challenges. The component industry, in tandem, posted an encouraging performance with significant growth of 18.3 percent over the previous fiscal, registering a turnover of ₹ 3,45,635 crore (USD 51.2 billion). Further exports, grew by 23.9 per cent in FY 2017-18 to ₹ 90,571 crore (USD 13.5 billion)”.
The Indian components industry contributed 4.3 per cent to the overall GDP of the country and had a share of 4 per cent in India’s total exports in FY2017-18. Europe accounted for 34 per cent of the exports with North America and Asia having a share of 28 per cent and 25 per cent respectively. The key export items were drive transmission and steering, engine components, body/chassis, suspension and braking etc.
Similarly, the imports of the industry grew by 17.8 per cent to ₹ 1, 06,672 crore or $ 15.9 billion. The biggest share of imports were done from Asia, accounting for 60 per cent and Europe accounting for 30 per cent while North America had a share of 8 per cent of our imports respectively.