Exports grew by 5.5 per cent year-on-year to USD 21.2 billion in the last fiscal while imports grew by 3 per cent to USD 20.9 billion, thus resulting in a trade surplus of USD 300 million, it stated.
The aftermarket, estimated at Rs 93,886 crore, also witnessed a growth of 10 per cent in FY24, ACMA said.
“It is pertinent to note that apart from an increase in vehicle production, higher value addition from the component sector has led to growth in the auto components sector,” ACMA President Shradha Suri Marwah noted.
Whilst overall merchandise exports from India witnessed degrowth in FY24, auto components exports have grown despite geopolitical challenges and there is an increase in logistics costs, she added.
“That apart, growth in imports has been comparatively lesser, leading to a trade surplus, indicating thrust by the industry on front of localisation,” Marwah said.
On the business outlook, she stated that steady growth in the vehicle industry has resulted in the industry reaching pre-pandemic levels of performance in FY24 in most segments.
However, the first quarter of FY25 witnessed somewhat slower offtake in vehicle sales, especially in passenger vehicles and commercial vehicles, given the high base, due to inclement weather conditions and elections, she added.
“With strong macro-economic indicators, conducive government policies and over 7 per cent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in FY25,” Marwah stated.
ACMA represents over 900 auto component manufacturers.