India’s auto components industry is expected to grow around 10-15 per cent in FY24, driven by both domestic and export market demand despite fears of recession in major markets of US and Europe, Automotive Component Manufacturers Association of India said on Monday. The auto components industry which clocked a turnover of USD 56.5 billion in FY22 with a growth of 23 per cent over the previous year is expected to end FY23 with a growth of 15 per cent.
The domestic components industry stands to gain from the manufacturing of components for internal combustion engines (ICE) moving to India as the major Western markets of US and Europe migrate towards electric vehicles.
“In the first nine months that have gone by, that is until December 2022, our export and import continue to be really very well balanced and they are both at USD 15.1 billion,” Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta told reporters in an interaction here on the sidelines of an event organised by the industry body
