Vinnie Mehta, director normal, ACMA, stated, “On the again of serious automobile gross sales within the nation, a strong aftermarket and regular exports, the auto part business demonstrated its greatest ever efficiency in FY23. Exports grew 5.2% to Rs 1.61 lakh crore ($20.1 billion) whereas imports grew by practically 11% to Rs 1.63 lakh crore ($20.3 billion).” The aftermarket, estimated at Rs 85,333 crore, additionally witnessed a gradual progress of 15% whereas part gross sales to automobile makers within the home market grew by 39.5% to Rs 4.76 lakh crore.
Sunjay Kapur, president, ACMA & chairman, Sona Comstar added, “Aside from progress in automobile gross sales, important larger worth addition from the part sector has led to its efficiency in FY23. There was regular progress in exports regardless of recessionary developments in Europe and the US that are key export locations for the auto elements business. Sturdy rebound in automobile gross sales within the home market led to a sharper rise in imports that has translated right into a commerce deficit this yr.”
The rebound within the home passenger automobile market and important mitigation within the supply-side problems with availability of semiconductors, enter raw-material prices and logistics, signifies that “the automobile business is anticipated to proceed to carry out nicely in FY24, which augurs nicely for the auto elements sector,” he added. In exports, America accounted for 32% of exports and noticed a progress of 8%. Europe accounting for 31% and Asia for 26% grew 3% and 4% respectively.
