Key Points
NEW DELHI : Indias auto parts makers generated a revenue of 2.98 trillion ($36.1 billion) in the first half this fiscal year, driven by robust demand from automotive original equipment manufacturers (OEMs) and a slight increase in exports despite high inflation in the western markets..
Data released by Automotive Component Manufacturers Association of India (ACMA), the countrys apex body of auto parts makers, said that exports of auto components grew marginally by 2.7% to $10.4 billion ( 85,870 crore), while imports rose 3.6% to $10.6 billion ( 87,420 crore)..
The second half of the year also looks like a double-digit growth in the auto components space, leading to an overall strong year for the sector..
Auto component sales to OEMs in the domestic market grew 13.9% to 2.54 trillion ($30.8 billion), led by an increase in the consumption of value-added components and a market shift towards larger vehicles, both in the passenger vehicle and commercial vehicle segments..
In terms of exports, the sector saw an overall increase of 2.7%, with North America and Europe each accounting for 33% of the overseas shipments..
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