The EV market in India is witnessing steady growth for the last two year. In FY 22-23, 1.15 million EVs were sold registering over 100% growth. As the EV market attains critical scale, the opportunity for components manufacturers to supply to EV and Charging Infrastructure industry is also gaining ground. That apart, there is a significant opportunity for Indian components manufacturers for export in this segment as well.
It is in this context that ACMA is organizing the 4th edition of its Global Summit & Exhibition on EVs - Transforming Mobility on 26th to 27th February 2024, at the Manekshaw Center, New Delhi.
Global players in the e-mobility segment from Germany, Korea, Taiwan, UK among others have also been invited to be a part of this event.
The event will also witness eminent leaders from the industry discuss the roadmap and landscape of electric mobility in India.
The Automotive Component Manufacturers Association of India (ACMA) is a apex body representing India's Component Industry. It boasts a membership exceeding 850 manufacturers, contributing to more than 85% of the auto component industry's total turnover. ACMA proudly holds ISO 9001:2015 certification.
ACMA's primary mission revolves around stimulating growth, job creation, and economic prosperity. Through its relentless dedication to research & development initiatives, ACMA ensures that India maintains a leading position in global automotive component manufacturing.
With its continually expanding network, ACMA empowers businesses by providing invaluable resources, industry insights, and opportunities for collaborative endeavours. The organization plays an indispensable role in shaping policies and regulations that nurture an environment conducive to sustainable growth.
India's automotive industry is a vital sector, contributing 49% to the country's manufacturing GDP, 7.5% to the overall GDP, and supporting approximately 38 million jobs. Despite challenges like chip shortages, overbooking, fuel price-induced inflation, and rising commodity prices, the overall industry is valued at $150 billion.
In the fiscal year 2022-23, on the back of strong vehicle sales, a robust aftermarket, and growing exports, the auto component industry achieved unprecedented success. It reached a size of Rs. 5.60 lakh crore (USD 69.7 billion), recording a remarkable growth of 32.8%, surpassing the previous high turnover of Rs. 4.20 lakh crore in FY21-22. Exports increased by 5.2% to Rs. 1.61 lakh crore (USD 20.1 billion), while imports grew by 10.9% to Rs. 1.63 lakh crore (USD 20.3 billion). The Aftermarket, estimated at Rs. 85,333 crores, also saw steady growth, registering a 15% increase. Auto component sales to OEMs in the domestic market surged by 39.5% to Rs. 4.76 lakh crore.
This growth in domestic auto component sales to OEMs, reaching Rs. 4.76 lakh crores (USD 59.3 billion), reflects a 39.5% increase compared to the previous year. The demand for higher-value components and a shift towards larger, more powerful vehicles contributed to this growth.
In 2022-23, exports of auto components grew by 5.2% to Rs. 1.61 lakh crore (USD 20.1 billion) compared to Rs. 1.41 lakh crore (USD 19.0 billion) in 2021-22. North America accounted for 32% of exports, with an 8% growth, while Europe (31%) and Asia (26%) saw 3% and 4% growth, respectively. Key export items included drive transmission and steering, engine components, body/chassis, suspension, and braking systems.
Domestic market traction also led to an increase in component imports into India, growing by 10.9% in 2022-23 to Rs. 1.63 lakh crore (USD 20.3 billion) from Rs. 1.36 lakh crore (USD 18.3 billion) in 2021-22. Asia represented 66% of imports, followed by Europe (26%) and North America (6%), with growth rates of 12%, 6%, and 23%, respectively.
Post-pandemic, increased vehicle movement and demand for used vehicles boosted the aftermarket across all segments. The aftermarket turnover in FY 2022-23 reached Rs. 85,333 crore (USD 10.6 billion), compared to Rs. 74,203 crore (USD 10.0 billion) in the previous year.
ACMA plays a crucial role in the industry's development in India, actively engaging in trade promotion, technology enhancement, quality improvement, and information dissemination. It participates in international trade fairs, sends trade delegations overseas, and publishes materials on various automotive industry-related subjects.
ACMA also contributes to manufacturing advancements by offering skills training and mentoring through cluster programs and special projects such as 'Asset Turnover Improvement,' 'Uptime Improvement,' 'Zero Defect Quality,' and 'Sustainable Manufacturing,' among others. Additionally, ACMA is well-represented on various government panels, committees, and councils, helping shape policies and regulations for the Indian automotive industry.
For information exchange and cooperation in trade matters, ACMA has signed Memoranda of Understanding (MoUs) with counterparts in multiple countries, including Argentina, Australia, Brazil, Canada, Egypt, France, Germany, Hungary, Iran, Italy, Japan, Kazakhstan, Malaysia, Mexico, Nigeria, Pakistan, Poland, Russia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Taiwan, Thailand, Tunisia, Turkey, the UK, Italy, the USA, and Uzbekistan.
You can find more information and data about the Indian automotive industry on the ACMA