These were some of the findings of the Industry Performance Review for the fiscal year2019-20 announced by the Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s auto component manufacturing industry.
Vinnie Mehta, Director General, ACMA said, “The overall vehicle industry witnessed a severe downturn in 2019-20that saw its sales slump by 18%. The component industry, in tandem, posted a subdued performance with degrowth of 11.7 per cent over the year, registering a turnover ofRs.3.49 lakh crore (USD 49.2 billion).”
He said the Auto Component Aftermarket at Rs.69,381 crore (USD 9.8 billion) remained stable while sales to OEMs in the domestic market at Rs.2.87 lakh crore (USD 40.5 billion) declined 17 per cent. Both Imports and exports declined by 11.4 per cent and 3.2 per cent respectively; Imports stood at Rs. 1.09 lakh crore (USD 15.4 billion), while exports at Rs. 1.02 lakh crore (USD 14.5 billion).
Deepak Jain, President, ACMA said, “The automotive industry faced a prolonged slowdown in FY 2019-20 with vehicle sales in all segments plummeting significantly. Subdued vehicle demand, investments made for transition from BSIV to BSVI, liquidity crunch, lack of a clarity on policy for electrification of vehicles and slow-down in key export markets, among others, had an adverse impact on the performance of the components sector in India as also on its expansion plans”.
This story is from the September 2020 edition of Motown India.
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This story is from the September 2020 edition of Motown India.
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