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Record $70 bn revenue for auto parts makers
Mint Mumbai
|August 08, 2023
Automotive parts suppliers saw a 33% increase in sales to OEMs in FY23
India's automotive components sector saw a record turnover of $69.7 billion in 2022-23, driven by a significant rise in demand for high value-added components for the domestic market, data released on Monday by apex auto components industry body Automotive Component Manufacturers Association of India (ACMA) showed. The growth was despite a moderation in exports to North America and Europe, as fears of inflation weighed on demand in those regions.
In FY23, automotive parts suppliers saw a 32.8% increase in sales to original equipment manufacturers (OEMs) to nearly $70 billion, reflecting a shift in preference for larger, high-powered vehicles across segments sport utility vehicles (SUVs) in the passenger vehicles space, medium and heavy commercial vehicle, and high-capacity, premium motorcycles and scooters, said ACMA.
This story is from the August 08, 2023 edition of Mint Mumbai.
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