Premium product lines to drive Spark Minda's future growth

Spark Minda Group is betting big on the upward transformation and electrification of vehicles across segments to be multiplying its revenues in the mid- to long-term tenure.

- Mayank Dhingra.

Noida-based Spark Minda Group which has registered strong growth of about 25-28 percent in Q2 of FY22-23 in its domestic business is eyeing revenues multiplying in the coming years with the premiumisation of various product lines it offers.

The Group’s flagship company — Minda Corporation — is currently adapting to the rapid transformation in the automotive industry and is focusing on technology and innovation particularly in electronics. Electronic is expected to form the foundation of its vision of becoming a full-systems solutions provider from a traditional components supplier.

The company sees premiumisation of its key product lines such as locks for two- and four-wheelers, door handles as well as instrument clusters for passenger vehicles giving a fillip to revenues in the coming years. As per the Group, while the traditional mechanical key is increasingly giving way to a keyless-entry key fob system in both passenger cars and two-wheelers, it is also seeing significant innovation in the form of remote, mobile-based vehicle accessibility solutions getting developed.