Auto-components industry grew 34.8% to ₹2.65 lakh crore in H1 FY23: ACMA

North America accounted for 33% of the total exports, an increase of 12%. Europe and Asia's shares stood at 30% and 26%, respectively — a rise of 4% and 11%, respectively.

India's auto components industry witnessed a 34.8% growth to ₹2.65 lakh crore in first-half of 2022-23, riding on domestic demand, particularly from the passenger vehicles segment, the Automotive Component Manufacturers Association of India said on Wednesday.

During the period, exports of components grew by 8.6% to $10.1 billion (₹79.03 lakh crore), while imports climbed 17.2% to $10.1 billion (₹79.8 lakh crore), Automotive Component Manufacturers Association of India (ACMA) said.

"We've seen great growth come out of passenger cars and commercial vehicles... The festive season was very positive for two-wheelers, and we hope that two-wheelers will be back on the growth track, like they have been in the past," ACMA President Sunjay Kapur told reporters in a virtual conference.

He further said moderation in the supply-side issues, such as availability of semiconductors, high input raw-material costs and non-availability of containers, also helped in the growth witnessed in the first half of the ongoing fiscal.

ACMA Director General Vinnie Mehta said, "In the first half, 47% of our revenue to the supply to the OEMs, which is $28.6 billion, came from passenger vehicles. Interestingly, in the first half of last fiscal, the passenger vehicles accounted for about 38%of our revenue from the OEM".

There has been a demand shift towards SUVs, and the value proposition has also been enhanced, he added.

However, he said as the two-wheeler industry was under pressure, it accounted for about 18% of the revenue against 21% in the first half of the last fiscal.