Auto component industry turnover up 10% at Rs 6.14 trn in FY24: ACMA

The turnover of the automotive component industry rose by 9.8 per cent year-on-year to Rs 6.14 lakh crore for the fiscal ended March 31, 2024, industry body ACMA said on Thursday.

The industry had reported a turnover of Rs 5.59 lakh crore in the 2022-23 financial year.

Component supply to OEMs (original equipment manufacturers) in the domestic market grew by 8.9 per cent to Rs 5.18 lakh crore, with supply to the EV manufacturing industry accounting for 6 per cent of the total component production in the country, the Automotive Component Manufacturers Association of India (ACMA) stated.

Exports grew by 5.5 per cent year-on-year to USD 21.2 billion in the last fiscal while imports grew by 3 per cent to USD 20.9 billion, thus resulting in a trade surplus of USD 300 million, it stated.

The aftermarket, estimated at Rs 93,886 crore, also witnessed a growth of 10 per cent in FY24, ACMA said.

"It is pertinent to note that apart from an increase in vehicle production, higher value additio