In line with the government's push to make India a key automotive manufacturing hub, the automotive components industry in India is confident that it will export more in 2024. 

Focusing on providing more and more opportunities to Indian auto components manufacturers in terms of exports, the Automotive Components Manufacturers’ Association (ACMA) has been helping them to participate in major auto shows the world over. It is also conducting B2B trade fairs such as iAutoConnect which took place in November 2023 in New Delhi, to ensure good international exposure.  

Clocking a 12.6 percent Y-o-Y growth in the first two quarters (H1) of FY2024, the Indian auto components industry, informed an ACMA source, is riding on a robust domestic demand as well as concentrating on exports to ensure stronger and sustainable growth. 

Reporting sales worth USD 36.1 billion in H1 FY2024 as against sales worth USD 33.9 billion during the same period last financial year, the source mentioned that auto component manufacturers are paying attention to significant value addition by adopting new technologies and bettering their agility to respond to the market requirements in the international as well as the home markets. 

Speaking at a press event in Delhi recently, ACMA President Shradha Suri Marwah averred that the auto component industry is mulling over investing around USD 7 billion over the next five years on capacity expansion and technology upgradation mainly because of the robust demand within the indigenous automobile industry, 

"The components industry continues to make investments for purposes of higher value-addition, technology upgradation, and localisation to stay relevant to both domestic and international customers. The industry is aiming to invest USD 6.5-7 billion in capex over the next five years as compared to USD 3.5-4 billion spent in the last five years. With good performance in sales across segments of the vehicle industry in the festive season, I am optimistic that the current fiscal year will witness another good performance from the auto components sector," Marwah noted.

Speaking on the growth, she iterated, “As vehicles sales started reaching pre-pandemic levels and supply-chain issues witnessed during the pandemic such as availability of semi-conductors, high input raw-material costs and non-availability of containers were mitigated, the auto components sector witnessed a steady growth in both domestic and the international markets in the first-half of FY2023-24.”

The findings of the apex body indicated that the auto component sales to OEMs in the domestic market stood at USD 30.8 billion registering a growth by 13.9 percent compared to the first half of the previous year. Consumption of increased value-added components and the shift in market preference towards larger and more powerful vehicles continued to contribute to the increased turnover of the auto-components sector.

Moreover, exports of auto components grew by 2.7 percent to USD 10.4 billion in H1 FY2024 from USD 10.1 billion in H1 FY2023. North America and Europe accounted for 33 percent of exports witnessing an increase of 2 and 12 percent respectively, while Asia accounted for 24 percent, witnessed a decline of 4 percent.

The imports grew by 3.6 percent from USD 10.2 billion in H1 FY202-23 to USD 10.6 billion in H1 FY2023-24. Asia accounted for 63 percent of imports followed by Europe and North America, with 27 percent and 9 percent respectively. Imports from Asia grew by 2 percent, from Europe by 8 percent and from North America by 2.5 percent.

The aftermarket also registered a modest growth in H1 FY2024 witnessing sales go up by 7.5 per cent to USD 5.5 billion from USD 5.4 billion in H1 FY2023.

Commenting on the performance of the auto component industry in India, ACMA Director General, Vinnie Mehta, said, “With vehicle sales and exports displaying steady performance, the auto component industry demonstrated a growth of 12.6 percent scaling a turnover of Rs. USD 36.1 billion in the first half of FY 2023-24. 

Auto Component supplies to all segments of the industry i.e., to OEMs, exports and also the aftermarket remained steadfast. Exports grew by 2.7 percent to USD 10.4 billion while imports grew by 3.6 percent to USD 10.6 billion. The aftermarket, estimated also witnessed a growth of 7.5 percent. Component sales to OEMs in the domestic market grew by 13.9 percent to Rs.2.54 lakh crore”.

Elaborating on the mood of the industry and outlook for the near to mid-term future, Shradha mentioned, “Going forward, considering the festive season has gone well with significant sales across most segments of the vehicle industry, I am optimistic that the current fiscal year will witness another good performance from the auto components sector. The components industry continues to make investments for purposes of higher value-addition, technology upgradation, and localisation to stay relevant to both domestic and international customers.”

*Image for representative purpose only.

Comments (0)

ADD COMMENT

Link Copied!

Tata Elxsi, a leading design and technology solutions company, has announced its financial results for Q1 FY2027, reporting operating revenue of INR 10.21 billion, up 2.8 percent over the previous quarter and 14.5 percent YoY.

For Q1 FY2027, the company’s EBITDA came at INR 2.16 billion with a margin of 21.2 percent and a profit after tax (PAT) of INR 1.7 billion, up 18.2 percent YoY.

The company’s revenue from the transportation segment grew 13.3 percent YoY, supported by engagements in off-road and aerospace segments. Automotive OEM revenue now accounts for 78 percent of the division's total revenue. The media & communications segment revenue grew 22.2 percent YoY, while healthcare and life sciences clocked 1.7 percent growth QoQ.

Manoj Raghavan, CEO and Managing Director, Tata Elxsi, said, “For the quarter, Tata Elxsi delivered a healthy performance with growth in our two primary verticals, supported by strong deal execution and continued momentum in large strategic engagements. We also crossed a key milestone of reporting operating revenue of more than Rs. 1,000 crores in the current quarter. The performance in the quarter reflects the strength and increasing relevance of our design-led and AI-enabled engineering capabilities in our chosen industries.”

“FY2027 marks a year of future focus for the company, as we prepare and equip ourselves for a world reshaped by AI. We are making targeted investments in specialized talent, AI powered platforms, tools and infrastructure, to pivot to a Domain + AI future. These investments are enhancing customer value creation with tangible outcomes and opening new avenues for growth and positioning us for the year and decade ahead,” he concluded.

Comments (0)

ADD COMMENT

Link Copied!

Chinese automotive major BYD Group showcased eight model debuts at the 2026 Goodwood Festival of Speed, where it occupied a 2,016 square metre stand. The display featured vehicles from the BYD, DENZA and YANGWANG brands, with several models participating in the hillclimb event.

At the event, BYD introduced the DOLPHIN G DM-i, a supermini featuring Dual Mode Super Hybrid technology that pairs an electric motor with a 1.5-litre petrol engine. The manufacturer also presented the SHARK pickup, which produces 436PS and accelerates from 0-62mph (0-100 kmph) in 5.7 seconds.

DENZA unveiled the Z sports car, a coupe with 1604PS and a top speed of 217mph (350 kmph), which was presented by Stella Li and 2009 Formula 1 World Champion Jenson Button. The brand also displayed the BAO 5 SUV, which incorporates DMO (Dual Mode Off-road) technology. Additionally, DENZA demonstrated charging speeds of up to 1,500kW, allowing vehicles to charge from 10-70 percent in five minutes.

YANGWANG exhibited the U9 Xtreme, a production car with a top speed of 308.3mph (496 kmph) and a 1200V powertrain. The brand also displayed the U8L SUV and the U7 saloon.

Stella Li, Executive Vice President, BYD, said, "It's been an exciting privilege to play such a central role at this year's Goodwood Festival of Speed. Our stand has been the focal point for thousands of visitors, who've been able to explore a host of new models – our incredible DENZA Z and DENZA BAO 5, as well as the BYD SHARK and, for the first time in the UK, the DOLPHIN G DM-i. We've really enjoyed meeting car enthusiasts from around the world, and it's been a particular thrill to see our cars, such as the YANGWANG U9X, going up the iconic hillclimb. Goodwood really is a global centrepiece for car culture, and we're delighted to have been able to show how our new-energy technologies are creating advances in sustainable mobility around the world."

Comments (0)

ADD COMMENT

Link Copied!

European commercial vehicle major IVECO and PETRONAS Lubricants International (PLI) have renewed their strategic partnership for five years, extending the agreement through 2032.

The collaboration continues the supply and joint engineering of lubricants for IVECO’s vehicle portfolio in Europe, including engine oils, transmission fluids, brake fluids and coolants.

The partnership focuses on the development of IVECO URANIA engine oils and IVECO TUTELA technical fluids. These products are recommended by IVECO and result from joint research and development. Recent innovations include the launch of Urania Next 0W-16, a lubricant formulated for heavy-duty applications.

Domenico Nucera, Chief Quality & Operations Officer, Iveco Group, said, "The renewal of the agreement with PETRONAS Lubricants International confirms the strength of a long-standing collaboration built on shared technical expertise and a common ambition to continuously improve performance, efficiency, and sustainability across our vehicle and powertrain portfolio. Through the co-engineering of our IVECO URANIA and IVECO TUTELA ranges, we are able to deliver solutions that maximise vehicle uptime, optimise total cost of ownership, and support our customers and dealer network with the highest standards of quality and reliability."

Domenico Ciaglia, Group Chief Strategy & Transformation Officer, PETRONAS Lubricants International (PLI), said, "This partnership renewal demonstrates what can be achieved through a long-term forward-thinking collaboration, with consistency, and a shared commitment to excellence. Through continuous product innovation, we have been able to co-develop market-leading solutions such as the Urania Next 0W-16 engine oil formulation, seamlessly integrated into IVECO's ecosystem. This collaboration enables us to deliver greater value to the industry by combining our expertise and driving innovation together. Looking ahead, PETRONAS Lubricants International remains fully committed to supporting the IVECO Group with forward integrated reliable, high-performance products and solutions that create lasting value for its network and customers. This renewed collaboration further reinforces the foundation of PLI's broader strategic roadmap, demonstrating how technical excellence and trusted partnerships can drive sustainable, long-term value internationally."

Comments (0)

ADD COMMENT

Link Copied!

L&T Technology Services (LTTS), a leading engineering research & development (ER&D) company, has concluded its Engineering Intelligence (EI) OpenHack 2026, an innovation challenge held simultaneously across nine locations in India, the US and Europe. The event involved nearly 4,000 engineers across 770 teams.

Participants worked on over 500 challenge statements related to software-defined mobility, plant modernisation, energy, automation and AI infrastructure. The solutions developed during the 24-hour event focused on areas such as industrial automation, cybersecurity, autonomous systems and healthcare.

A jury evaluated the entries based on innovation, technical execution, scalability and relevance. The winning teams received prizes totalling over INR 3 million. Promising projects were selected for further development through the company’s Project Equinox platform and patent-worthy concepts were identified for intellectual property recognition.

Mritunjay Kumar Singh, Chief Operating Officer, L&T Technology Services, said, “The EI OpenHack 2026 reflects LTTS’ vision of Engineering Intelligence, where engineering expertise and AI come together to solve real-world industry challenges. What stood out was not only the scale of participation, but the ability of our engineers to apply contextual understanding, domain knowledge and AI prowess to develop solutions with tangible business relevance. Initiatives like OpenHack create opportunities for our talent to experiment, collaborate and develop solutions that will shape the future of engineering.”

Comments (0)

ADD COMMENT

Link Copied!