Clocking USD 74.1 billion turnover and a growth of 9.8 percent in FY2023-24 on a year-on-year basis, the Indian auto components industry body (the Automotive Components Manufacturers Association) ACMA has announced the finding of its ‘Industry Performance Review’ for FY2023-24. 

The report mentions that the turnover growth of the automotive component industry is influenced by factors such as the rise in consumption of increased value-added components, thrust on localisation and a market shift in terms of increasing preference for larger and more powerful vehicles. 

On the exports front, the report highlighted a growth of 5.5 percent to USD 21.2 billion in FY2023-24 as compared to USD 20.1 billion in the last fiscal. North America accounted for 32 percent of the exports with a growth of 4.5 percent. Europe accounted for another 33 percent with a growth of 12 percent. Asia accounted for 24 percent of the export market with the growth remaining flat. The key components that were exported in FY2023-24 were drive transmission and steering, engine components, body and chassis, suspension and braking systems etc. 

The report also stated that exports, with trade surplus (CAGR of export is twice that of the import) have remained study in the wake of political challenges. 

Witnessing a growth of three percent in FY2023-24 to USD 20.9 billion as compared to USD 20.3 billion in FY2022-23, imports were of the following nature: engine components, body and chassis parts, suspension and braking parts, drive transmission and steering parts.

Asia accounted for 66 percent of imports followed by Europe and North America at 26 percent and eight percent respectively, imports from Asia grew three percent and that from Europe by four percent. Imports from North America remained flat in FY2023-24. 

On the aftermarket front, the increased movement of vehicles and surge in demand for used vehicles led to buoyancy across segments. The turnover of the aftermarket in FY 2023-24 was USD 11.3 billion. In FY2022-23, it was USD 10.6 billion. The e-commerce sector involvement has led to the aftermarket witnessing gradual shift into organised trade. The digital route is also leading to higher penetration in the hinterland of the country.  

The supply to electric vehicles accounted for six percent of the auto components industry turnover of USD 74.1 billion. The Indian auto component industry is optimistic on the back of the robustness exhibited by the economy.  

Regarding the performance of the auto component industry, Vinnie Mehta, Director General, ACMA, said, “On the back of steady vehicles’ production in the country, a robust aftermarket and growth in exports, the auto component industry grew to Rs. 6.14 lakh crore (USD 74.1 billion) registering 9.8 percent growth in FY23-24, thus outpacing the turnover of Rs. 5.59 lakh crore (INR 55.9 billion) in the previous fiscal. Component supply to OEMs in the domestic market grew by 8.9 percent to Rs.5.18 lakh crore (INR 51.8 billion), with supply to the EV manufacturing industry accounting for 6% of the total component production in the country. Exports grew by 5.5 percent to USD 21.2 billion while imports grew by three percent to USD 20.9 billion, thus resulting in a trade surplus of USD 300 million. The Aftermarket, estimated at Rs. 93,886 crore (USD 11.3 billion) also witnessed growth of 10 percent.”  

Shradha Suri Marwah, President, ACMA, and Chairman & Managing Director, Subros, mentioned, “It is pertinent to note that apart from increase in vehicle production, higher value addition from the component sector has led to growth in the auto components sector. On the front of trade, whilst overall merchandize exports from India witnessed degrowth in FY24, auto components exports have grown despite geopolitical challenges and increase in logistics costs. That apart, growth in imports has been comparatively lesser, leading to trade surplus, indicating thrust by the industry on front of localisation.”

“Steady growth in the vehicle industry has resulted the industry reaching pre-pandemic levels of performance in FY24 in most segments, however, the first quarter of FY25 witnessed somewhat slower offtake in vehicle sales, especially in PVs and CVs, given the high base, due to inclement weather conditions and elections. With strong macro-economic indicators, conducive government policies and over seven percent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in FY25,” she articulated. 

Innovation and sustainability in design took centerstage at the 19th Styling & Design Conclave 2025 organised by the Society of Indian Automobile Manufacturers (SIAM). The event saw participation from designers and professionals from organisation such as Hero MotoCorp, Maruti Suzuki India, Honda Motorcycle & Scooter India, Stratasys and Autodesk among others.

G Sathiyaseelan, Chairman, SIAM Styling and Design Group and Vice-President, Ashok Leyland, shared his views on empathetic, inspirational and innovative approach towards technology and design,

Anuj Prasad, CEO and Founder, Desmania, expressed confidence in the bright future for automotive designers.

The event saw speakers acknowledging that automotive styling has become an old word, while design and sustainability are the modern buzzwords that indicate the direction in which the automotive sector must head.

“The level of design happening in India holds tremendous potential. We are at the threshold of a new era in design and innovation. Today, international organisations are looking to India for designs that cater to both local and global markets. Automotive design will help build the nation in a responsible manner,” said Prasad.

Prashant Banerjee, Executive Director, SIAM stated that “Indian automotive designs today are as good as Italian designs.”

Samarth Gupta, Senior Technical Specialist & Mobility Lead APAC, Autodesk, said, “Everyone wants to own a vehicle because it is an expression of independence. The urban population landscape is changing due to climate change. New developments in geopolitics and the evolution of consumers’ trends and preferences are impacting the mobility landscape. We will need to evolve our auto design thinking amidst disruptions.”

Teofilo Plaza Garcia, Industrial Studio Head, Hero MotoCorp, said “Motorsports-based designs can be used for road-based vehicles, as indicated through Hero XPulse 210. These vehicles will no longer be as expensive as before.”

Rahul Pandita, Regional Head, Stratasys, stated that 3D block printing is a useful technique that has helped companies like McLaren bring racing designs to life quickly. “As design processes such as 3D block printing decrease the time taken, companies can quickly decipher whether a design is feasible or not,” said Pandita.

Dinesh Raman, Director, Transportation Design, KISKA Shanghai, opined that “As the years go by, greater use of AI will be made for design, thereby freeing up time for creative pursuits by automotive designers.”

VS Deka, Group Manager, Royal Enfield, said, “AI innovation is coming into our lives and we need to adopt the evolving technology. AI can be customised through training and then be scaled up as per requirements.”

Ferdinand Klauser, Global Partner & MD, Asia, KISKA Shanghai said, “India has a lot of potential in bringing about the transformation in mobility designing landscape.”

He also mentioned that though the future is unpredictable, it is possible to plan for it by understanding that consumer needs are transforming faster than the market.

Professor Kaustuv Sengupta of NIFT Chennai, stated, “Colour represents around 20 percent of the design language. Every 300 miles in our country, you see a new colour context. Human beings see a small spectrum of colours. Colours affect us psychologically. We see what we want to see.”

Rajesh Gogu, Vice-President (Design), Maruti Suzuki India, revealed that the company decided to create a completely new design for the fourth generation of the Dzire. The design became a success despite a 55 percent market share for SUVs.

“The trends on the road are changing, as demand for sedans have reduced while that of SUVs have grown. Designing can reinvent declining segments or products to make them popular again. Innovation is not just about technology, it is also about shape, form, aerodynamics, performance and more. We can design our vehicles that can reduce the carbon footprint offering better fuel efficiency and value to customers,” averred Gogu.

While describing the role of AI in automotive designing, Harikrishnan AK, Delivery Manager, TCS Design, said, “AI image generators can be used for inspiration, exploration and for happy accidents but there are challenges of confidentiality and originality. We need to harness the full potential of AI by customisation and fine-tuning.”

Speaking about designing in the commercial vehicle segment, Pravin Gaikwad, Head of CV Design, Tata Motors, said, “We have adopted multi-powertrain strategy. It is possible for the form to get you the trust of the customer. Form is actually helping us to define many ideas. We are leveraging tech intelligence like telematics to design something very unique.”

He shared an insight on how Tata Motors was using space intelligence as a new design direction for making Tata Prima trucks and a new space-saving concept called Tata YU.

The SIAM Styling and Design Conclave also presented automotive design students of MIT (Maharashtra Institute of Technology), ADYPU (Ajeenkya DY Patil University) and NID (National Institute of Design) an opportunity to present their design prototypes. Vedant Barve, a student at MIT, won the first prize for an electric cruiser scooter concept.

“When we began, India had only two design schools. Today, there are over 1,500 design schools producing a strong talent pool for automotive design. We need to be transformative and move toward defining automotive design that is human-centric and sustainable,” added Prasad of Desmania.

“To make India into a global design hub, change that helps India use aspects of its culture while competing at a global level is needed in the academic curriculum,” concluded Sumer Singh, Associate Professor, IIT Delhi.

German tier 1 supplier Continental has announced its latest solution for the automotive industry, the Ac2ated Sound display, a first-of-its-kind in the industry that uses a display surface to bring high-quality audio output.

The technology will not only enable space saving but also could enable significant weight reduction and allow for more innovative solutions to be integrated.

The Ac2ated system uses actuators installed behind the display surface and induce audible vibrations in the glass. The company stated that humans have an intuitive ability to identify the origin of a detected sound in a three-dimensional space, which is referred to ‘sound localisation’. In simple terms, humans, when hearing any sound, have a natural tendency to try and identify the source of the sound. In the automotive industry, the Ac2ated Sound display can create a more immersive experience as the display itself could be used like a sound box.

Given the smaller footprint of the actuators, the solution can be implemented in various flat components of the vehicle interiors.

Continental claims that Ac2ated Sound system requires up to 90 percent less space and can offer up to 40 kilograms of weight saving compared to conventional speaker systems.

Pavel Prouza, Head of User Experience (UX) Business Area, Continental, said, “By integrating actuators into the display, we have succeeded in using the entire display surface as a sound chamber to resonate sound within the vehicle – all in exceptional quality. Not only does this save valuable space in the vehicle interior, but it also reduces weight compared with traditional speakers. The system leverages our full expertise as a system integrator for the benefit of our customers – combining visual and audio output in a single package without compromising on quality.”

TVS Supply Chain Solutions, a global supply chain solutions provider, has announced changes to its leadership structure with the appointment of R Vaidhyanathan as its new Global Chief Financial Officer (CFO) effective 1 April 2025. He succeeds Raviprakash Bhagavathula, who will transition to the new role of Head of Strategic Initiatives and move to Singapore.

At present, Vaidhyanathan serves as Deputy Global CFO and has held various positions in Finance within the organisation. He had joined the company in January 2019 and has worked across various leadership financial roles the position, and is credited to play a key role in significant enhancements to the productivity of the finance function.

Ravi Viswanathan, Managing Director, TVS Supply Chain Solutions, said, “We are delighted to appoint R Vaidhyanathan as our new Global CFO. His strong track record in driving financial performance, optimising cash flow, and fostering a culture of operational excellence has been instrumental in our growth journey. I am confident that his deep understanding of our business and his strategic vision will help us continue to innovate and scale as we move into the next phase of growth journey. We also express our sincere gratitude to Raviprakash Bhagavathula for his invaluable contributions since 2018 as CFO, especially for leading TVS SCS to a successful public listing. We look forward to his leadership in driving our strategic initiatives.”

Both Vaidhyanathan and Bhagavathula will report to Ravi Viswanathan, MD, TVS Supply Chain Solutions.  

British premium luxury car brand Aston Martin has joined hands with Curv Racing Simulators to introduce limited edition AMR-CO1-R simulator with prices starting GBP 58,750 (INR 5.98 million) plus tax. The deliveries are set to begin in April 2025.

Limited to just 50 units, the AMR-CO1-R builds up on the AMR-CO1 and now features precision ergonomics, cutting-edge hardware and even more immersive racing experience.

The partnership sees Aston Martin join forces with three-time Le Mans winner and simulator specialist Darren Turner, who currently leads Curv Racing Simulators. The AMR-C01-R continues to use the all-carbon fibre monocoque and signature Aston Martin Racing grille. The seating position has been revised and inspired by Aston Martin Valkyrie. The new model can now be further adjusted for more comfort and accessibility, especially for taller drivers.

The simulator uses a 49-inch G95C monitor with a 1000R curvature with 240Hz refresh rate (previously 120Hz) and 1ms response time (previously 4ms), which delivers seamless and razor-sharp visuals. Furthermore, the addition of HDR10+ Gaming brings to life more vivid colours and deeper contrast. Thanks to the Nvidia GeForce RTX 5090 graphics card, Intel 14th-generation processor, 32GB DDR5 memory (up from 16GB), and 2TB M.2 SSD storage enable real-immersive gaming performance and ample space for an extensive racing library.

Marek Reichman, Chief Creative Officer, Aston Martin, said, “Curv’s latest simulator is an exciting continuation of the AMR-C01, which was launched in 2020. With improved performance, and a seating position inspired by Valkyrie, this is as close to driving an Aston Martin on-track that a racer will experience. The design itself, like any Aston Martin, will fit into a residence as a sculptural work of art, not just a traditional racing simulator.”

Darren Turner, Founder, Curv Racing Simulators, added, “The AMR-C01 was a game-changer when it launched in 2020, and the AMR-C01-R takes it to the next level. We’ve refined the ergonomics and performance, to make it even more immersive, intuitive, and future-proof. For those who demand the very best, this is the ultimate racing simulator."