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. 

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Cars24 has signed a Memorandum of Understanding (MoU) with the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, to support India's startup ecosystem through initiatives focused on artificial intelligence, mobility, and road safety.

As per the agreement, Cars24 will establish structured programmes for early-stage founders, granting access to its infrastructure, mentor network, funding sources, market connections and technical resources. In turn, the DPIIT will facilitate national outreach and ecosystem integration via the Startup India platform, supporting knowledge exchange, co-branding and policy engagement.

The partnership encompasses five specific areas of operation: mentorship for early-stage founders via the Cars24 Founders' Fellowship, training through Mobility and Autotech Skilling Programmes, technical support and AI integration via Cars24 Labs, investor connections through Fuel by Cars24 and the organisation of an annual Innovation Challenge and Road Safety Hackathon alongside the DPIIT.

Vikram Chopra, Builder, Cars24, said, “Cars24 is proof that Indian founders can start with a difficult, everyday problem and build something on a national scale. We want to pass that possibility on. Through this partnership with DPIIT, we are backing the next generation of builders with more than advice. We want to give them access, capital, talent and a real platform to test ideas that can make India move smarter and safer.”

A senior DPIIT official commented, “Industry participation is central to strengthening India’s startup ecosystem. Collaborations of this kind, where an established market leader opens up its scale, mentorship and resources to early-stage founders, are exactly the bridge between ambition and execution that young startups need. We welcome Cars24’s commitment to mentoring, skilling and supporting product startups across the country.”

The non-binding MoU establishes a framework for ongoing collaboration between both entities to foster technology adoption and entrepreneurship within the Indian mobility sector.

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NXP Semiconductors has announced that the BMW Group will deploy its Trimension NCJ29D6 Ultra-Wideband (UWB) family across its vehicle fleet, beginning with selected 2026 production programmes.

The hardware component integrates fine-ranging capabilities with short-range radar functionality on a single chip. This allows vehicle manufacturers to utilise a single system for multiple applications, including hands-free vehicle entry and occupant presence detection.

The integration supports BMW’s Digital Key Plus feature, which enables vehicle owners to substitute key fobs with smartphones or smartwatches. The system manages locking and unlocking functions as the user approaches or moves away from the vehicle. Additionally, the technology includes in-cabin radar monitoring designed to identify motion patterns consistent with occupants or animals left inside a parked vehicle, sending notification alerts to users to align with European and Chinese NCAP assessment protocols.

Markus Staeblein, Senior Vice-President and General Manager, Secure Car Access at NXP Semiconductors, said, “NXP’s proven Trimension UWB platform maximises value for OEMs, using a single system to deliver multiple new and differentiating features for drivers. Digital key and presence detection are just the beginning. OEMs will be able to deliver additional UWB-based features, such as kick sensing, intrusion alert or automatic charging, as they establish the secure hardware platform in their vehicles.”

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Envalior India, an engineering materials company formed through the merger of DSM Engineering Materials and LANXESS High Performance Materials, will inaugurate the Envalior Centre of Excellence in Electric Vehicle Technology on 5 August 2026 as part of its corporate social responsibility (CSR) program.

The CoE located at Marathwada Mitra Mandal's Polytechnic in Pimpri-Chinchwad, Pune, will be implemented by the BroadArks Foundation to provide vocational training in electric vehicle systems.

It plans to train 250 individuals annually through two courses: a Level 4 Certificate in EV Service, Safety & Maintenance and a Level 5 Advanced Certificate in EV Diagnostics & Systems.

The curricula align with the National Skills Qualifications Framework and carry certification support from the Confederation of Indian Industry. The programs target students from Industrial Training Institutes and polytechnics studying mechanical, electrical, electronics, mechatronics and computer science disciplines.

Training instruction covers classroom coursework and laboratory modules focused on vehicle architecture, battery management systems, charging infrastructure, thermal management, power electronics, diagnostics and workshop safety protocols. Practical assessments and industry projects form part of the curriculum structure.

Nileshkumar Kukalyekar, Business Director – South Asia, Middle East & Africa, Envalior, said, "The launch of the Envalior Centre of Excellence reflects our commitment to supporting India's transition towards electric mobility by investing in the people who will power it. Through this Centre, we aim to provide students with industry-aligned, hands-on training that prepares them for the evolving demands of the EV sector while contributing to a stronger and future-ready workforce."

In addition to student instruction, the facility is designed to support laboratory infrastructure and instructor development programs for technical education in the region.

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South Korean auto major Hyundai Motor Group has appointed Junghyun Kwon as Executive Vice-President and Head of the Autonomous Driving Development Center.

Kwon will oversee software engineering, deep learning integration, perception systems and commercialisation pathways for the group's autonomous mobility programs, reporting directly to Minwoo Park, President and Head of the Advanced Vehicle Platform (AVP) Division.

He joins the group following technical management roles in software development and artificial intelligence across international technology firms. Kwon previously managed autonomous driving software development and deployment at NVIDIA before directing intelligent robotics development at Samsung Electronics. His technical background covers machine learning models, computer vision systems and vehicle perception frameworks.

The executive appointment forms part of a broader recruitment sequence targeting software-defined vehicle architectures and autonomous driving systems.

Earlier in July, Hyundai Motor Group appointed Dongwuk Kim as Senior Vice-President and Head of the SDV Platform Development Center, following his work on wireless communication systems for mobile devices, robotics and vehicles at Apple and Tesla. The group also added Jeremy Ma as Senior Vice-President and Head of AVP Silicon Valley, drawing on his experience in robotics and autonomous systems at Apple, Toyota Research Institute and NVIDIA.

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