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. 

Comments (0)

ADD COMMENT

Link Copied!

Bengaluru-headquartered electric vehicle major Ather Energy has announced that its fast-charging network ‘Ather Grid’ has surpassed 400 charging points across Tamil Nadu. This expansion aims to alleviate range anxiety for EV owners and support the growing adoption of electric vehicles in the state.

With charging stations now in 38 cities, including tourist destinations like Coonoor and Rameswaram, the network connects key travel routes such as Coimbatore to Bengaluru and Chennai to Pondicherry. The company also noted that a total of 480 fast charging points are available in the state, which includes over 50 LECCS (Light Electric Combined Charging System) chargers. Developed by Ather, the LECCS standard allows different brands of light EVs to use the same charging network.

Ravneet Singh Phokela, Chief Business Officer, Ather Energy, said, “Tamil Nadu has been one of our earliest markets and ever since we entered the state in 2019, we have been investing in building a reliable charging network there. Charging has often been seen as one of the key barriers, and it’s something we’ve focused on solving from day one. Crossing 400 fast chargers in Tamil Nadu is a reflection of that commitment. It’s about giving riders the confidence that a charger is never too far away. As our retail footprint grows, the charging network will continue to scale alongside it, making EV ownership truly seamless.”

The company has partnered with local businesses like Coffee Day Global and Ganga Sweets to deploy these charging points. This expansion is part of Ather's broader national effort, which has seen the establishment of over 3,300 fast-charging points across India. The chargers can provide up to 15 kilometres of range in just 10 minutes, making it more convenient for riders on the go.

In addition to its charging infrastructure, Ather maintains a strong presence in the state with 44 experience centres and 42 service centres in 35 cities, offering comprehensive sales and after-sales support.

Comments (0)

ADD COMMENT

Link Copied!

Bengaluru-headquartered premium electric two-wheeler company Ultraviolette Automotive has announced a strategic investment from TDK Ventures, the venture capital arm of Japan’s TDK Corporation, along with participation from backing from existing investors Zoho Corporation and Lingotto (previously Exor Capital), among others.

With this TDK Ventures joins the likes of Qualcomm Ventures, Zoho Corporation, Speciale Invest, Lingotto (Formerly Exor Capital), and TVS Motor Company as a strategic investor in the EV company. It also counts the likes of Sriharsha Majety (Co-founder & CEO, Swiggy), Ankit Nagori (Co-founder, Cure Foods; former Chief Business Officer, Flipkart), Aprameya Radhakrishna (Co-founder, TaxiForSure), and Dulquer Salmaan (renowned actor and automotive enthusiast) among its early backers.

At present, Ultraviolette sells the F77 electric motorcycle and is gearing up to expand its product offerings along with manufacturing, research and distribution network globally.

Narayan Subramaniam, CEO & Co-Founder, Ultraviolette, said, “Mobility is undergoing a radical transformation, and at Ultraviolette, we are leading that change through cutting-edge innovation. Our partnership with TDK Ventures fast forwards our efforts, from advanced battery platforms to intelligent vehicle systems. This collaboration not only accelerates our vision of future ready mobility but also reinforces our commitment to delivering electric vehicles that are aspirational and globally relevant.”

Niraj Rajmohan, CTO and Co-founder of Ultraviolette, said, “Through this partnership with TDK Ventures, Ultraviolette will continue to innovate in deep-tech to shape the future of mobility. Together, we will continue to push the boundaries in building safer, smarter, and a more efficient electric mobility eco-system.”

Ravi Jain, Investment Director, TDK Ventures, said, “We look forward to bringing our TDK Goodness to Ultraviolette and their ambitious plan to design the next generation of energy efficient and performance EV 2W platforms. TDK Ventures is excited to support Ultraviolette in their relentless pursuit of growing their global reach."

Comments (0)

ADD COMMENT

Link Copied!

In a significant step toward creating a global ‘Internet of Things’ (IoT) ecosystem, Geely Holding Group’s aerospace subsidiary, Geespace, successfully launched 11 new satellites into orbit on 9 August 2025. The launch took place in Shandong Province, China, and marks the fourth successful orbital deployment for the company's Geely Future Mobility Constellation (GEESATCOM).

With this latest launch, Geespace now operates 41 satellites in low Earth orbit (LEO), bringing it closer to its goal of having 72 satellites in operation by end-2025. The company plans to accelerate deployments over the next two months to reach 64 operational satellites, which will establish comprehensive global satellite IoT coverage.

The GEESATCOM project is a key part of Geely's vision to build an integrated space and earth mobility ecosystem. The LEO satellite network is designed to provide highly reliable, wide-coverage communication services for various strategic industries, including:

• Connected vehicles and urban air mobility
• Emergency response and maritime operations
• Energy infrastructure

This network will support advanced driver assistance systems (ADAS) and connected vehicle platforms by providing crucial data for precision positioning and connectivity. Geespace has already established partnerships with telecom operators in over 20 countries and its proprietary satellite communication chips and high-precision positioning modules are now in mass production across Geely's vehicle portfolio.

To further demonstrate the technology, Geely is providing high-precision positioning and emergency satellite communications for official vehicles at the World Games 2025 Chengdu, showcasing the practical applications of its satellite infrastructure in real-world scenarios.

Comments (0)

ADD COMMENT

Link Copied!

Kia India, a leading passenger vehicle manufacturer in the country, has signed an MoU (Memorandum of Understanding) with ASDC (Automotive Skill Development Council) to promote automotive skill training in the country.

The partnership will promote a 30-day training model module combining classroom-based theoretical learning and practical on-the-job experience. The course includes 15 days of foundational training at ASDC-certified training centers covering core automotive concepts and dealership functions. In addition, it will also feature Kia-specific process to familiarise candidates with brand standards, systems and product knowledge. The curriculum will provide students with 15 days of experiential learning at authorised Kia dealerships under expert supervision.

Joonsu Cho, Chief Sales Officer, Kia India, said, “This collaboration with ASDC represents a pivotal step in Kia India’s commitment to shaping a future-ready ecosystem, one that is anchored in skilled human capital and elevated customer experience. By creating a robust talent pool through structured training and certification, we are not only empowering India’s youth with meaningful employment but also reinforcing our dealer network with professionals who embody Kia’s values of quality, care, and innovation. Ultimately, this initiative will translate into a more seamless, informed, and rewarding journey for every Kia customer across the country.”

The co-developed learning model aims to provide candidates with the technical know-how and workplace readiness to be effective from day one. Upon successful completion of the program, candidates will undergo an evaluation at the ASDC centre, get certificate jointly awarded by Kia India and ASDC, and eligible for the direct recruitment by Kia dealerships into Sales and Service roles.

Comments (0)

ADD COMMENT

Link Copied!