India Ratings and Research (Ind-Ra) report predicts subdued growth for auto ancillaries and exports in FY25, attributed to weak demand from Europe and the US. Despite modest increases in export revenue in previous years, economic challenges and geopolitical issues are expected to hamper growth from Q4FY24 to H1FY25. The slowdown in demand from domestic commercial vehicle manufacturers and overseas markets may limit revenue growth to 6-8% YoY. Challenges in replacement parts demand are anticipated, as OEMs seek to diversify supply chains away from traditional sources. Shruti Saboo, Director of Ind-Ra, highlights the impact on vehicle exports and ancillaries, emphasizing the macroeconomic headwinds faced by key exporting nations.