India’s auto component industry witnessed a substantial 12.6% YoY growth, totaling $36.1 billion in sales during H1FY24. The surge is attributed to strong demand for SUVs and premium motorcycles. ACMA President Shradha Suri Marwah noted the sector’s steady growth, with vehicle sales across segments returning to pre-pandemic levels. Despite previous challenges like semiconductor shortages and raw material costs, the industry remains optimistic. The ACMA plans to invest $7 billion over the next five years, backed by favorable factors such as robust GDP growth and stable international demand.
Indian Auto Component Industry Records Robust Growth in H1FY24
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