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Automotive Product Finder Magazine | India’s auto parts industry expects 22% growth in FY22

India’s auto parts industry expects 22% growth in FY22

Forging industry facing setback due to fall in auto sales
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News  /   November

Mumbai, Maharashtra

The auto components industry is poised for a 10- 15 per cent growth in fiscal 2022, following a 3 per cent slide in FY21 during peak Covid pandemic, according to Sunjay Kapur, who was recently appointed as the President of the Auto Components Manufacturing Association (ACMA). Speaking to The Hindu Business Line, Kapur said that though the industry is facing a lot of challenges including chip shortage, logistics issues, container shortages and rising fuel prices, demand is picking up.

With the passenger vehicle segment poised to continue its growth momentum at 8 per cent, and commercial vehicles expected to see a 20 per cent volume bump, Kapur predicts that the component makers will see a 10-15 per cent uptick by the end of FY22. Growth has already commenced in the first half of this fiscal year, he said.

The PLI scheme announced in September will prime the industry to focus on future technologies, he said. The key focus area for innovation will be electrification as well as alternative fuels.

According to Sunjay Kapur, the two-wheeler segment will be a major driver for localisation, domestic value addition and exports as it gains momentum in India.

Kapur believes that the impact of the chip shortage is likely to continue into the first quarter of FY23 next year. He added that in anticipation of the uptick in demand expected in the commercial vehicles segment, component makers have been investing in capacity expansion, which should tide them over the shortage of chips.

Source: The Hindu Business Line

Image Source: Google Images

Also Read:

https://www.automotiveproductsfinder.com/news/forging-industry-facing-setback-due-to-fall-in-auto-sales/135121

https://www.automotiveproductsfinder.com/news/how-to-increase-efficiency-in-automotive-aftermarket-in-india/135120

 

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