Indian Auto Component Industry clocks highest-ever turnover of $6.5 bn, grows 23% in FY 2021-22.
The growing presence of global automobile Original Equipment Manufacturers (OEMs) in the Indian auto components industry has significantly increased the localization of their components in the country.
The FDI inflow into Indian automotive industry during the period April 2000-March 2022 stood at $32.84 bn.
100% FDI in the automotive parts industry is allowed under the automatic route.
Indian Auto Component industry exports, which are currently valued at $13.3bn in FY21, are expected to to reach $80 bn by 2026. USA, Germany, UK, Thailand and Italy are the top destinations for exports.
India's auto component industry recorded its highest trade surplus of $700 mn in a financial year in 2021-22
Aftermarket segment which includes tyre, battery, brake parts, is expected to reach $32 bn by 2026 from $9.8 bn FY20.
The overall Indian auto components industry, which accounts for 2.3% of India's GDP currently, is set to become the 3rd largest globally by 2025.