After two consecutive years of decline, the $46-billion automotive component industry in India is estimated to grow by 10-15% in FY22 on the back of improved exports according to the Automotive Component Manufacturers Association (ACMA).
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Auto component companies have also resumed their capital expenditure (capex) plans with expectations of growth in new technology vehicles sales and a recovery in domestic sales, Sunjay Kapur, the president of ACMA told ET.
“We’re expecting growth in the components industry because we don’t cater only to the domestic industry but export too. We're seeing good opportunities, especially in North America, Europe, even China, for that matter,” Kapur told ET via video conferencing.