New Delhi
The Automotive Component Manufacturers Association of India (ACMA), is tapping reverse buyers and sellers meet like iAutoConnect’, among other such platforms to promote India’s auto components industry on the international stage and facilitating export opportunities for its members. Amidst the transformative phase of the automotive industry, the 8th edition of ACMA’s iAutoConnect, a two-day exhibition on November 22-23rd, served as an opportunity for member companies to amplify global component exports by fostering international relationships, innovation, collaboration and knowledge sharing among industry leaders, manufacturers and experts. With the participation of more than 140 Indian auto-component manufacturers and over 150 international buyers spanning 45 plus countries across LATAM, ASEAN, Middle East, Africa, SAARC, CIS, Europe, and beyond, this edition of iAutoConnect went on to explore the latest trends, technological advancements, and sustainable solutions that are driving the industry forward.
Companies from various countries participating, including Taiwan, Brazil, Russia, Sweden, Ghana, Nigeria, Yemen, Bangladesh, Bhutan and representatives from Sweden, such as the Leax Group, contributed to the global exchange of ideas. Additionally, the event featured the participation of Russian OEMs like AutoVAZ and KAMAZ. “This international engagement is essential for navigating challenges and leveraging opportunities in the evolving auto component industry,” says Shradha Suri Marwah, President ACMA.
Earlier this year in October, the auto component makers’ body had, together with Engineering Exports Promotion Council of India (EEPC India) participated at the 20th edition of Automechanika Dubai 2023, displaying excellence and innovation of Indian auto component manufacturers for the aftermarket, highlighting India’s engineering strengths and capabilities on a global platform. Dubai is a gateway for trade to West Asia and North Africa and with India’s recent FTA with UAE, ACMA’s participation at the event is aimed at increased export opportunities for its members. The industry performance review by the apex body for the fiscal year 2022-23 shows the turnover of the automotive component industry stood at Rs. 5.60 lakh crore (USD 69.7 billion) for the period of April 2022 to March 2023, registering a growth of 32.8 per cent over the previous year. On back of significant vehicle sales in the country, a robust aftermarket and steady exports, the auto component industry sized-up to Rs 5.60 lakh crore (USD 69.7 billion) outpacing its highest ever turnover of Rs 4.20 lakh crore in FY21-22. Exports grew by 5.2 per cent to Rs. 1.61 lakh crore (USD 20.1 billion) while imports grew by 10.9 per cent to Rs 1.63 lakh crore (USD 20.3 billion).