The automotive components industry in India is experiencing rapid growth and is expected to reach a staggering $200 billion by 2026. In the fiscal year 2021-22, the industry recorded a remarkable turnover of INR 5.60 lakh crore, which is a whopping 32.8% increase compared to the previous year’s highest ever turnover of Rs. 4.20 Lakh Cr. Furthermore, India aims to manufacture 5 lakh EV three-wheelers, at least 55,000 EV four-wheelers, and 7,000 EV buses by 2024, which signals the country’s commitment to sustainable transportation.
The auto components industry’s aftermarket turnover in FY 2022-23 stood at $10.6 billion, which is an improvement over the previous year’s $10 billion. It is worth noting that auto component sales to OEMs in the domestic market also grew by 39.5%, reaching $59.3 billion, which is an impressive feat. With a 20.1% contribution to the manufacturing GDP, the automotive sector is a key driver of macroeconomic growth and technological development in the country, according to UNIDO IAP, 2023.
List of Top 5 Auto Ancillaries in India (BSE) based on Net Sales.
| Company Name | Net Sales (Rs. cr) |
| Motherson SWI | 7,057.40 |
| Varroc Engineer | 3,917.89 |
| Pricol | 1,927.65 |
| GNA Axles | 1,582.93 |
| Enkei Wheels | 716.14 |
Source: BSE, India, last updated 29 February, 2024
This news is a creative derivative product from articles published in famous peer-reviewed journals and Govt reports:
Reference:
1. Mahalakshmi, K., & Christopher, S. B. A STUDY ON DIVIDEND PATTERN OF MULTINATIONAL COMPANIES IN AUTOMOBILE AND AUTO ANCILLARIES INDUSTRY IN INDIA.
2. Kannabiran, G., & Dharmalingam, P. (2012). Enablers and inhibitors of advanced information technologies adoption by SMEs: An empirical study of auto ancillaries in India. Journal of Enterprise Information Management, 25(2), 186-209.
3. Vidya, R., & KRISHNAVENI, M. (2020). A Study on Profitability of Auto Ancillaries in India. Finance India, 34(2).
Disclaimer: This news is for information and research purposes only. It is not intended for financial advice.
Declaration of competing interest: Publisher and owner of this web-portal hereby declare that there is no competing interest.