The auto component industry is looking to clock double-digit growth in the ongoing financial year buoyed by robust demand in the domestic market.
Overall, revenues from sales in the first six months of the fiscal rose 27.3% to $33.8 billion. While sales to OEMs (original equipment manufacturers) grew 38% to $28.6 billion, aftermarket sales saw growth of 2% to close at $5.4 billion in the same period.
The strong growth in demand for automobiles in the local market, however, led to an increase in imports. Imports of auto components in the period under consideration went up by 17.2% to $10.1 billion. Asia accounted for 65% of imports followed by Europe and North America, with 26% and 8%, respectively. Imports from Asia grew by 21%, from Europe by 6% and from North America by 29% till September this fiscal.
Exports grew 8.6% to $10.1 billion, evening out the trade surplus the industry had registered last fiscal. North America, accounting for 33% of exports, saw an increase of 12%, while Europe and Asia, accounting for 30% and 26% respectively, also registered increase of 4% and 11%.