ACMA President Sunjay Kapur informed with deeper focus on localisation of advanced technologies, vehicle electrification will continue to rise in the local market driven by cost economics. These investments in developmental capabilities will also help the industry neutralize threats if at all Teslas Chinese suppliers were to set up base in the country.
ACMA also claimed that traction in the domestic market also reflected on imports of component into India. Component imports grew by 10.9 percent in 2022-23 to Rs. 1.63 lakh crore (USD 20.3 billion) from Rs. 1.36 lakh crore (USD 18.3 billion) in 2021-22
A combination of good domestic, exports, and after market sales of automotive components last fiscal resulted in the industry logging a 32.8 per cent growth to Rs.5.60 lakh crore or $ 69.7 billion, said top officials of the Automotive Component .