India's Auto Component Industry to grow five-fold in 10 yrs

摘要

The Indian Auto Component Industry (IACI) has bold new plans to grab a greater share of the global auto component market, which is estimated to be around S 1.75 trillion. Revenue for the IACI revenue is currently at $40 billion just 2.3% of the total Indian GDP. The industry contributes $ 11 billion of exports to the country's export revenue but that figure is set to change: Arvind Balaji, President, Automobile Components Manufacturers Association of India (ACMA) said that exports are expected to grow five-fold, according to the Automotive Mission Plan (AMP) 2026. This ambitious plan requires an investment of $25 billion to $30 billion. The country's major auto component manufacturers have invested $50 billion in R&D and ACMA stated that 50% of innovation in India's automotive industry is undertaken jointly with auto component players.