The Automotive Component Manufacturers Association (ACMA) has released findings from its Global Automotive Aftermarket Research Report, developed in collaboration with Ernst & Young (EY). The report, presented ahead of the 5th ACMA Automechanika New Delhi at the Bharat Mobility Global Expo 2024, sheds light on the vast potential of the Indian and international automotive aftermarket.Key Highlights:
- Indian Automotive Aftermarket Projection:
- The Indian automotive aftermarket, covering seven product categories, was valued at USD 10 billion in 2023.
- Expected to grow nearly 1.4 times, reaching an estimated USD 14 billion by 2028.
- Exclusions from the study include tyres and consumables like batteries, coolants, and lubricants.
2. Factors Driving Growth in India:
- Steady increase in the vehicle parc, currently standing at 340 million.
- Two-Wheelers and Passenger Vehicles expected to show robust growth.
- Pre-owned car sales projected to grow at a 17.5% CAGR until FY 28.
- Commercial vehicle parc expected to grow from 13 million units to 19 million units in 2028.
- Tractor segment contributes close to USD 1 billion, with the parc expected to grow from 14 million units to over 19 million units during 2023-28.
3. International Opportunities:
- Study covers 39 countries, identifying over USD 35 billion worth of export opportunities.
- Mature aftermarket markets in Indonesia, LATAM, Poland, Brazil, Columbia, and Bangladesh.
- Emerging markets in North Africa, South Africa, East Africa, West Africa, and UAE offer high growth opportunities.
- Combined export potential to these ten markets expected to grow to over USD 35 billion by 2028.
Industry Insights:Shradha Suri Marwah, President ACMA, Chairperson and Managing Director, Subros Ltd, emphasised the unique opportunities for Indian auto component aftermarket players. The domestic market, valued at USD 10 billion in 2023, is poised to surge almost 1.4 times over the next 5 years. Marwah stressed the need for Indian component suppliers to focus on building partnerships, marketing, digital presence, and industry collaboration.
Vinnie Mehta, Director General of ACMA, expressed satisfaction with the positive response to the exhibition, highlighting a promising 7.5% growth in H1 FY24. The ACMA Automechanika New Delhi 2024 is expected to serve as a crucial platform for connecting industry stakeholders.ACMA Automechanika New Delhi 2024:
The 5th edition, scheduled from February 01 to 03, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi, will feature 500+ exhibitors from over twelve nations. Dedicated country pavilions from Japan, Germany, Korea, Taiwan, and Thailand will showcase aftermarket product innovations, technological advancements, and sustainable mobility solutions. Additionally, close to 100 exhibitors will participate in two exclusive Auto Components Pavilions, highlighting products and solutions for OEMs.About ACMA:
The Automotive Component Manufacturers Association of India (ACMA) represents the interests of the Indian Auto Component Industry. With over 850 manufacturers contributing more than 90% of the industry’s turnover in the organized sector, ACMA is a leading industry body.For Further Details:
ACMA
Upender Singh | 9901259169 | upender.singh@acma.in
Vinnie Mehta, Director General of ACMA, expressed satisfaction with the positive response to the exhibition, highlighting a promising 7.5% growth in H1 FY24. The ACMA Automechanika New Delhi 2024 is expected to serve as a crucial platform for connecting industry stakeholders.ACMA Automechanika New Delhi 2024:
The 5th edition, scheduled from February 01 to 03, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi, will feature 500+ exhibitors from over twelve nations. Dedicated country pavilions from Japan, Germany, Korea, Taiwan, and Thailand will showcase aftermarket product innovations, technological advancements, and sustainable mobility solutions. Additionally, close to 100 exhibitors will participate in two exclusive Auto Components Pavilions, highlighting products and solutions for OEMs.About ACMA:
The Automotive Component Manufacturers Association of India (ACMA) represents the interests of the Indian Auto Component Industry. With over 850 manufacturers contributing more than 90% of the industry’s turnover in the organized sector, ACMA is a leading industry body.For Further Details:
ACMA
Upender Singh | 9901259169 | upender.singh@acma.in
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