Auto part makers shift to top gear as industry's growth accelerates

After being stalled by the economic slowdown and the pandemic, growth is accelerating rapidly for the industry

The revival in auto sales has been transmitted to the component industry. Manufacturers are reporting an 18-20 per cent growth in revenues and a 50 per cent jump in profit for the third quarter of FY21.

After the initial two months of FY21 when the national lockdown stalled sales, all segments of the automobile market have grown on a sequential basis and are inching closer to previous year’s levels, except for three-wheelers and buses. Shifting post-pandemic market dynamics towards personal mobility are likely to sustain this momentum.

Vinnie Mehta, director general, Automotive Component Manufacturers Association of India (ACMA), describes FY22