 "automobile production")
The share of components in terms of value supplied to passenger car original equipment manufacturers (OEM) in India increased from 38 per cent in HI FY22 to 47 per cent in HI FY 23, according to data from a manufacturers association.
The reason for this is that the market is shifting from the under-Rs 7 lakh car to bigger and costlier cars: a trend reflected in increasing sales of SUVs.
The overall component industry grew 34.8 per cent: from $26.6 billion in HI FY22 to $33.87 billion in H1 FY23, according to Automotive Components Manufacturers Association (ACMA). The industry growth
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