Automakers ask component makers to be future ready, invest in new tech

Growing at a CAGR of 8-9 per cent, automakers expect passenger vehicle industry alone to be about 10 million units per annum by 2030

Auto component manufacturers will have to grow their appetite for risks, hedge their bets on alternative technologies and become more prudent financially to stay relevant, said officials at automobile firms in their address at the 58th Annual Convention of Automotive Component Manufacturer Association (Acma) titled ‘Preparing for the future’ on Wednesday. They pointed out even as the fate of internal combustion engine (ICE) hangs in balance amid government's push for cleaner technologies such electric mobility, the auto part companies should not show reluctance in making investment for the ICE as the latter is unlikely to disappear in the foreseeable future.