ACMA, the apex body of the Indian auto component industry, in collaboration with Ernst & Young, presented key findings from its Global Automotive Aftermarket Research Report at the Bharat Mobility Global Expo 2024. The report indicates that the Indian automotive aftermarket, valued at USD 10 billion in 2023, is poised to grow nearly 1.4 times to reach an estimated USD 14 billion by 2028.
The study focuses on seven product categories, forecasting robust growth driven by the expanding vehicle parc, which is expected to reach 340 million. The Two-Wheelers and Passenger Vehicles are projected to exhibit substantial growth, contributing to the overall surge in aftermarket demand.
Internationally, the report identifies export opportunities worth over USD 35 billion across 39 countries. Ten major export markets, including Indonesia, LATAM, Poland, Brazil, Columbia, Bangladesh, North Africa, South Africa, East Africa, West Africa, and UAE, offer significant potential for growth. The combined export potential to these markets is anticipated to exceed USD 35 billion by 2028.
Shradha Suri Marwah, President of ACMA, emphasized the unique opportunities for Indian auto component aftermarket players. She highlighted the need for strategic initiatives such as building partnerships, investing in marketing, enhancing digital presence, and fostering collaboration to tap into global market opportunities.
Vinnie Mehta, Director General of ACMA, expressed satisfaction with the response to the exhibition, citing a promising 7.5% growth in the first half of FY24 for the Indian auto component makers. He acknowledged the increasing demand for pre-owned vehicles and the formalization of the repair and maintenance market as contributors to this growth.
The 5th edition of ACMA Automechanika New Delhi, scheduled from February 01 to 03, 2024, is expected to host 500+ exhibitors from over twelve nations, showcasing aftermarket product innovations, technological advancements, and sustainable mobility solutions.
