Auto component industry to grow at 10-12% CAGR in long term, says Icra report
6 years, 8 months ago

Auto component industry to grow at 10-12% CAGR in long term, says Icra report

Firstpost  

The auto component industry is likely to grow at 10-12 percent annually in the long term on rising rural income, higher disposable income and continued infrastructure activity, according to a Icra report Mumbai: The auto component industry is likely to grow at 10-12 percent annually in the long term on rising rural income, higher disposable income and continued infrastructure activity, according to a report. Riding strong volume growth across automotive segments, especially in the automotive original equipment manufacturers, the Indian auto component industry grew by 13 percent during FY18, the Icra report said. OE demand grew following rising rural income, recovery in medium and heavy commercial vehicles demand post-GST, stricter overloading restrictions and pickup in infrastructure activity, it added. “Based on the available trends so far, we expect the domestic OEM segment to witness a broad-based 10 percent volume growth during FY19, supported by a further improvement in rural income, higher disposable income with anticipated pay revisions by some states and continued infrastructure activity,” said Ray.

Growth Industry Income Auto Report Term Demand Ray Grow Long Term Icra Component Fy18 Higher Disposable Income Rising Rural Income Continued Infrastructure Activity Icra Report  term  icra  grow  sales  cagr  rural  1012  demand  strong  report  industry  growth  component  auto  long  income  fy18

History of this topic

India’s industrial production growth likely at 3.7% in Jan, surge from 3.2 % in Dec 24: Union Bank of India
3 weeks, 3 days ago

India’s industrial production growth likely at 3.7% in Jan, surge from 3.2 % in Dec 24: Union Bank of India

Live Mint  

New Delhi, : India's industrial production, measured by the Index of Industrial Production, is likely to surge to 3.7 per cent year-on-year in January 2025, up from 3.2 per cent in December 2024, according to a report by Union Bank of India. However, the report also highlights that despite this monthly increase, the IIP growth in January is likely to …

India's Auto Comp Industry on Track for Unprecedented Growth
4 weeks ago

India's Auto Comp Industry on Track for Unprecedented Growth

Deccan Chronicle  

New Delhi: India's auto component industry is on the verge of a significant breakthrough, targeting $100 Bn in exports, according to the latest report by Boston Consulting Group, titled "Revving Up Exports: The Next Phase of Export Growth for the Auto Component Industry". Encouraging 2-3 global OEMs to establish manufacturing bases in India can serve as an anchor – helping …

Domestic passenger vehicle sales expected to grow 4-7% in FY26: ICRA
1 month ago

Domestic passenger vehicle sales expected to grow 4-7% in FY26: ICRA

The Hindu  

Passenger vehicle sales volume in India is expected to grow at a moderate pace of 4-7% in FY26 with most demand drivers remaining neutral or favourable, according to ratings agency ICRA. As for two-wheelers, ICRA said it estimates the industry volumes to grow at a healthy pace of 6-9% in FY26, following an estimated 11-14% growth in FY25. Accordingly, even …

Indian auto ancillary industry to witness slower growth in FY25 and FY26: ICRA
Trending News
1 month, 1 week ago

Indian auto ancillary industry to witness slower growth in FY25 and FY26: ICRA

Live Mint  

Domestic rating agency firm ICRA expects the revenue growth of the Indian auto component industry to ease to 7-9% in FY2025 and 8-10% in FY2026, from the highs of 14% in FY2024. ICRA estimates the auto component industry to incur a capex of ₹25,000-30,000 crore in FY2026 towards capacity expansion, localisation/capability development, and technological advancement, among others. ICRA expects auto …

Nifty Auto crashes 2.9% to 10-month low. What’s driving the index lower?
1 month, 1 week ago

Nifty Auto crashes 2.9% to 10-month low. What’s driving the index lower?

Live Mint  

Indian auto stocks came under significant selling pressure in today's trading session, February 21, with the Nifty Auto index dropping 2.9% to touch a 10-month low of 21,435. To be precise, the Nifty Auto index has been in a downward trend since October, losing 22% of its value as investor sentiment dampened due to poor sales, weak urban consumer demand, …

Auto component firms to invest Rs 30K cr in FY26
1 month, 1 week ago

Auto component firms to invest Rs 30K cr in FY26

Deccan Chronicle  

PUNE: The auto component industry is likely to spend Rs 25,000 - Rs 30,000 crore for capacity expansion and localization, including electric vehicle parts in FY2026, said rating agency ICRA on Thursday. The rating agency said it expects the revenue growth of the Indian auto component industry to ease to 7-9 per cent in the ongoing fiscal and 8-10 per …

Major auto component firms likely to invest up to ₹30K cr next fiscal: ICRA
Top News
1 month, 1 week ago

Major auto component firms likely to invest up to ₹30K cr next fiscal: ICRA

Live Mint  

New Delhi, Feb 20 Major auto component firms are likely to invest ₹25,000-30,000 crore in the next fiscal for capacity expansion and localisation, including electric vehicle parts, ratings firm ICRA said on Thursday. "ICRA's interaction with large auto component suppliers indicates that the industry is estimated to spend ₹15,000-20,000 crore in FY2025 and another ₹25,000-30,000 crore in FY2026," Vinutaa S, …

Automakers see strong December sales growth, led by rural demand
2 months, 4 weeks ago

Automakers see strong December sales growth, led by rural demand

Deccan Chronicle  

Passenger vehicle sales of top automakers such as Maruti Suzuki, Mahindra, and Toyota Kirloskar Motor registered strong double-digit growth last month, despite customers typically shying away from purchases as they wait for the new year. Maruti Suzuki saw a 24.18 percent year-on-year increase in sales, reaching 1.30 lakh units, as dispatches of hatchbacks and mini cars to dealers bounced back …

Car Sales Growth Slows To 5% In 2024, Marking Slowest Expansion In 4 Years
Trending News
2 months, 4 weeks ago

Car Sales Growth Slows To 5% In 2024, Marking Slowest Expansion In 4 Years

ABP News  

Car sales growth slowed to approximately 5 per cent in 2024, marking the slowest expansion rate in four years and highlighting the challenges faced by companies in urban markets. Early estimates indicate that the industry concluded 2024 with sales of around 43 lakh units, up from 41.1 lakh units in 2023, with SUVs accounting for 54 per cent of the …

India's GDP growth to pick up in third quarter compared to first half of FY25: ICRA
4 months, 1 week ago

India's GDP growth to pick up in third quarter compared to first half of FY25: ICRA

Deccan Chronicle  

New Delhi: India's economy is projected to grow at a faster pace in the third quarter of the current financial year compared to the first half, according to a report by ICRA. Vehicle registrations surged to 32.4 per cent year-on-year in October 2024, a sharp recovery from a contraction of 8.7 per cent in September 2024. The report also added …

India’s GDP growth likely moderated to 6.5% in Q2, says Icra
Trending News
4 months, 1 week ago

India’s GDP growth likely moderated to 6.5% in Q2, says Icra

Live Mint  

New Delhi: India’s GDP growth is likely to have slowed marginally to 6.5% in the second quarter of FY2025 from 6.7% in the previous quarter, primarily due to heavy rainfall, weak corporate margins, and subdued exports, according to rating agency Icra. While government capital expenditure and healthy kharif sowing provided a lift, their impact was offset by disruptions caused by …

Auto industry crosses ₹20 lakh crore mark in FY-24; contributes 14-15 pc to total GST: SIAM President
6 months, 3 weeks ago

Auto industry crosses ₹20 lakh crore mark in FY-24; contributes 14-15 pc to total GST: SIAM President

The Hindu  

The Indian automotive industry has crossed ₹20 lakh crore mark in FY24 and now contributes 14-15% of the total GST collected in the country, SIAM President Vinod Aggarwal said on Monday. "The Indian automotive industry has crossed a landmark figure of Rs 20 lakh crore in FY24.we are contributing almost 14-15 per cent of the total GST collected in the …

Goyal asks auto-component sector to achieve $100 billion export target by 2030
6 months, 3 weeks ago

Goyal asks auto-component sector to achieve $100 billion export target by 2030

The Hindu  

Union Minister for Commerce & Industry, Piyush Goyal on Monday asked the Indian auto component manufacturing sector to achieve an exports target of $100 billion by 2030 so that sector could be one of the largest job creators in the country. Stating that the Indian auto sector would soon become the world leader from currently being the third largest in …

Auto sales rise 14% in July, historic high inventory level causes concern: FADA
7 months, 3 weeks ago

Auto sales rise 14% in July, historic high inventory level causes concern: FADA

The Hindu  

The Indian auto retail sector witnessed a double digit growth of 13.84% Year on Year in July 2024 backed by a robust 17.17% YoY growth in Two-Wheelers sales. “It is also crucial for the Reserve Bank of India to mandate financial institutions to implement stringent checks before releasing inventory funding, preferably requiring dealer consent or collaterals to prevent the escalation …

India’s Auto Retail Clocks Robust 27% Growth in April
10 months, 3 weeks ago

India’s Auto Retail Clocks Robust 27% Growth in April

Deccan Chronicle  

Pune: The automobile retail sales surged 27 per cent in April, the first month of this fiscal, to 2.2 million units compared to the year before, the Federation of Automobile Dealers Associations or FADA said on Wednesday. “The passenger vehicle category experienced double-digit year-on-year growth, supported by enhanced model availability and favourable market sentiments, particularly around festive events like Navratri …

Two-wheeler sales yet to reach pre-Covid 19 levels, says auto industry body
11 months, 2 weeks ago

Two-wheeler sales yet to reach pre-Covid 19 levels, says auto industry body

Hindustan Times  

Passenger vehicles wholesales in India have touched a record high of 42,18,746 units in the financial year 2023-24, registering a year-on-year growth of 8.4 per cent, industry body Society of Indian Automobile Manufacturers said. The vehicle sales across the categories surged by 12.5 per cent to 2,38,53,463 units in the period under review On the other hand, the overall passenger …

Indian Automotive Component Industry Set to Reach $14 Billion by 2028
1 year, 2 months ago

Indian Automotive Component Industry Set to Reach $14 Billion by 2028

Deccan Chronicle  

Pune: The Indian automotive component industry is expected to touch $14 billion or Rs 116,634 crore by 2028, and the aftermarket segment has a $35 billion or Rs 291,585 crore opportunity, the Automotive Component Manufacturers Association of India or ACMA said on Monday. "The Indian domestic aftermarket, valued at USD 10 billion in 2023, is poised to surge almost 1.4 …

Auto component industry to invest $7 billion over next 5 years: ACMA
1 year, 3 months ago

Auto component industry to invest $7 billion over next 5 years: ACMA

Deccan Chronicle  

Pune: With robust demand in place in the automobile sector, the Indian auto component industry is planning to invest around $ 6.5 to 7 billion over the next five years on capacity expansion and technology upgradation, Shradha Suri Marwah, President of Automotive Component Manufacturers Association of India or ACMA said on Wednesday. The auto component industry, which recorded a 12.6 …

Indian Automobile Industry Witnesses 92 Percent Decline in Deal Activity Due to EVs
1 year, 8 months ago

Indian Automobile Industry Witnesses 92 Percent Decline in Deal Activity Due to EVs

News 18  

India Inc saw just 16 deals amounting to $98 million in the second quarter this year in the auto sector, registering a substantial decline in overall deal activity, with a 92 percent drop in values and 36 percent decrease in volumes, a report showed on Wednesday. The sector recorded a 21 percent growth in domestic sales in FY 2022-23 across …

Indian auto sector sees 92% decline in deal activity amid EV boom
1 year, 8 months ago

Indian auto sector sees 92% decline in deal activity amid EV boom

India TV News  

India Inc saw just 16 deals amounting to $98 million in the second quarter this year in the auto sector, registering a substantial decline in overall deal activity, with a 92 per cent drop in values and 36 per cent decrease in volumes, a report showed on Wednesday. The sector recorded a 21 per cent growth in domestic sales in …

Indian auto industry grows to ₹8.7 lakh crore in FY23: Report
1 year, 9 months ago

Indian auto industry grows to ₹8.7 lakh crore in FY23: Report

The Hindu  

The Indian automobile sector has grown into a ₹8.7 lakh-crore industry by producing 2.7 crore vehicles in FY23, management consulting firm Primus Partners said in a report. Primus Partners said the PV segment grew to ₹5 lakh crore in FY23 and half of the revenue came from mid and full size SUVs. “As per our study, the Indian market is …

Passenger vehicle segment growth may moderate to 5-7 per cent this fiscal: Tata Motors
1 year, 9 months ago

Passenger vehicle segment growth may moderate to 5-7 per cent this fiscal: Tata Motors

Live Mint  

Tata Motors expects the passenger vehicle industry to grow to 5-7 per cent in the current financial year as compared with 27 per cent sales growth in the last financial year with dip in pent-up demand. According to a top company executive, the auto major is looking to introduce new products including CNG and electric models, while bolstering its existing …

The automobile sector is set to experience a big move, here’s how
2 years, 1 month ago

The automobile sector is set to experience a big move, here’s how

Live Mint  

India is poised to soar, higher than many fast-growing large economies over the next decade. Categories that are expected to gain more traction would be parts of internal combustion engines and bearings in industrial machinery, mobile/telephone sets, electric gensets and rotary converters, valves and similar appliances in electrical machinery India’s automotive sector is also well placed to benefit from structural …

Carmakers begin 2023 on a strong note, post handsome growth in domestic volumes in January
2 years, 1 month ago

Carmakers begin 2023 on a strong note, post handsome growth in domestic volumes in January

India Today  

After a stupendous performance in 2022, during which the passenger vehicle industry witnessed its highest-ever domestic volumes in a calendar year, the carmakers have begun 2023 on a strong note, posting handsome growth in domestic wholesale despatches in January on the back of robust customer demand and relatively better semiconductor supply leading to higher production. The domestic wholesales of Hyundai …

Electric vehicle market likely to cross 1 crore sales mark per annum by 2030: Economic Survey
2 years, 2 months ago

Electric vehicle market likely to cross 1 crore sales mark per annum by 2030: Economic Survey

The Hindu  

India's electric vehicles market is expected to grow to one crore units annual sales by 2030 and create 5 crore direct and indirect jobs, according to the Economic Survey 2022-23. The survey tabled in Parliament on January 31 said that in December 2022, India became the third-largest automobile market, surpassing Japan and Germany in terms of sales. The domestic electric …

What is Indian auto industry's India@100 vision? Automobile body chief replies
2 years, 6 months ago

What is Indian auto industry's India@100 vision? Automobile body chief replies

Hindustan Times  

The Society of Indian Automobile Manufacturers has said that India's automobile industry aims to be among the top two global producers in every segment of vehicles over the next 25 years. The domestic automobile industry has been going through a long-term, deep structural slowdown even before the Covid pandemic surfaced, Kenichi Ayukawa "Industry has prepared a vision statement for India …

Behind the surprising trade surplus in auto components sector
2 years, 7 months ago

Behind the surprising trade surplus in auto components sector

Live Mint  

India’s auto components sector has always imported more than it exported, leading to a trade deficit. The auto ancillaries industry in India mainly supplies to original equipment manufacturers in the automotive industry and their tier-I suppliers in large external markets. “The China +1 policy may not have resulted in an outpour of investments into India, but we have seen benefits …

Industrial Production Grows 7.1% in April on Better Performance, at 8-Month High
2 years, 9 months ago

Industrial Production Grows 7.1% in April on Better Performance, at 8-Month High

News 18  

New Delhi: Industrial output grew by 7.1 per cent in April on better performance by power and mining sectors, as per government data released on Friday. Manufacturing sector recorded a growth of 6.3 per cent in the first month of the current financial year, as per the data released by the National Statistical Office. As per the use-based classification, the …

Auto component industry likely to clock 8-10% growth in FY23: report
3 years ago

Auto component industry likely to clock 8-10% growth in FY23: report

The Hindu  

The Indian auto component industry is expected to clock 8-10% growth in FY23, supported by the easing of supply-chain issues and commodity inflation in the second half of the year, according to rating agency Icra. Domestic OEM demand has remained a mixed bag across segments in FY2022, with a slowdown in two-wheelers and semiconductor shortage dragging down overall production volumes," …

Rising Cost of Vehicles Drastically Affecting Growth of Auto Sector: Industry Players
3 years, 7 months ago

Rising Cost of Vehicles Drastically Affecting Growth of Auto Sector: Industry Players

News 18  

High taxation, as well as state government’s road levy, have driven passenger vehicle cost and dented sales, Maruti Suzuki India Chairman R.C. The automobile sector’s long-term growth rate has come down drastically in the past 5 to 10 years even before Covid started in India, said SIAM President and Maruti Suzuki Managing Director & CEO Kenichi Ayukawa on Wednesday. Speaking …

Auto component industry turnover falls for 2nd year
3 years, 7 months ago

Auto component industry turnover falls for 2nd year

Deccan Chronicle  

Pune: The Automotive Compon-ent Manufacturers Asso-ciation of India, on Tuesday said the turnover of the automotive component industry fell 3 per cent year-on-year at Rs 3.4 lakh crore in FY21. He said the vehicle industry in India witnessed two successive years of de-growth of 14.6 per cent in FY19-20 and thereafter of 13.6 per cent in FY20-21. The Acma said …

Budget 2021: Expectations of Indian Auto Industry
4 years, 2 months ago

Budget 2021: Expectations of Indian Auto Industry

News 18  

As Finance Ministry prepares the annual budget scheduled to be presented in February 2021, Indian auto indusrty is hoping for some key announcements to induce confidence in the market again, suffering from dull sales due to COVID-19 pandemic. Here are some key recommendations from Federation of Automobile Dealers Associations, apex national body of Automobile Retail Industry in India- Introduce benefits …

COVID-19 Hit Indian Auto Industry Shows Sign of Recovery, Records Almost 30 Percent Growth
4 years, 5 months ago

COVID-19 Hit Indian Auto Industry Shows Sign of Recovery, Records Almost 30 Percent Growth

News 18  

The Indian auto industry, in 2019, recorded its worst ever sales in almost 2 decades, with numbers falling as low as 50 percent. #SIAMData #BTNR— SIAM India October 16, 2020 The recently released sales data from September 2020 reveals that the Indian car industry has registered a massive growth of 28.92 percent in overall sales as compared to same period …

Indian auto component industry clocks turnover of Rs 3.49 lakh crore, de-grows 11.7 per cent in FY 2019-20
4 years, 7 months ago

Indian auto component industry clocks turnover of Rs 3.49 lakh crore, de-grows 11.7 per cent in FY 2019-20

India Today  

Automotive Component Manufacturers Association of India, the apex body representing India’s Auto Component manufacturing industry announced the findings of its Industry Performance Review for the fiscal year 2019-20. The turnover of the automotive component industry stood at Rs 3.49 lakh crore for the period April 2019 to March 2020, registering de-growth of 11.7 per cent over the previous year. The …

Auto sector slowdown: Component maker Bosch likely to slash a few thousand jobs in India in next four years
5 years, 2 months ago

Auto sector slowdown: Component maker Bosch likely to slash a few thousand jobs in India in next four years

Firstpost  

Bosch may retrench about 10% of its 3,700-strong workforce in the administrative and management segments while it could be more than 10% of the 6,300 workers in the manufacturing level. After giving a hint of manpower adjustments in the wake of a major decline in its first quarter profit last year due to slowdown in the auto industry, German auto …

Auto part units shed 1 lakh casual jobs
5 years, 3 months ago

Auto part units shed 1 lakh casual jobs

The Hindu  

About one lakh temporary workers in the auto components sector lost their jobs between October 2018 and July 2019 due to the slump in the auto industry, the Auto Components Manufacturers Association said. Auto component sales in the first half of the year declined by 10% to ₹1.79 lakh crore, while exports and the aftermarket segment grew, the industry body …

Auto component industry turnover dips 10 pc in Apr-Sep; 1 lakh temp workers lose jobs
5 years, 3 months ago

Auto component industry turnover dips 10 pc in Apr-Sep; 1 lakh temp workers lose jobs

India TV News  

The auto component industry's turnover witnessed worst ever decline in the first half of the current fiscal leading to a job loss of around 1 lakh temporary workers till July this year, industry body ACMA said on Friday. The turnover of the industry dropped to Rs 1.79 lakh crore in the April-September period, down 10.1 per cent from Rs 1.99 …

Slump in auto aftermarket, exports to bring more stress for component makers, says report
5 years, 6 months ago

Slump in auto aftermarket, exports to bring more stress for component makers, says report

Live Mint  

Mumbai: Credit rating agency Icra has revised its outlook for the auto components industry to negative following more than three quarters of continuous decline in the wholesale dispatches across all vehicle categories. “Tight liquidity across the aftermarket dealer channel has led to de-stocking, curtailing fresh demand for the component manufacturers,” Icra said in a statement. The ratings agency also points …

Auto sector crisis: Amid dip in revenue, govt may not cut tax to spur demand; carmakers should be ready to compromise on price front
5 years, 6 months ago

Auto sector crisis: Amid dip in revenue, govt may not cut tax to spur demand; carmakers should be ready to compromise on price front

Firstpost  

Srivastava also pointed out that India’s auto sector had seen its best growth in the 7-8 years that Uber and Ola came into existence. This week, Maruti Suzuki’s executive director — marketing & sales, Shashank Srivastava, responded claiming India’s ownership patterns had not really changed and people were still buying cars with an ‘aspirational aspect’. He also pointed out that …

Auto component makers seek uniform 18% GST
5 years, 6 months ago

Auto component makers seek uniform 18% GST

Live Mint  

Auto components industry on Friday sought uniform 18 % GST in order to help companies with their working capital borrowings which could be used to invest in long-term assets. "While the captains of our domestic original equipment manufacturers are ably representing the interventions that would be required to stimulate demand, we in the component sector seek assistance by way of …

Passenger vehicle sales may dip in 2019-20; agricultural output, revival in economy crucial for auto sector’s growth: ICRA
5 years, 7 months ago

Passenger vehicle sales may dip in 2019-20; agricultural output, revival in economy crucial for auto sector’s growth: ICRA

Firstpost  

The auto sector has already registered a 21.6% -plus de-growth in the first four months of 2019-20, ICRA said. New Delhi: Passenger vehicle sales in India is likely to decline in the range of 4-7 percent this fiscal saying agricultural output, revival in economic and industrial growth would be critical for auto sector’s growth despite recent government measures to rekindle …

PV sales likely to decline in the range of 4-7% in 2019-20: ICRA
5 years, 7 months ago

PV sales likely to decline in the range of 4-7% in 2019-20: ICRA

Live Mint  

Passenger vehicle sales in India is likely to decline in the range of 4-7 per cent this fiscal saying agricultural output, revival in economic and industrial growth would be critical for auto sector's growth despite recent government measures to rekindle demand. The auto industry has already registered a 21.6 per cent plus de-growth in the first four months of 2019-20, …

Autocomps revenue growth seen halving
5 years, 7 months ago

Autocomps revenue growth seen halving

Deccan Chronicle  

PUNE: Revenue growth for the beleaguered auto components sector would halve in next two fiscals due to a steep decline in domestic vehicles sales. However, volume of original equipment manufacturers is estimated to either degrow or log low single-digit growth at best in the next two years, rating agency Crisil said. It expects the Rs 3.5 lakh crore automotive components …

The auto sector’s revival holds the key to India’s $5 trillion economy
5 years, 7 months ago

The auto sector’s revival holds the key to India’s $5 trillion economy

Deccan Chronicle  

This financial year saw the Government of India set an ambitious target to make India a $5 trillion economy within five years. The Indian automobile industry is contributing 7.1 per cent to GDP right now and around 3.7 crore people are employed directly and indirectly by this sector. The auto components industry accounts for 2.3 per cent of India’s GDP, …

Auto industry may further cut production amid consumption slowdown
5 years, 7 months ago

Auto industry may further cut production amid consumption slowdown

New Indian Express  

NEW DELHI: After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS-VI standards will further decelerate production, leading to eventual job losses. Figures from the Society of Indian Automobile Manufacturers showed that domestic passenger car sales in June went down by 24.07 per cent to 139,628 units. In all, the total sales of the …

Auto industry may further cut production
5 years, 7 months ago

Auto industry may further cut production

Live Mint  

New Delhi: After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS VI standards will further decelerate production, leading to eventual job losses. "With prolonged weak consumer demand, the inventories at dealer levels have peaked, necessitating production cuts by OEMs," Richa Bulani, Senior Analyst, India Ratings & Research, told IANS. In all, the total …

Indian automobile industry under intense pressure, major companies witness sales decline in July 2019
5 years, 8 months ago

Indian automobile industry under intense pressure, major companies witness sales decline in July 2019

India Today  

The major automobile companies of India today came out with their monthly sales data for July 2019 and the numbers are not at all encouraging. The country's largest carmaker Maruti Suzuki India has been witnessing a decline in sales for the past six months and reported a 33.5 per cent dip in total sales to 1,09,264 units in July 2019. …

Slowdown in auto industry impacts component sector too; 15% job loss after turnover growth dips
5 years, 8 months ago

Slowdown in auto industry impacts component sector too; 15% job loss after turnover growth dips

Firstpost  

The industry body, which represents the auto components industry that alone employs around 50 lakh people, also sought clarity on policy for electrification of vehicles. Since September last year, the auto ancillary sector has registered up to 15 percent loss in jobs due to fall in revenues because of a decline in auto sales for the past ten months, said …

Auto sector slowdown: Component makers are holding a mirror to the economy, reflection isn’t pretty
5 years, 8 months ago

Auto sector slowdown: Component makers are holding a mirror to the economy, reflection isn’t pretty

Firstpost  

Much has been written about the slowdown in auto sales in India. According to data from Automotive Component Manufacturers Association of India, or, ACMA, there has already been a cut of 10-15 percent of the workforce in the automobile component manufacturing sector. The industry body wants a uniform GST rate of 18 percent for both automobile and component companies to …

Slowdown in auto sales: 10-15% people lost jobs in auto component industry
5 years, 8 months ago

Slowdown in auto sales: 10-15% people lost jobs in auto component industry

Live Mint  

Due to the prolonged slowdown in auto sales since September 2018, automobile component manufacturing sector has already witnessed 10-15% loss in employment, as growth in revenue for companies in the sector slow down significantly. The growth in total turnover of the automobile component manufacturing companies in India slowed down to just 14.5% to 3,95,902 crore in FY19 as a consequence …

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