The auto component industry's turnover stood at ₹2.55 lakh core during financial year 2015-16, up 8.8 per cent, compared to the previous year. It has registered a compounded annual growth rate of six per cent over the last six years.
According to the latest industry performance review by the Automotive Component Manufacturers' Association of India (ACMA), export of components also grew 3.5 per cent to ₹70,900 core last year from ₹68,500 core in 2014-15.
"Despite a challenging year, the auto component industry has registered a growth of 8.8 per cent in 2015-16. With signs of recovery in the auto market in the country and prospects of a better monsoon, the component sector is expected to witness growth in early double digits this year," Arvind Balaji, President, ACMA, said here.
However, imports are still a concern, especially from China and would have to see what the government is doing on that front, he said.
Import of auto components grew 9.3 per cent to ₹90,600 core in 2015-16 compared with ₹82,900 core the previous year.