India's Auto Component Export Surge: A $100 Billion Ambition

India's auto component industry aims for $100 billion in exports within 7-8 years, building on a current $21.2 billion level. A comprehensive strategy highlights focusing on classical components and the EV value chain. Key players are urged to expand exports significantly and penetrate global supply chains.

India's auto component industry is eyeing a monumental milestone, setting its sights on achieving $100 billion in exports within the next 7-8 years. This projection comes from a Boston Consulting Group report, indicating a sharp upturn in prospects for this sector.

As of FY24, India's auto component exports have climbed to $21.2 billion, a dramatic increase from the deficit of $2.5 billion in FY19. The report, developed with the Automotive Component Manufacturers Association of India (ACMA), outlines a multi-faceted strategy to reach this ambitious export target.

The strategy emphasizes expanding exports of classical components, targeting an additional $40-60 billion from the US and European markets and capitalizing on emerging EV components to tap into another $15-20 billion. The ACMA supports this with initiatives for closer customer ties, enhanced testing, and ESG compliance.