Speaking on the inaugural session of the two-day trade occasion ACMA Automechanika, he famous that the initiative would additionally assist the trade to scale back imports of sub-standard elements.
“The Automotive Component Manufacturers Association (ACMA) and Society of Indian Automobile Manufacturers (SIAM) are working closely to enhance deep localisation in the auto component sector which will further increase our price competitiveness in the global market,” Jain stated.
This is not going to solely assist us in enhancing exports however may also assist curb import of spurious and sub-stand elements which are imported solely for the rationale of being higher priced, he added.
Jain stated the not too long ago introduced PLI scheme is aimed toward enhancing the trade’s export competitiveness by incentivising the trade.
“A huge outlay of Rs 57,000 crore has been made for the entire automotive industry. All these measures augur well for auto components exports including those for the aftermarket,” he added.
Jain stated that the aftermarket section was in all probability probably the most vibrant and fastest-growing section of the auto component trade.
In 2019-20, it stood at USD 9.8 billion, with a compound annual development price (CAGR) of 12 per cent whereas the general turnover of the auto component trade stood at USD 50 billion with a CAGR of 8 per cent, he famous.
“It is interesting to note that last year, which was probably the most challenging year for us due to the outbreak of the pandemic, all segments of the industry, be it supplies to original equipment manufacturers (OEMs), or exports or the imports, suffered badly, however, the aftermarket remained robust. This reflects the undying spirit of the aftermarket as also its strong potential,” Jain stated.
Over 70 producers and suppliers are showcasing their newest auto elements and equipment in the ACMA Automechanika.
ACMA has partnered with Messe Frankfurt for the 2 days digital honest this yr.
“Our partnership with Messe Frankfurt also provides our members with the opportunity of not only participating in this show but also to participate in other overseas Automechanika shows held in emerging as well as developed markets and grow their exports business,” Jain famous.
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