Clocking USD 74.1 billion turnover and a growth of 9.8 percent in FY2023-24 on a year-on-year basis, the Indian auto components industry body (the Automotive Components Manufacturers Association) ACMA has announced the finding of its ‘Industry Performance Review’ for FY2023-24. 

The report mentions that the turnover growth of the automotive component industry is influenced by factors such as the rise in consumption of increased value-added components, thrust on localisation and a market shift in terms of increasing preference for larger and more powerful vehicles. 

On the exports front, the report highlighted a growth of 5.5 percent to USD 21.2 billion in FY2023-24 as compared to USD 20.1 billion in the last fiscal. North America accounted for 32 percent of the exports with a growth of 4.5 percent. Europe accounted for another 33 percent with a growth of 12 percent. Asia accounted for 24 percent of the export market with the growth remaining flat. The key components that were exported in FY2023-24 were drive transmission and steering, engine components, body and chassis, suspension and braking systems etc. 

The report also stated that exports, with trade surplus (CAGR of export is twice that of the import) have remained study in the wake of political challenges. 

Witnessing a growth of three percent in FY2023-24 to USD 20.9 billion as compared to USD 20.3 billion in FY2022-23, imports were of the following nature: engine components, body and chassis parts, suspension and braking parts, drive transmission and steering parts.

Asia accounted for 66 percent of imports followed by Europe and North America at 26 percent and eight percent respectively, imports from Asia grew three percent and that from Europe by four percent. Imports from North America remained flat in FY2023-24. 

On the aftermarket front, the increased movement of vehicles and surge in demand for used vehicles led to buoyancy across segments. The turnover of the aftermarket in FY 2023-24 was USD 11.3 billion. In FY2022-23, it was USD 10.6 billion. The e-commerce sector involvement has led to the aftermarket witnessing gradual shift into organised trade. The digital route is also leading to higher penetration in the hinterland of the country.  

The supply to electric vehicles accounted for six percent of the auto components industry turnover of USD 74.1 billion. The Indian auto component industry is optimistic on the back of the robustness exhibited by the economy.  

Regarding the performance of the auto component industry, Vinnie Mehta, Director General, ACMA, said, “On the back of steady vehicles’ production in the country, a robust aftermarket and growth in exports, the auto component industry grew to Rs. 6.14 lakh crore (USD 74.1 billion) registering 9.8 percent growth in FY23-24, thus outpacing the turnover of Rs. 5.59 lakh crore (INR 55.9 billion) in the previous fiscal. Component supply to OEMs in the domestic market grew by 8.9 percent to Rs.5.18 lakh crore (INR 51.8 billion), with supply to the EV manufacturing industry accounting for 6% of the total component production in the country. Exports grew by 5.5 percent to USD 21.2 billion while imports grew by three percent to USD 20.9 billion, thus resulting in a trade surplus of USD 300 million. The Aftermarket, estimated at Rs. 93,886 crore (USD 11.3 billion) also witnessed growth of 10 percent.”  

Shradha Suri Marwah, President, ACMA, and Chairman & Managing Director, Subros, mentioned, “It is pertinent to note that apart from increase in vehicle production, higher value addition from the component sector has led to growth in the auto components sector. On the front of trade, whilst overall merchandize exports from India witnessed degrowth in FY24, auto components exports have grown despite geopolitical challenges and increase in logistics costs. That apart, growth in imports has been comparatively lesser, leading to trade surplus, indicating thrust by the industry on front of localisation.”

“Steady growth in the vehicle industry has resulted the industry reaching pre-pandemic levels of performance in FY24 in most segments, however, the first quarter of FY25 witnessed somewhat slower offtake in vehicle sales, especially in PVs and CVs, given the high base, due to inclement weather conditions and elections. With strong macro-economic indicators, conducive government policies and over seven percent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in FY25,” she articulated. 

In a landmark development, Uber Freight, in collaboration with Aurora, has announced that fully autonomous lorries (trucks) have been completing return journeys between Dallas, Texas and Houston, Texas (approximately 386km) since April.

These driverless Class 8 trucks are transporting live, commercial freight with no human intervention behind the wheel. This event marks a significant moment as Uber Freight becomes the first logistics platform to offer shippers access to this technology on public roads.

The company shared that the haulage sector has long grappled with issues such as high driver turnover and underutilised assets. Autonomous trucking aims to ease these pressures while providing tangible benefits for shippers, carriers and consumers.

Uber Freight’s autonomous vehicle (AV) carriers have achieved notable results to date:

• Over 500,000 supervised autonomous miles covered on public roads while carrying freight over the past four years.
• The company has moved freight for more than 20 shippers across various industries.
• Goods delivered include everyday essentials such as pet food, paper products, beverages, appliances and packaging materials.

Lior Ron, Founder & CEO, Uber Freight, said, “This milestone is a clear example of what can be achieved when innovation meets logistics leadership. Working with Aurora, we are shaping a future where autonomous lorries enhance the efficiency and reliability of supply chains. This is the kind of value that shippers across the industry are seeking – and why we are dedicated to building a more intelligent and resilient freight network.”

Uber Freight started its journey in autonomous trucking in 2021 with strategic alliances to commercialise AV technology. The integration of the Aurora Driver into the Uber Freight platform has resulted in a seamless end-to-end solution where booking, tracking and load adjustments are managed digitally and efficiently.

This deep integration positions Uber Freight as the first and only logistics network to fully synchronise with autonomous lorries, ensuring freight is matched to suitable routes with minimal human involvement.

With nearly USD 20 billion in freight under management (FUM) and a substantial logistics network, Uber Freight claimed it is well-placed to scale the commercialisation of autonomous lorries. Their leadership in this area extends beyond technology to encompass collaboration and trust-building with shippers, carriers, and partners.

Through initiatives such as the Premier Autonomy Programme, which offers early access to over one billion of Aurora’s driverless miles to Uber Freight carriers through 2030, the company is enabling carriers of all sizes to improve their operations through autonomous technology.

Looking ahead, preparations are underway to support Aurora’s expansion of driverless operations to El Paso and Phoenix by end-2025, opening up new routes and opportunities for the sector.

Leading insurance technology firm RenewBuy makes strategic foray into automotive loan segment with RB Wheelz brand.

The RB Wheelz brand will provide a full suite of automotive loan products — including new vehicle financing, balance transfers and top-up loans — all accessible through RenewBuy’s upgraded digital platform. The integration is designed to offer consumers a seamless experience by combining financing and insurance under one digital roof.

The company estimates that the automotive financing market is expanding at a CAGR of 15–16 percent, which makes it an attractive opportunity for digital-first players like RenewBuy.

In the final quarter of FY25, RenewBuy disbursed nearly INR 1 billion in automotive loans. Looking ahead, the company aims to onboard approximately 10,000 customers and scale its loan disbursement to INR 15 billion in FY2026. The initial rollout will focus on four-wheelers and fleet vehicles.

Indraneel Chatterjee, Co-Founder, RenewBuy, said, “Having served consumers in the insurance space for nearly a decade, we are now expanding our footprint in the financial services ecosystem. We’re leveraging our technology and a 150,000 strong advisor network to bring loan services to consumers across metros and smaller towns. Over 75 percent of buyers in Tier II and III cities are opting for vehicle financing — a high-potential segment we aim to empower with accessible, seamless, and digital solutions.”

RenewBuy’s upgraded platform now includes a dedicated loan feature, supported by partnerships with 18 leading banks and NBFCs.

Elektrobit, a wholly owned independent subsidiary of Continental, has announced a strategic partnership with Metoak, a Chinese provider of intelligent driving solutions, to accelerate the development and adoption of software-defined vehicles (SDVs).

The collaboration integrates Elektrobit’s EB corbos Linux for Safety Applications – an open-source operating system compliant with automotive safety standards – with Metoak’s high-performance chips and driving algorithms. The first mass production project, now in its initial phase, focuses on stereoscopic vision and multi-sensor fusion technologies for next-generation ADAS (Advanced Driver Assistance Systems) controllers. Mass production is expected by early 2026.

The project marks the first integration of open-source systems with domestic chips in China’s intelligent driving sector. Elektrobit brings its global software expertise, while Metoak contributes its stereoscopic vision technology, aiming to deliver secure, cost-effective, and updateable SDV solutions for Chinese automakers.

The partnership centres around two areas:

EB corbos Linux for Safety Applications – The world’s first open-source, high-performance computing OS to meet ISO 26262 ASIL B and IEC 61508 SIL 2 safety standards. Its customisability and compliance with the UNECE R155 cybersecurity regulation make it a competitive choice for automakers. Metoak has successfully adapted the OS to its chips, reducing supply chain risks and offering a flexible solution for local manufacturers.

AUTOSAR Software and Autonomous Driving – The partners will co-develop ASIL D-certified Classic AUTOSAR software to optimise real-time communication and safety. They also plan to work on Level 3 autonomous driving algorithms and build a local ecosystem to support the ‘domestic chips + open-source system’ model.

Yaojie Lu, CEO of Metoak, said: “Partnering with Elektrobit combines the flexibility of EB corbos Linux with our stereo vision and AI technology, enabling cost-efficient and precise perception solutions.”

Maria Anhalt, CEO of Elektrobit, added: “The success of SDVs depends on openness and collaboration. We’re proud to see the industry’s first open-source safety-compliant OS entering mass production alongside Metoak.”

The partnership sets the stage for scalable, safety-certified SDV innovations in China and beyond.

Axiscades Technologies, a leading technology and engineering solutions provider, has appointed Anurag Sharma as CEO of add-solution, a Germany-based subsidiary of Axiscades specialising in wiring harness design & testing for aerospace, automotive and industrial sectors.

The German company focuses on specialised drone development and thermal management offering for Axiscades group in Europe.

Alfonso Martinez, CEO and MD, Axiscades, said, “We are excited to welcome Anurag to our leadership team. He embodies the rare blend of technical expertise and executional foresight that defines Axiscades’ ambition. The future of engineering value is being created: at the intersection of electrification, AI-driven industrial transformation and semiconductor-led innovation and he brings these talents to the table. Anurag’s track record in scaling engineering businesses gives add-solution the exact leverage needed to dominate the software-defined era. His work in EDS and cross-border industrialisation aligns with our strategy to embed deeper into European OEMs’ R&D cycles. In Europe, the sector contributes 4 percent to the GDP and is home to several leading premium car manufacturers, making it a highly attractive market. As part of our restructuring, Axiscades is doubling down on aerospace, defence and engineering services powered by Electronics, Semiconductors and Artificial Intelligence (ESAI).”

“add-solution plays a central role in this vision, bringing software-led scale and agility to these high-priority verticals. We're building a leadership team that doesn’t just respond to industry shifts it shapes them,” he added.

Sharma is an alumnus of IIT Roorkee and comes with over three decades of experience across product development, sales & business development, P&L management and successful execution of large-scale engineering programs.

He began his career with L&T and has held several senior roles across Siemens Technology, Segula Technologies, Altran India, Ansys India and Altair Engineering.

Anurag Sharma, said, “Axiscades is at an inflection point where product innovation in the domain of electronics, semiconductor and digital engineering are converging to create long-term value. The EDS (Electrical Distribution Systems) industry is undergoing a major transformation, with embedded electronic systems and 3D designs taking centre stage. As OEMs increasingly shift towards software-defined vehicles and electrification, the demand for highly specialised, domain-driven engineering services is set to rise. I am thrilled to contribute to this vision and bring together add solution’s deep expertise in EDS and component testing to give Axiscades a unique edge. The goal is to deepen global partnerships and build differentiated capabilities by delivering smarter, faster, and more integrated solutions across the value chain.”