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. 

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L&T Technology Services (LTTS), a leading ER&D company, has announced a strategic partnership with thyssenkrupp Steering to set up a software development centre in Pune.

The partnership will bring together LTTS’ expertise in its mobility segment, dedicated to developing safety-critical software for advanced steering technologies, while thyssenkrupp will bring together its global engineering solutions.

As per the understanding, LTTS will establish and manage the software hub in Pune on behalf of thyssenkrupp Steering.

For the unversed, LTTS has expertise on vehicle engineering to next-gen software innovation, while thyssenkrupp Steering has been developing steering systems for many years. The company possesses a deep knowledge of new electrical/electronic (E/E) architectures and software, as well as strong competence in steering technology. Its activities also extend to forward-looking developments such as the Vehicle Motion Control system, which enables higher comfort, advanced safety and highly autonomous driving through the high-level integration of steering, brakes, drivetrain and dampers.

Richard Hirschmann, SVP R&D, thyssenkrupp Steering, said, “We are excited to partner with LTTS to expand our software capabilities in India. This centre will play a crucial role in driving innovation and delivering next-generation steering solutions to our global customers.”

Patrick Vith, CEO, thyssenkrupp Steering, stated, “We are driven by a clear strategic ambition: to be the most trusted partner for steering solutions worldwide. We aim to shape the future of mobility through innovation, operational excellence, and strong global partnerships.”

Amit Chadha, CEO & Managing Director, L&T Technology Services, said, “This collaboration with thyssenkrupp Steering highlights LTTS’ leadership in the mobility space. Our expertise in electrification, hybrid systems, and software-defined vehicle architectures drives intelligent, sustainable mobility, supported by over 250 programs, 350 patents and 45 labs. By adding a prominent Tier-I automotive partner to our portfolio, this partnership reaffirms our role as the go-to innovation partner for future-ready mobility solutions.

Rajkumar Ravindranathan, Chief Business Officer – EMEA & RoW, L&T Technology Services, said, “We are honoured to be part of this significant milestone in thyssenkrupp’s transformation journey. Through this partnership, and by leveraging our deep expertise in building safety-critical, software-led products, LTTS will deliver scale, faster time-to-market, and cost-effective innovation, enabling thyssenkrupp to sustain and grow its market leadership. The Pune center will serve as a hub for cutting-edge software development, including embedded systems, functional safety and cybersecurity, aligning with the growing demand for intelligent and connected vehicle technologies.”

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Accenture, a leading IT services and Management Consulting organisation, has partnered Centre of Excellence in Advanced Automotive Research (CAAR), a research society established by the Indian Institute of Technology Madras (IIT Madras), to offer specialised skilling programs through Accenture’s LearnVantage Software-Defined Vehicle (SDV) Academy.

Targetted towards automotive Original Equipment Manufacturers (OEMs) and Global Capability Centers (GCCs) the initiative aims to develop talent pool to build software-defined vehicles. The program aims to meet the growing demand for skilled professionals in the SDV domain by bridging the gap between traditional automotive roles and the digital skills needed to develop automated driving technology, advanced driver assistance systems (ADAS), electrical/electronic architecture, connectivity and infotainment systems.

The curriculum covers advanced Internet of Things (IoT), embedded systems and software, vehicle safety, communication protocols, cybersecurity, edge computing, cloud virtualisation and industry standards like AUTomotive Open System Architecture (AUTOSAR) and Automotive Software Process Improvement Capability Determination (ASPICE).    

Kishore Durg, Global Lead, Accenture LearnVantage, said, “As vehicles transform into sophisticated software-defined machines, the automotive industry requires digital-native talent skilled in AI, machine learning, cybersecurity, and safety systems. Our collaboration with CAAR at IIT Madras is a game-changer, focused on transforming talent at scale for OEMs and GCCs in the sector. Together, we are committed to rapidly upskilling and reskilling talent to embrace technological advancements and develop the interdisciplinary skills needed for the SDV landscape.” 

Prof. Krishnan Balasubramanian, Prof. in Charge of Center for Advanced Automotive Research (CAAR), IIT Madras, said, “The academia-industry partnership, enabled by the Center of Excellence CAAR is a unique model that creates a win-win for all parties and enables upskilling of the next generation workforce in new areas such as SDVs. We are delighted to be partnering with Accenture’s LearnVantage.”

Thiruppathy Srinivasan, CEO, CAAR, IIT Madras, said, “The automotive industry is rapidly evolving with the adoption of electrification, connectivity, and advanced smart technologies. The high-growth software-defined vehicle space demands both new digital skills and a larger pool of skilled professionals, making upskilling a top priority. Our collaboration with Accenture LearnVantage offers a synergistic platform to bridge the talent gap by equipping professionals with the competencies needed to thrive and meet the industry’s evolving needs.”  

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German luxury carbrand Audi has officially launched AirConsole's interactive gaming platform in select vehicles, marking a significant step forward in the evolution of in-car entertainment. This integration brings a suite of social games, playable using smartphones as controllers, directly to Audi's infotainment system, aiming to enhance the travel experience for non-driving passengers.

The games were previously limited to parked vehicles, but now in-car gaming in select Audi models can now be enjoyed while the car is in motion, specifically by the front passenger in vehicles equipped with a passenger display. This is made possible through Audi's Active Privacy Mode, a unique digital curtain that prevents the driver from being distracted by the screen.

Anthony Cliquot, CEO at N-Dream, the makers of AirConsole, said, “This is a game-changer for in-car entertainment. With Audi, we’re redefining what’s possible inside a vehicle – bringing gaming into motion and making every journey more social and fun. By enabling gameplay on the passenger screen in a way that prioritises safety – by not distracting the driver – we’re taking a bold yet responsible step toward a future where cars are not just modes of transport, but platforms for shared digital experiences.”

In a notable collaboration with Mattel, Audi and AirConsole are introducing Pictionary Car Party, an exclusive in-car edition of the popular quickdraw game. This launch coincides with Pictionary's 40th anniversary and allows up to four players to connect via their personal devices, transforming road trips into interactive gaming sessions.

Erika Winterholler, Head of Business Development, Digital Gaming at Mattel, said, “We’re thrilled to continue our partnership with AirConsole and work with the team at Audi to bring Pictionary Car Party! to Audi’s infotainment systems. This collaboration is a game-changer, letting non-driving passengers join in on fun, interactive play using their smartphones. Most importantly, the front passenger can safely control the game without distracting the driver, ensuring that entertainment and safety go hand-in-hand. This is the future of social gaming on the move, making every journey more enjoyable.”

Beyond Pictionary Car Party, the AirConsole platform offers an initial selection of 13 additional games spanning various genres, including racing, sports, trivia and party games. Notable titles include Who Wants to Be a Millionaire? from Sony Pictures Television, Overcooked from Team17, and UNO Car Party! from Mattel. Audi passengers can anticipate frequent updates and new content, ensuring an ever-expanding library of interactive entertainment.

Accessing AirConsole is designed to be straightforward. Users can download the AirConsole app directly through the Audi Application Store, which hosts apps specifically optimised for in-vehicle use. Passengers simply scan a QR code displayed on the vehicle’s screen with their smartphone to instantly connect and use their device as a game controller.

The AirConsole gaming platform is now available in the Audi A5, Q5, A6, A6 e-tron and Q6 e-tron model series equipped with Android-based infotainment systems, across all markets where Audi operates.

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German technology major Bosch has outlined its ambition to further continue investments towards development and deployment of artificial intelligence (AI). During the recently held Bosch Tech Day, the company announced that by end-2027 it will invest over EUR 2.5 billion towards AI alone.

In the last five years, the company has filed over 1,500 patent applications in the field of AI, making it a leading innovator globally. The company shared that despite slower-than-anticipated momentum of AI in both assisted and automated driving, it foresees huge potential in the long run.

Going forward, it expects the demand for software, sensor technology, high-performance computers and network components will more than double by mid-2030. This it estimates will account for around EUR 10 billion in sales revenue.

Stefan Hartung, Chairman, Bosch Board of Management, said, “The breakthroughs in AI make it possible to open up completely new chapters in technology, accelerate the development of innovations, and turn these into business.”

In the automotive industry, Bosch has developed expertise in automated driving, for example for visualising the vehicle’s surroundings and route planning. Thanks to AI, the vehicle thinks ahead, anticipates how other road users will behave, and calculates the next steps to get to its destination safely. AI not only ensures greater safety in vehicles, however; it also helps significantly shorten development times for new products. For example, Bosch can draw on a unique database of vehicle sensor data to feed a generative AI solution – and thus train systems much faster and more efficiently. This could pave the way for even more reliable driving assistants and automated driving functions in the future.

The company also expects AI for making manufacturing more streamlined and smart, not only for Bosch factories, but also for its clienteles.

Furthermore, the German technology major is also getting its associates on board. The company through its in-house AI Academy has trained over 65,000 associates since 2019. Nearly 5,000 AI specialists are working on intelligent AI solutions.

“One thing is becoming increasingly clear: a society without AI capabilities will fall behind in global competition,” said Hartung.

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