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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AUMOVIO has received a series production order from a European automotive manufacturer for its OLED display unit featuring an integrated under-display camera. The technology, which was recognised as a CES Innovation Award Honoree, will be implemented in a high-volume premium vehicle model.

The system integrates the camera module behind the active area of the OLED display, removing the requirement for visible camera hardware within the vehicle cabin. This architecture utilises a specific pixel design and OLED technology to maintain a seamless visual interface while allowing the camera to function through the display surface.

The technology supports several vehicle functions, including monitoring for driver attention and drowsiness detection. Enabling cabin-based assistance features and facilitating minimalist cockpit layouts by eliminating bulky external modules.

Internal studies conducted by AUMOVIO indicated that drivers prefer discreetly integrated sensors over visible camera modules. The company has positioned this solution to mirror the transition seen in the smartphone industry, where under-display facial recognition has gained high user acceptance.

By localising the camera under the display, the system maintains an optimal angle for driver monitoring without disrupting the aesthetic of the digital cockpit. The OLED technology used provides high contrast and colour accuracy, meeting the standards required for the premium automotive segment.

Pavel Prouza, Head of the User Experience (UX) business area at AUMOVIO, said, "We are very pleased about the customer order, which was placed shortly after the initial innovation presentation. The order is a strong market signal and confirms that we and our strategy are on the right track. We focus on developing state‑of‑the‑art technologies and transitioning them to series production - to increase safety and comfort in mobility with exciting new cockpit designs."

“With the camera invisibly integrated under the active area of the driver display, we have opened the door to the next generation of exciting and minimalistic cockpit designs – while making a major contribution to advancing safety‑relevant assistance features through wider user acceptance," he further added.

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French tier 1 supplier Valeo has commenced production of high-definition (HD) surround-view cameras at its facility in Sanand, Gujarat. The new production line was inaugurated on 3 April 2026 by Marc Vrecko, CEO of Valeo’s Brain Division, marking an expansion of the company’s vision system manufacturing in India.

The Sanand facility will focus on the high-volume manufacturing of vision camera systems for original equipment manufacturers (OEMs) in India. These components are engineered to support autonomous and semi-autonomous driving functions through Advanced Driver Assistance Systems (ADAS) and Advanced Rider Assistance Systems (ARAS).

While hardware manufacturing is centred in Sanand, the software and intelligence for these sensors are developed at Valeo’s research and development hub in Chennai. The facility is also scheduled to expand into the production of automotive displays and telematics control units to provide solutions for digital cockpits and connected vehicles.

The expansion is part of Valeo’s ‘Elevate 2028’ strategic plan, which identifies India as a priority market. By localising the production of vision systems, the company aims to streamline its supply chain and increase the delivery speed of safety technologies to regional partners. The investment is intended to transition the Sanand site into a multi-technology hub for automotive electronics.

Marc Vrecko, CEO, Valeo’s Brain Division, said, “The inauguration of this new camera line at our Sanand facility is a proud moment for our team and a proof to our dedication to the Indian market. By localising the production of these highly complex, advanced vision systems, we are not only streamlining our supply chain but also accelerating the delivery of world-class safety technologies to our partners."

Jayakumar G, Group President & Managing Director, Valeo India, added, “We are scaling our product portfolio in Sanand, India. This investment in a state-of-the-art surround-view camera line underscores our commitment to localizing high-tech solutions. It strengthens our ADAS manufacturing capabilities and R&D and ensures we continue to meet our customers’ evolving needs.”

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Belgian technology firm Magnax, which is working on yokeless axial flux electric motors, has secured around EUR 35.5 million investment from Pan-International Industrial Corp, in collaboration with Foxconn Group and members of an incoming management team.

The capital increase, conducted in two stages, has received foreign direct investment (FDI) approval and will result in Pan-International becoming the largest shareholder in Magnax.

Founded in 2015, Magnax develops yokeless axial flux electric motors for sectors including robotics, aerospace and electric vehicles. It also operates Traxial, a subsidiary focused on e-mobility.

The new CAPEX will be used towards industrialising the axial flux motor portfolio for high-volume deployment. Leveraging Foxconn Group’s manufacturing infrastructure and global supply chain. Research and development will remain in Belgium, while mass production will be located in China.

Axial flux motors differ from conventional radial flux machines by offering higher torque density and efficiency. These characteristics allow for reductions in vehicle weight and material usage. The architecture is intended for use in direct-drive industrial drives, machine automation and AI infrastructure, such as data centre thermal management.

As part of the transaction, Magnax has appointed a new CEO with experience in global industrial technology. The incoming management team is also co-investing in the company.

Kester Goh, Co-Founder, Magnax, said, “The capital will primarily be used to industrialise Magnax’s axial flux motor portfolio and support high-volume production. This partnership bridges European motor innovation with Asia’s largest advanced manufacturing ecosystem.”

Peter Leijnen, Co-Founder, Magnax, added, “Axial flux motors have a fundamentally better value proposition in several high-performance use cases. Their high torque density and efficiency enable customers to reduce weight and size of their end products. Lower material usage and higher efficiency translate directly into lower system cost and reduced carbon emissions.”

Daan Moreels, Co-Founder, Magnax, stated, “This is a new and important phase for Magnax. With Foxconn’s manufacturing scale and industrial ecosystem, Magnax gains the operational foundation required to deploy axial flux motor technology across global markets. The partnership accelerates the company’s transition from engineering innovation to large-scale industrial deployment.”

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drivebuddyAI has been granted a patent for its Integrated Dynamic Road Quality Assessment System and Method. The technology autonomously detects and maps road surface deterioration, including potholes and hazardous conditions, by combining sensor data with deep learning-based computer vision.

The system utilises two data streams to evaluate road conditions. A GNSS sensor logs vehicle speed and geo-location, while an Inertial Measurement Unit (IMU) accelerometer captures changes across the X, Y and Z axes.

In real-time it detects anomalies, which are flagged when the Z-axis acceleration indicates a road defect. To prevent false detections, the system processes video data through a deep learning model to visually confirm the defect. Verified data is geo-tagged to create a dynamic road quality map that updates as fresh data is collected from active fleets.

The patented technology aims to provide a road quality intelligence layer for navigation, moving beyond standard metrics of distance and traffic. For fleet operators, poor road surfaces affect Turnaround Time (TAT) by increasing braking frequency, vehicle wear and the risk of cargo damage.

By integrating road quality data into route planning, dispatchers can select paths based on vehicle and cargo safety rather than just the shortest distance. The system is designed to operate without human intervention, building a dataset as vehicles traverse their routes.

This grant expands drivebuddyAI’s portfolio to over 15 patents covering ADAS, DMS, and AI perception systems. These include technologies for driver recognition, drowsiness detection, and risk assessment. The systems are validated under AIS184, EU2144/2019 & 2023, and EURO NCAP 2026 standards.

Nisarg Pandya, Founder & CEO, drivebuddyAI, said, “We are building AI that solves multiple problems at once. Road quality is not a standalone problem; it sits at the intersection of driver safety, cargo protection, and fleet efficiency. This patent is our answer to a gap that the industry has long ignored: knowing not just where you are going, but what the road ahead will do to your vehicle and your cargo and its impact on TAT.”

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