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Updated February 5th, 2024 at 22:09 IST

Can sustainability lead Indian auto part makers $35bn exports vow?

MSMEs at the recently held Bharat Mobility exhibition pledged to lead sustainable growth.

Bharat Mobility
Bharat Mobility | Image:Bharat Mobility
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MSMEs growth driver: As many as two dozen Medium Small and Micro Enterprises (MSMEs), that were a part of the recently held Bharat Mobility exhibition have vowed to lead the Indian automotive aftermarkets’ objective to reach a $35 billion export objective. Can the auto part maker's commitment to contribute towards the faster adoption of EVs, be led by sustainability objectives? Republic Business takes a deep dive.  

Empowering Sustainability

Among the MSMEs selected as the top two companies from a large pool of MSME companies, Remsons Industries Limited showcased its innovative products and efforts for a sustainable future. The company, like many other MSMEs, says it is committed to contributing towards the faster adoption of EVs. 

Image credit: Unsplash 

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During the event, Remsons Industries Limited featured four of its cutting-edge products, including the tire mobility kit, sensors for automobiles, infotainment systems, and automotive lighting. Each of these products exemplifies technological advancement, environmental friendliness, and sustainability, aligning seamlessly with the company's vision of upholding the highest standards of engineering excellence,  said Rahul Kejriwal, Executive Director of Remsons Industries Limited. 

" With a rich legacy of 50 years in automobile manufacturing, we have been locally manufacturing auto products and patenting it in line with the Prime Minister’s Atmanirbhar initiative,” Kejriwal said. 

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“We are now ascending the value chain by entering the manufacturing of Electric Vehicle parts through strategic joint ventures. Our aim is to be recognized as the 'Preferred Auto Parts Suppliers,' underscoring our dedication to innovation and exceeding customer expectations" Kejriwal further added. 

ACMA’s call for localisation 

The Automotive Component Manufacturers Association (ACMA) has reiterated its call for more localisation, which as per the industry body, will help the country's domestic auto component aftermarket become fiercely competitive to touch the $14 billion industry size by 2028. Speaking on the need for more localisation in the auto sector, Shradha Suri Marwah, President ACMA had recently said that quality control, cost-effectiveness, enhancing business scale, and more digitisation can help auto component companies open up to more global partnerships.

Making Bharat Mobility annual 

Notably, the “5th ACMA Automechanika” was held in collaboration with Messe Frankfurt and as part of the Bharat Mobility Global Expo, garnering a footfall of 35,000 business visitors. It was a conglomeration of the entire mobility ecosystem under one roof, displaying the tech capabilities and innovations of the Indian automotive industry. Over 500 exhibitors from more than a dozen global markets showcased over 10,000 aftermarket products, offering a diverse range of aftermarket solutions for two-wheelers, passenger vehicles, commercial vehicles, and agricultural vehicles. 

Credit image: Unsplash 

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The Global Automotive Aftermarket Research, prepared by ACMA in collaboration with Ernst & Young was released during the event. According to the study, the Indian automotive aftermarket has reached  $10 billion in CY 2023, with anticipated growth to $14 billion by 2028. The report covers 39 countries and narrows down its focus to 10 major export markets, identifying over USD 35 billion worth of export opportunities. 

On the success of the event, the ACMA President said, “I am delighted to witness the success of ACMA Automechanika 2024, a testament to India’s tech capabilities and innovation within the automotive aftermarket, adding that in line with Atmanirbhar Bharat, the platform is apt for showcasing India's growth potential in the global automotive landscape. "The Global Automotive Aftermarket Research report also reinforces our belief in India's automotive prowess,” Marwah added. 

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ACMA remains committed to fostering this growth trajectory and contributing to India's leadership in the global auto aftermarket, said Vinnie Mehta, Director General of ACMA 

The auto component industry continues to thrive, reflecting the resilience and innovation within our ecosystem. ACMA remains steadfast in driving this momentum forward, fostering partnerships, and paving the way for India's leadership in the global auto aftermarket. 

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Featuring over 1500 product categories and 10 distinct segments, the event served as a complete hub for automotive wholesalers, distributors, and traders dealing in parts and components. Automechanika 2024 also featured dedicated country pavilions from automotive powerhouses such as Germany, Korea, Taiwan, and Thailand, allowing attendees to engage with cutting-edge innovations and forge partnerships with global industry leaders. 

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Published February 5th, 2024 at 22:08 IST

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