As vehicle sales grew to 21 million units from 17 million, the automotive component industry registered a growth of 32.8 percent over the previous year
It’s been a phenomenal year for India’s automakers. Vehicle sales in the world’s fourth-largest automobile market grew to a staggering 21 million units from about 17 million in the year-ago period, led by an exceptional growth in the country’s passenger vehicle segment. While that number still falls short of the 26 million the country recorded in 2020, a growth of 20 percent in the post-Covid era signals a return to normalcy in the sector. The sector is now expected to grow between seven and nine percent in the current fiscal.