The Indian auto component industry is cautiously optimistic about clocking a high single digit growth this year as the automobile sector shows signs of recovery across segments.
After putting up a “successful” components show that ran simultaneously with the Auto Expo, industry body Auto Components Manufacturers Association of India (ACMA) expects the domestic market to continue to be the bulk contributor to the business even as it looks for an uptick in exports. “For the components industry, it is starting to look a little positive. We are seeing signs of recovery. Passenger cars segment has shown growth while the commercial vehicles have come up well, although the rural market is a little bit depressed,” ACMA President Arvind Balaji told PTI.