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MSME growth drivers: As many as 20 micro, medium and small enterprises (MSMEs) who participated in the recently held Bharat Mobility Exhibition pledged to lead the way in achieving India’s automotive aftermarket target of $35 billion in exports. Will sustainability goals guide auto parts manufacturers’ efforts to help accelerate the adoption of EVs? Republic Business takes a deep dive.
Strengthen sustainability
Among the top two MSMEs selected from a large number of MSME companies, Remsons Industries Limited showcased its innovative products and commitment towards a sustainable future. The company, like many other MSMEs, says it is committed to contributing to the promotion of EVs.
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During the event, Remsons Industries Limited showcased four cutting-edge products including tire mobility kits, automotive sensors, infotainment systems, and automotive lighting. Rahul Kejriwal, Executive Director, Remsons Industries Limited, said each of these products embodies technological advancement, environmental friendliness and sustainability, and is in line with the company’s commitment to upholding the highest standards of engineering excellence. It says it aligns seamlessly with its vision.
“With a rich heritage of 50 years in auto manufacturing, we have been manufacturing and patenting auto products locally in line with the Prime Minister’s Atmanirbhar initiative,” Kejriwal said.
“We are now moving up the value chain by entering the manufacturing of electric vehicle components through a strategic joint venture. Our goal is to continue to build on our dedication to innovation and exceeding customer expectations. and to be recognized as a ‘preferred auto parts supplier’,” Kejriwal further added.
ACMA’s call for localization
The Automotive Components Manufacturers Association (ACMA) has reiterated its call for further localization, which the industry group says will increase competition in the domestic auto parts aftermarket, with the industry set to grow to 14 billion yen by 2028. It will reach US$. Regarding localization in the automotive sector, ACMA Chairman Shraddha Sri Marwa recently said that quality control, cost efficiency, scale-up and increased digitalization will enable auto parts companies to forge more global partnerships. Ta.
Make Bharat Mobility an annual tradition
In particular, the 5th ACMA Automechanika was held in collaboration with Messe Frankfurt as part of the Bharat Mobility Global Expo and attracted 35,000 business visitors. It brought the entire mobility ecosystem under his one roof and showcased the technological prowess and innovation of the Indian automotive industry. His over 500 exhibitors from over a dozen global markets will showcase his over 10,000 aftermarket products and offer his solutions for a diverse range of aftermarket motorcycles, passenger cars, commercial vehicles, and agricultural vehicles. did.
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The Global Automotive Aftermarket Research, created by ACMA in collaboration with Ernst & Young, was announced during the event. According to the study, the Indian automotive aftermarket is expected to reach $10 billion in 2023 and grow to $14 billion by 2028. The report covers 39 countries and focuses on 10 major export markets, identifying exports worth $35 billion. chance.
Commenting on the success of the event, ACMA Chairman said, “We are happy to witness the success of ACMA Automechanika 2024, which is a testament to India’s technological prowess and innovation in the automotive aftermarket.We also believe that the platform is well-suited in line with Atmanirbhar Bharat.” I added it.” For showcasing India’s growth potential in the global automotive industry. “The Global Automotive Aftermarket Research Report also reinforces our belief in India’s automotive technology capabilities,” Marwa added.
ACMA Executive Director Vinny Mehta said ACMA remains committed to facilitating this growth trajectory and contributing to India’s leadership in the global automotive aftermarket.
The auto parts industry continues to grow, reflecting the resilience and innovation within the ecosystem. ACMA remains resolute in driving this momentum forward, fostering partnerships and paving the way for India’s leadership in the global automotive aftermarket.
Featuring over 1,500 product categories and 10 different 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 for automotive powerhouses such as Germany, South Korea, Taiwan and Thailand, allowing attendees to engage with cutting-edge innovations and forge partnerships with global industry leaders. .