The leading aftermarket exhibition for the sub-continent, ACMA Automechanika, which is typically held at New Delhi’s Pragati Maidan every two years, is being held this year with a difference — industry stakeholders will log in from their computers or smartphones, keen to know the latest updates and developments in this exciting segment. The biennial show was inaugurated earlier today.
The aftermarket in India is probably the most vibrant and fastest-growing segment of our industry. In FY20, the Indian aftermarket segment was valued at $9.8 billion, growing at a CAGR of 12%, while the overall turnover of the auto component industry stood at $50 billion, with a CAGR of 8%. Exports, on the other hand, stood at $14.5 billion in FY20, with 20% of this directed to the aftermarket.
It is interesting to note that last year, which was probably the most challenging year considering the outbreak of the pandemic, all segments of the industry, be it supplies to OEMs, exports or imports, suffered badly. The aftermarket, however, remained robust. Speaking at the inauguration of the event, Deepak Jain, President, Automotive Component Manufacturers Association (ACMA) said this reflects the undying spirit of the aftermarket as also its strong potential.
“It is time now to shift gears and focus on the development and continuity of business. This objective is at the core of Automechanika’s vision as the leading trade fair brand for this sector,” Jain said.
Jain also touched upon the industry’s efforts, through ACMA and SIAM, to enhance deep localisation in the component sector, which will further increase price competitiveness in the global market. Moreover, he welcomed the recent announcement of the PLI scheme by the government with an outlay of INR 57,000 crore ($7.5 billion). “All these measures augur well for the auto component exports, including those for the aftermarket,” he said.
Over the course of the two-day event, ACMA Automechanika’s B2B digital marketplace will showcase over 1,000 product displays from 75 brands and five key product demonstrations, apart from other programmes. Trade professionals from more than 600 cities and 50 countries are expected to join in.
The virtual edition, through its live sessions, will take up topics such as digitisation, business drivers and exports and skilling initiatives and present an ‘outlook of global automotive aftermarket and business models in the new digital age’.
Schaeffler India, eBay, Ajit Industries, Benara Udyog, Elofic, Steel Impex, KK Lighting, Industrias Del Recambio, Farad Italy, Indo-MIM Pvt Ltd, and Esteem Auto are some of the notable participants in this year’s show.