Piyush Goyal sets $100 billion export target for auto component industry by 2030
India's auto component industry has been challenged to aim for a five-fold increase in exports, reaching $100 billion by 2030. This ambitious target was set by Piyush Goyal, Minister of Commerce and Industry, during the annual Automotive Component Manufacturers Association of India (ACMA) conference.
Goyal emphasised the potential for the industry to become a key player in both domestic sales and exports, citing the sector's role as one of the largest job generators in the country.
The Indian auto component sector saw a turnover of Rs 6.14 lakh crore ($74.1 billion) in 2023-24, with exports accounting for $21.2 billion and imports at $20.9 billion. The minister stressed the need for manufacturers to scale up investments in capacity, quality, and digitalisation to meet global standards and capitalise on Free Trade Agreements (FTAs).
Global automakers are increasingly looking to India as a reliable, cost-effective manufacturing hub, especially as they diversify beyond China. This shift presents an opportunity for Indian manufacturers to expand their market share in exports.
To achieve the $100 billion target, Goyal highlighted the need for greater localisation in the supply chain. Many Indian component makers still rely on imports for key parts such as engine components, chassis, suspension, and braking systems. The minister urged the industry to develop indigenous capabilities, reduce import dependency, and become global suppliers.
The auto component sector is expected to invest $6-7 billion over the next five years, with a significant portion directed towards new technologies and digitalisation. These investments are crucial to enhancing India's competitiveness in the global automotive supply chain.
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