Vinnie Mehta, Secretary General of ACMA, said: "In the first half of this year, 47% ($28.6 billion) of OEM supply revenue came from passenger cars. Interestingly, in the first half of the last fiscal year, it came from passenger cars. It accounted for about 38% of OEM revenues.NEW DELHI: India's auto component industry grew 34.8% to Rs 2,650 crore in the first half of the year 2022-23, driven by domestic demand, especially in the passenger car segment, the Automotive Component Manufacturers Association of India (ACMAI) said on Wednesday.Data from the Automotive Component Manufacturers Association of India (ACMA) shows that exports of components grew by 8.6% to 101% dollars (Rs 79.03 billion) and imports grew by 17.2% to 101% dollars (Rs 79.8 billion) during the same period.Sunjay Kapur said, "Passenger cars and commercial vehicles are growing substantially. The festive season has had a very positive impact on two-wheelers. We are hopeful that two-wheelers will get back on the growth track as they have done in the past." . He told reporters at a virtual conference.Easing supplier issues such as semiconductor availability, high raw material costs and container availability also helped growth in the first half of the year, he said. Finance.Vinnie Mehta, Secretary General, ACMA "In the first half of this year, passenger cars accounted for 47% of OEMs' supply revenues ($28.6) 1 billion). In the first half of this year, passenger car factory sales accounted for about 38% of total sales.He added that demand has shifted to SUVs and the value proposition has improved.However, he said the two-wheeler sector is under pressure with the segment accounting for about 18% of sales as compared to 21% in the first half of the last fiscal.On the export front, the association said that exports have increased by 8.6% from $9.3 billion (Rs 687.46 billion) in the first half of 2021-22 to $10.1 billion (Rs 790.33 billion) in the first half of 2022-23.North America accounted for 33% of total exports, up 12%. The shares of Europe and Asia increased by 4% and 11% to 30% and 26% respectively.On the other hand, imports also increased by 17.2% from 2021-22% $8.7 billion (Rs. 6431 2022-232 crore) in the first half of the year to $10.1 billion (Rs. 798.15 crore) in the first half of the year.Asia accounted for 65% of imports, followed by Europe and North America with 26% and 8% respectively. Asian imports grew by 21%, European imports by 6% and North American imports by 29%, the association said.Director Mehta said the components industry realized a trade surplus of $700 million in the last fiscal year, but has remained largely neutral this fiscal year, with a balance between imports and exports."Imports have grown significantly due to growth in the domestic market," he added, "which is closely related to the growth in the domestic market in the OEM industry."In terms of new technology, Mehta said that electric vehicles account for about 1 percent of total sales in the auto parts industry. While it is growing, it hasn't yet led to a market transformation, but the industry believes the segment will contribute more in the future.Regarding the outlook, Kapoor said that the industry is closely monitoring global events, including China's COVID-19 situation and war between Ukraine and Russia."In the medium to long term, we must be wary of the economic downturn in Europe and the US and supply chain issues that have not yet been fully resolved," he saidFor the upcoming year, he said, "I am optimistic that the auto parts industry will also perform well this fiscal year. Moreover, we are witnessing rapid changes in the auto parts industry with the increase in consumption of electric vehicles." Transforming the parts industry into electric vehicle manufacturing is becoming "an integral part of the supply chain."According to ACMA, 2021-22 In the first half of this year, the aftermarket segment grew 8% to Rs 42.07 billion ($5.41 billion) from Rs 38.895 start trillion ($5.31 billion).