India Day Celebration at IAA Hannover Germany a matter of pride for Indian Automotive Sector
CICU is delighted to announce its participation at the prestigious IAA Transportation show in Europe, a leading platform renowned for showcasing new technology, innovation, startups, and prototyping in the logistics, commercial vehicles, and transport sector. Upkar Singh Ahuja, the President of CICU, was warmly welcomed by Anjela Mans of Germany’s VDA Association and Marius Ochel, Head of Cluster Int. Association Partnership Africa & India.
City Air News
Sep 24, 2024 07:26
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Ludhiana, September 24, 2024: CICU is delighted to announce its participation at the prestigious IAA Transportation show in Europe, a leading platform renowned for showcasing new technology, innovation, startups, and prototyping in the logistics, commercial vehicles, and transport sector. Upkar Singh Ahuja, the President of CICU, was warmly welcomed by Anjela Mans of Germany’s VDA Association and Marius Ochel, Head of Cluster Int. Association Partnership Africa & India.
The Indian auto components industry has demonstrated remarkable growth on the global stage. In Financial Year 2024, the industry experienced a 10% growth, driven by a 9% increase in vehicle production and sales. Notably, India maintained a positive trade balance, with exports surpassing imports by $300 million, showing a significant improvement from the previous fiscal year. Two-wheeler production saw a notable 10% rise, with segments like 350cc-500cc and >500cc experiencing growth rates of 33% and 55%, respectively. Passenger vehicle production also increased by 7%, with utility vehicles (UVs) now accounting for 56% of total production, up from 49%. Additionally, the contribution of electric vehicles to the overall sales value of components stood at 6% from Financial Year 2024.
India's position as the 3rd largest auto industry globally underscores its strength across various segments. The country leads as the largest manufacturer of tractors and three-wheelers, the second-largest producer of two-wheelers, the third-largest in the global construction equipment market, and the fourth-largest in passenger vehicle manufacturing. The auto components industry plays a pivotal role in India's global trade, with significant exports to countries like the USA, Germany, Turkey, Brazil, UK, Italy, Bangladesh, Thailand, Mexico, and the UAE. Imports primarily originate from China, Germany, South Korea, the UK, Thailand, Singapore, Italy, the UK, and Indonesia, highlighting India's key role in the international automotive market.
