The Automotive Component Manufacturers Association of India (ACMA) has said that the uptick in the passenger vehicles segment, coupled with car parc of second-hand vehicles, on account of increased use of personal cars is expected to lead to a rise in aftermarket demand. It said the automotive industry is shifting gears as it witnesses an uptick in vehicle consumption in the second quarter of the current financial year (Q2FY21).
Automobile component makers' body further said major car makers reported a near 20 percent jump in August domestic passenger vehicle sales compared to last year which is expected to further rise during the festive season. It also said the shifting trends have brought with it a surge in omni-channel aftermarket models as well as 'new normal' aftermarket solutions.
It said with shifts in supply chains, mobility and consumer sentiment and focus on 'Aatmanirbhar' and local manufacturing, the aftermarket sector represents a growth avenue. It noted that this is the perfect time for auto component players to come together to plan the route ahead.