The auto components industry in India currently contributes 2.3% to the GDP and employs 1.5 million people. However, by 2026, it is expected to contribute 5-7% to the GDP. The sector is a leader in exports and employs over 3.7 crore people. In FY22, the industry was valued at US$ 56.50 billion, with a CAGR of 6.35% from FY16-FY22. With high development prospects across all vehicle industry segments, the auto component sector is expected to witness double-digit growth in FY22 and is projected to reach US$ 200 billion by FY26.