India, with the world's largest population, represents a rapidly expanding market. Its automotive industry holds immense potential for future growth, targeting the ever-growing middle-class population in India aspiring to have their own automobiles. In a bid to strengthen ties with the Indian market, TMBA, the organizer of the Taiwan International Machine Tool Show 2024, has established a collaboration to extend invitations to members of India’s largest automotive components manufacturers’ association, ACMA.
The Automotive Component Manufacturers Association of India (ACMA) is an apex body representing India's Component Industry. It boasts a membership of over 850 manufacturers, contributing to more than 85% of the auto component industry's total annual turnover. India's automotive industry is a vital economic sector, contributing 49% to the country's manufacturing GDP as well as 7.5% to the overall GDP while also supporting approximately 38 million jobs. Despite challenges like chip shortages, overbooking, fuel price induced inflation and rising commodity prices, the overall industry is still valued at $150 billion USD.
By encouraging ACMA participation in the
show, TMTS2024 looks forward to fostering even closer collaboration between the
Taiwan machine tool sector and the Indian automotive industry in the future.
