Automotive and industrial supplier Schaeffler says it expanded its revenue by 9.1% to EUR13.2bn in 2015.

"We were able to considerably increase our revenue in the previous year, despite the challenging environment. We are planning to continue on our profitable growth path in 2016, as well. Our strategic concept "mobility for tomorrow" puts us in a good position to do that," said Klaus Rosenfeld, CEO.

The company said its automotive division is growing more rapidly than the market and that the "realignment" of its industrial division is "well under way".

With its growth rate of 11.2% compared to the prior year, Schaeffler said the automotive division "clearly outpaced the increase in production volumes of passenger cars and light commercial vehicles of 1 percent".

The OEM business benefitted from the high level of demand for Schaeffler products in the US and strong growth in China in the first half of 2015. During the latter half, demand in the Asia/Pacific region picked up noticeably. The automotive division also profited from above-average revenue growth in the aftermarket business.

Earnings before interest and taxes (EBIT) excluding special items increased by EUR115m to EUR1,676m. The corresponding EBIT margin was to 12.7%.

The Schaeffler Group anticipates revenue growth of 3-5% at constant currency in 2016. The group expects its automotive division to continue growing faster than global automobile production of light vehicles in 2016.

Klaus Rosenfeld added: "Even if the environment remains challenging, we still see good growth opportunities for our business. Our extensive technology expertise and comprehensive systems know-how make the Schaeffler Group a valued development partner to the automotive and industrial sectors. We want to further expand this strength."