India has recorded a 14 per cent rise in automobile exports during the first six months of the current fiscal year, driven by strong demand for passenger vehicles and two-wheelers. According to data from the Society of Indian Automobile Manufacturers (Siam), total exports reached 2,528,248 units from April to September, compared to 2,211,457 units in the same period last year.
Siam Chairman Shailesh Chandra attributed this growth to the resurgence of key markets in Latin America and Africa, which had previously faced slowdowns. “These markets have recovered, which has contributed significantly to the recovery of vehicle exports,” he noted.
The previous year had seen a 5.5 percent decline in automobile exports due to currency crises that affected several international markets. Overall, exports in FY23 stood at 4,500,492 units, down from 4,761,299 units in FY22.
In the passenger vehicle segment, shipments rose 12 percent year-on-year to 376,679 units in the first half of FY24, compared to 336,754 units during the same period last year. suzuki maruti India’s largest automaker, led the category with 147,063 units exported, up 12 per cent from 131,546 units a year earlier. On the contrary, Hyundai Motor India saw a slight decline, exporting 84,900 units, down 1 per cent from 86,105 units in the same period.
The two-wheeler segment also witnessed robust growth, with exports increasing 16 per cent year-on-year to 1,959,145 units, compared to 1,685,907 units a year earlier. Scooter shipments rose 19 percent to 314,533 units, while motorcycle exports rose 16 percent to 1,641,804 units.
Additionally, commercial vehicle exports grew 12 percent to 35,731 units during the same period. However, three-wheeler shipments saw a slight decline of 1 per cent, totaling 153,199 units as compared to 155,154 units in the April-September period of FY23.
The positive trends in both passenger vehicles and two-wheelers reflect the resilience of the Indian automobile industry, as it faces the challenges of the global market.
(With PTI inputs)
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