In FY24, India experienced a 5.5% decline in automobile exports, with total shipments falling to 4,500,492 units from 4,761,299 units in FY23, primarily due to monetary crises in various overseas markets. However, in the first six months of the current fiscal year, automobile exports rebounded significantly, increasing by 14% year-on-year (YoY) thanks to strong demand for passenger vehicles and two-wheelers.
According to data from the Society of Indian Automobile Manufacturers (SIAM), total exports during the April-September period reached 2,528,248 units, up from 2,211,457 units in the same period last year. SIAM President Shailesh Chandra noted that key markets in Latin America and Africa, which had previously experienced slowdowns, are now rebounding, contributing substantially to the increase in exports.
Despite challenges in several African nations and other regions due to currency devaluation—impacting vehicle shipments as these countries prioritized essential imports—the first half of FY25 saw positive growth.
Specifically, passenger vehicle exports rose by 12% year-on-year to 376,679 units in the first half, compared to 336,754 units in the same period last year. Maruti Suzuki led the segment with exports of 147,063 units, marking a 12% increase from 131,546 units a year earlier, while Hyundai Motor India exported 84,900 units, a slight decline of 1% from the previous year.
In the two-wheeler segment, exports surged by 16% YoY to 1,959,145 units, up from 1,685,907 units last year. This includes a 19% increase in scooter shipments to 314,533 units and a 16% rise in motorcycle exports to 1,641,804 units.
Commercial vehicle exports also saw a 12% increase, totaling 35,731 units in the first six months of the fiscal year. However, three-wheeler shipments declined by 1%, totaling 153,199 units, down from 155,154 units in the April-September period of the previous fiscal year.
Overall, while FY24 faced challenges, the first half of FY25 shows promising growth in India’s automobile exports, driven by strong demand and recovering markets.
Disclaimer: The information provided in this summary is based on data from the Society of Indian Automobile Manufacturers (SIAM) and reflects the current state of India’s automobile exports as of FY24 and the first half of FY25. While efforts have been made to ensure the accuracy and completeness of the information, market conditions and economic factors may change, affecting the automobile export landscape. Readers are encouraged to conduct further research and consult relevant sources for the most up-to-date information.
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