In April, the exports of passenger vehicles and two-wheelers have increased by more than 20% year-on-year, data released by the Society of Indian Automobile Manufacturers (SIAM) said on Tuesday.
The report further said that in the financial year 2023-24, the two-wheeler exports declined by 5.3% Y-o-Y to 3.458 million units.
Passenger vehicle exports saw a modest increase of 1.5% Y-o-Y, reaching 672,000 units. However, recent months have shown a rebound in export markets.
In April, two-wheeler exports surged by 24.3% Y-o-Y to 320,877 units. Passenger vehicle exports increased by 21.1 per cent Y-o-Y, totalling 49,563 units.
In its earlier report, the SIAM had said that the exports of two wheelers, three wheelers, and commercial vehicles will fall in 2023-24 owing to the Russia-Ukraine and Israel-Gaza conflicts, a slowdown in the global economy, and foreign exchange crises in key markets.
The overall automobile exports from India for fiscal year 2024 reported a 5.5% decline in FY24 to 4,500,492 units from the previous year’s 4,761,299.
Overall, the Indian automobile industry’s export performance offered a mixed picture, with passenger vehicles showing a modest increase while other vehicle segments, such as commercial, two-wheelers, and three-wheelers, faced declines.
However, the rise in passenger vehicle exports was led by Maruti Suzuki with a shipment of 2,80,712 units, a 10% increase from the previous year.
Hyundai Motor India also played a significant role, exporting 1,63,155 units, a 7% increase compared to last year’s 1,53,019 units.