Export of passenger vehicles grow by 7.79%, two-wheelers by 22% in CY24: Data
Currently, India exports around 14.6% of the PVs produced here and 16.34% of two- wheelers manufactured between January and November.
Currently, India exports around 14.6% of the PVs produced here and 16.34% of two- wheelers manufactured between January and November.
As per the data released by the Society of Indian Automobile Manufacturers (SIAM), this follows a 2.5 pc decline in July 2024, marking a slowdown after the segment grew by 3% in the first quarter (April-June) of FY24.
Speaking at the 64th annual Automotive Component Manufacturers Association (ACMA) session, the President said the auto sector also contributes significantly to the direct and indirect employment generation in the country.
Union Minister of Road Transport & Highways Nitin Gadkari said several commercial and passenger vehicle manufacturers will offer discounts for buying new vehicles against the scrapping of older vehicles with a valid Certificate of Deposit.
The export of cars from India registered 18.6 per cent year-on-year (Y-o-Y) growth amid strong demand in key markets.
Siam contended that this is the most direct and cleanest method for achieving the desired outcome without the need for subsidy.
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.
The Indian automotive industry in August rolled out about 23.85 lakh vehicles comprising passenger carriers, three/two wheelers and quadricycles, according…
The two-wheeler sales rose 1,426,865 units in February 2021, compared to 1,294,787 units, representing a growth of 10.20 per cent.
The industry body’s data showed that two-wheeler dispatches to dealers also rose 6.63 per cent to 14,29,928 units, compared to 13,41,005 units in January 2020.
