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India's automobile exports rise 14% in April-September; Driven by PVs and e2W
Industry News- Oct 22,24
In FY24, India’s automobile exports declined 5.5%, totalling 45,00,492 units, compared to 47,61,299 units in FY23, due to global financial pressures.
India’s automobile exports surged 14% year-on-year in the first half of the current fiscal year, supported by strong demand for passenger vehicles (PVs) and two-wheelers, according to data from the Society of Indian Automobile Manufacturers (SIAM).
Exports for the April-September period reached 25,28,248 units, up from 22,11,457 units in the same period last year. Shailesh Chandra, SIAM, President, attributed the rebound to the recovery of key markets in Latin America and Africa, which had previously slowed due to economic challenges.
Chandra explained that currency devaluation in some African countries had forced these nations to focus on essential imports, impacting vehicle shipments. In FY24, India’s automobile exports declined 5.5%, totalling 45,00,492 units, compared to 47,61,299 units in FY23, due to global financial pressures.
Passenger vehicle exports increased 12% year-on-year to 3,76,679 units in the first half of FY25, with Maruti Suzuki leading the segment. The automaker shipped 1,47,063 units, marking a 12% rise from 1,31,546 units in the year-ago period. Hyundai Motor India, however, saw a slight dip in exports, shipping 84,900 units—1% lower than the 86,105 units recorded in the same period last year.
Two-wheeler exports also rose 16% to 19,59,145 units, up from 16,85,907 units in the corresponding period last year. Scooter exports climbed 19% to 3,14,533 units, while motorcycle shipments increased 16% to 16,41,804 units.
The commercial vehicle segment saw a 12% rise in exports, reaching 35,731 units in the April-September period. However, three-wheeler exports dropped slightly by 1%, totalling 1,53,199 units compared to 1,55,154 units in the same period last year.
(Business Standard)
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