Automobile exports from India recorded a 5.5 percent decline in FY24, according to the latest data from SIAM. The country's overall exports stood at 45,00,492 units in the last fiscal compared to 47,61,299 units in FY23.
SIAM President Vinod Aggarwal attributed the drop in exports to the volatile situation in various overseas markets.
"Some of the countries, where we are very strong with commercial vehicle and two-wheeler exports, have been facing foreign exchange-related issues," he said.
The last fiscal saw a sizeable drop in commercial vehicle, two-wheeler and three-wheeler shipments, although passenger vehicles grew marginally.
However, in the January-March quarter this year, we have seen good recovery, especially for two-wheelers, indicating better potential for the rest of the year, Aggarwal said.
"We are very hopeful that going forward, the situation will improve," he added.
In the passenger vehicle segment, exports increased 1.4 percent to 6,72,105 units in FY24 from 6,62,703 units in FY23.
Performance of top players
Maruti Suzuki led the segment with shipment of 2,80,712 units compared to 2,55,439 units in 2022-23.
Hyundai Motor India exported 1,63,155 units last fiscal compared to 1,53,019 units in FY23.
Kia Motors exported 52,105 units, while Volkswagen India shipped out 44,180 units in FY24.
Nissan Motor India and Honda Cars recorded shipments of 42,989 and 37,589 units, respectively.
Drop in numbers
Two-wheeler exports witnessed a dip of 5.3 percent last fiscal at 34,58,416 units compared to 36,52,122 units in 2022-23.
Similarly, commercial vehicle shipments dropped 16 percent to 65,816 units against 78,645 units in FY23.
Three-wheeler exports declined 18 percent to 2,99,977 units in FY24 compared to 3,65,549 units in the FY23.
(With PTI inputs)