Indian automobile exports fell 21% in many overseas markets, Maruti Suzuki leads PV exports: SIAM

Automobile exports from India fell by 21% in the last year due to monetary and geopolitical crises in many overseas markets, according to recent Society of Indian Automobile Manufacturers (SIAM) data. Total exports were 42,85,809 units last year, down from 52,04,966 units in 2022. Despite the overall decline, passenger vehicle shipments saw a 5% increase to 6,77,956 units. 

Commercial vehicles, two-wheelers and three-wheelers, however, saw a decrease in exports.  Two-wheeler exports fell by 20% to 32,43,673 units, commercial vehicle shipments dropped to 68,473 units, and three-wheeler exports fell by 30% to 2,91,919 units, as per the data. 

The rise in passenger vehicle shipments is attributed to a smoother supply chain compared to the previous year. However, foreign exchange availability challenges in regions where two and three-wheelers are sold kept demand low. 

Maruti Suzuki India led passenger vehicle exports in the April-December fiscal period, shipping 2,02,786 units, a 6% increase from the previous year. Hyundai Motor India shipped 1,29,755 units in the third quarter of the current fiscal, up from 1,19,099 units in the same period last year. 

Kia India exported 47,792 units, Volkswagen 33,872 units, Nissan 31,678 units, and Honda Cars 20,262 units in the April-December financial year. Commenting on export trends, SIAM Director General Rajesh Menon told news agency PTI that passenger vehicle exports could be attributed to vehicle launches and pent-up demand in markets like South Africa and the Gulf region. 

”The increase can also be attributed to a smoother supply chain as compared to the previous year, wherein there were supply-side disruptions, including that of semiconductors. However, for the regions where two and three-wheelers are sold, the challenges of availability of foreign exchange continue, which has kept the demand subdued,” he added.