The demand for Indian vehicles is increasing again globally. According to the latest report from the Society of Indian Automobile Manufacturers (SIAM), Indian automobile exports increased by 14% compared to last year.
From April to September, Indian companies sold 25,28,248 vehicles in the overseas market. During the same period last year, this figure was 22,11,457.
Maruti Suzuki Top Exporter – Company’s exports increased by 12%
The country’s largest carmaker Maruti Suzuki topped the list with 1,47,063 vehicle exports between April and September. During the same period a year ago, this figure was 1,31,546. There was an increase of 12% on an annual basis.
Two-wheeler exports increased 16% to 19.59 lakh
During April-September of the current fiscal year, two-wheeler exports increased by 16 per cent year-on-year to 19,59,145, compared to 16,85,907 in the same period last year. In the entire financial year 2024, 34.59 lakh two-wheelers were exported from the Indian market.
Total exports of passenger vehicles increased by 12% to 3.77 lakh.
Total passenger vehicle shipments increased 12% year-on-year to 3,76,679 in the first half of the current fiscal year, compared to 3,36,754 in the September quarter of FY24.
Hyundai Motor India’s total exports fell 1% from last year
Hyundai Motor India’s total exports in the April-September period fell 1% to 84,900 units compared to last year. Between April and September 2023, the company had exported 86,105 vehicles.
Scooter exports increased by 19% to 3,14,533
Scooter exports increased by 19 per cent to 3,14,533 during the April-September period. While motorcycle exports increased by 16% to 16,41,804. Commercial vehicle exports also stood at 35,731 during this period. There was also a 12% increase on an annual basis.
Total exports declined by 5.5% in FY 2023-24
Due to ongoing conflicts and financial crisis across the world, automobile exports declined by 5.5% during the financial year 2023-24. During this period, a total of 45,00,492 vehicles were sent from India to the global market. While for the financial year 2022-23, this number was 47,61,299.
Exports declined due to currency devaluation
Talking about this growth in exports, SIAM Chairman Shailesh Chandra said that major markets like America and Africa, which were slow due to various reasons, had come back. He said that due to the devaluation of their currencies, many other countries, especially African countries, were importing only essential goods.