The latest data from SIAM reveals a 5.5 percent drop in Indian automobile exports for FY24.
According to the Society of Indian Automobile Manufacturers (SIAM), India’s automobile exports witnessed a decline in FY24, totaling 4,500,492 units compared to 4,761,299 units in FY23. SIAM President Vinod Aggarwal noted the volatility in various overseas markets, particularly affecting countries reliant on commercial vehicle and two-wheeler exports due to foreign exchange-related issues.
While FY24 saw a significant decline in commercial vehicle, two-wheeler, and three-wheeler shipments, passenger vehicles experienced marginal growth. However, the January-March quarter of FY24 witnessed a promising recovery, particularly in the two-wheeler segment, hinting at potential improvement for the remainder of the year.
In the passenger vehicle segment, exports increased by 1.4 percent to 672,105 units in FY24 compared to 662,703 units in FY23. Maruti Suzuki led the segment with 280,712 units shipped, followed by Hyundai Motor India, Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars contributing to the export figures.
Two-wheeler exports declined by 5.3 percent to 3,458,416 units, while commercial vehicle shipments dropped by 16 percent to 65,816 units. Similarly, three-wheeler exports witnessed an 18 percent decline to 299,977 units in FY24.
