The demand for Indian vehicles is increasing once again across the world. According to the latest report of the Society of Indian Automobile Manufacturers (SIAM), India's automobile exports have increased by 14% compared to last year.
During April to September, Indian companies have sold 25,28,248 vehicles in the foreign market. In 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 car manufacturer Maruti Suzuki is at the top by exporting 1,47,063 vehicles between April and September. In the same period a year ago, this figure was 1,31,546. There has been an increase of 12% on annual basis.
Two-wheeler exports increased by 16% to 19.59 lakh
During April to September in the current financial year, exports of two-wheelers increased by 16% year-on-year to 19,59,145, compared to 16,85,907 in the same period a year ago. In the entire financial year of 2024, 34.59 lakh two-wheelers were exported from the Indian market.
Total passenger vehicle exports 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 financial year, compared to 3,36,754 in the September quarter of FY24.
Hyundai Motor India's total exports fell by 1% compared to last year
Hyundai Motor India's total exports in the April-September period fell 1% to 84,900 units as compared to last year. In April-September 2023, the company had exported 86,105 vehicles.
Scooter exports increased by 19% to 3,14,533
Scooter exports increased by 19% to 3,14,533 in the April-September period. While motorcycle exports increased by 16% to 16,41,804. Export of commercial vehicles also stood at 35,731 during this period. There was also an increase of 12% on annual basis.
Total exports were 5.5% less in the financial year 2023-24
Due to the ongoing conflicts and financial crisis around the world, there was a decline of 5.5% in auto exports in the financial year 2023-24. During this period, a total of 45,00,492 vehicles were sent from India to the global market. Whereas in the financial year 2022-23 this number was 47,61,299.
Exports had reduced due to currency devaluation
On this growth in exports, SIAM President Shailesh Chandra said that major markets like America and Africa, which were slow due to various reasons, have come back. He said that due to currency devaluation, many other countries including African countries were importing only essential commodities.
Graphics Source: VaskarAssets
