Automobile exports from India declined by 5.5% in FY24, totaling 45,00,492 units, compared to 47,61,299 units in FY23, according to data shared by industry body SIAM. The drop has been attributed to the monetary crisis in various overseas markets.
SIAM President Vinod Aggarwal commented on the decline in exports, citing volatility in overseas markets as a major factor. “Countries where we have a strong presence in commercial vehicle and two-wheeler exports are facing foreign exchange-related issues,” he said. While the last fiscal saw a substantial decrease in commercial vehicle, two-wheeler, and three-wheeler shipments, there was a marginal increase in passenger vehicle exports.
Aggarwal noted a positive recovery in the January-March quarter, particularly for two-wheelers, which he believes signals better potential for the rest of the year. “We are hopeful that the situation will improve moving forward,” he added.
Passenger vehicle exports increased by 1.4% in FY24, reaching 6,72,105 units, up from 6,62,703 units in FY23. Maruti Suzuki led the segment with the shipment of 2,80,712 units, while Hyundai Motor India exported 1,63,155 units. Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars all contributed to the growth in passenger vehicle exports.
However, two-wheeler exports declined by 5.3% to 34,58,416 units in FY24, down from 36,52,122 units in FY23. Commercial vehicle shipments also fell by 16% to 65,816 units, compared to 78,645 units in FY23. Three-wheeler exports dropped by 18% to 2,99,977 units, from 3,65,549 units in FY23.
The overall decline in automobile exports highlights the challenges faced by the industry due to economic instability in key export markets.
Sources: moneycontrol.com
