New Delhi
India’s automobile exports saw a significant rise of 14% year-on-year during the first six months of the current fiscal year, driven by increased shipments of passenger vehicles and two-wheelers. According to data from the Society of Indian Automobile Manufacturers (Siam) on Sunday, overall exports in the April-September period reached 2,528,248 units, compared to 2,211,457 units during the same period last year.
Siam President Shailesh Chandra attributed this rebound to key markets in Latin America and Africa, which have shown signs of recovery after previously experiencing slowdowns due to various challenges, including currency devaluation that affected vehicle imports.
Despite a decline of 5.5% in automobile exports in FY24 due to a monetary crisis in several international markets, total exports were recorded at 4,500,492 units, down from 4,761,299 units in FY23.
In terms of specific segments, passenger vehicle exports rose by 12% year-on-year, totaling 376,679 units in the first half of the current fiscal year, compared to 336,754 units in the same period last year. Maruti Suzuki led this segment with exports of 147,063 units, a 12% increase from 131,546 unit’s year-on-year. Hyundai Motor India, however, experienced a slight decrease, exporting 84,900 units, down 1% from 86,105 units during the previous fiscal year.
Two-wheeler exports also performed well, increasing by 16% year-on-year to 1,959,145 units, up from 1,685,907 units last year. Scooter shipments surged by 19% to 314,533 units, while motorcycle exports rose by 16% to 1,641,804 units.
