Mumbai: India’s export of automobiles has witnessed a remarkable 14 per cent increase during the first six months of the fiscal year 2024 (FY-24). This surge is largely attributed to the substantial rise in the export of two-wheelers and bikes. According to a report from the Society of Indian Automobile Manufacturers (SIAM), overall exports during the April-September period jumped from 2,211,457 units in the previous year to 2,528,249 units this fiscal year.
After a period of decline attributed to various global economic challenges and currency devaluations in Latin America and Africa, the automobile industry in India is experiencing a resurgence. The downturn had prompted consumers in these regions to prioritise essential goods over non-essential items, which led to a 5.5 per cent drop in Indian automobile sales overseas. However, as the global economy begins to recover, Indian automobile exports have rebounded, showcasing the sector’s resilience.
Automobile Exports from India
In the last fiscal year, automobile exports totalled 4,500,492 units, compared to 4,761,299 units in FY-24. Notably, sales of passenger vehicles surged by 12 per cent, rising from 336,754 units in the September quarter of FY-23 to 376,679 units in the current fiscal year.
Maruti Suzuki, India’s largest car manufacturer, played a significant role in this resurgence, exporting over 147,063 units—a 12 per cent increase compared to last year. Conversely, Hyundai saw a slight decrease in exports, with 86,105 units shipped this year compared to 84,900 units in the previous year.
The two-wheeler segment has been particularly strong, with exports rising by 16 per cent from 1,685,907 units last year to 1,959,145 units in the April-September quarter of FY-24. Notably, scooter imports increased by 19 per cent, reaching 314,533 units, while motorcycle exports also saw a 16 per cent rise, totalling 1,641,804 units.
In addition to two-wheelers, commercial vehicle exports grew by 12 per cent to 35,731 units during the first half of FY-24. However, three-wheeler exports declined by one per cent, dropping from 155,154 units in April-September FY-23 to 153,199 units this year.
As the automobile industry continues to adapt to the evolving global market, the upward trend in exports underscores the potential for further growth, particularly in the two-wheeler segment, which remains a cornerstone of India’s automotive success.
India’s automobile exports rose by 14 per cent in FY-24, boosted by strong two-wheeler sales. This resurgence comes after years of decline, showcasing the industry’s resilience. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
