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Automobile exports from India fell 5.5% in FY24 due to the monetary crisis in several outside markets, according to the most recent data published by industry group SIAM. Overall exports were 45,00,492 units in the previous fiscal year, compared to 47,61,299 units in FY23.
SIAM President Vinod Aggarwal commented on the decline in shipments abroad during the previous fiscal year, stating that conditions in several international markets are still unstable. "Some of the countries, where we are very strong with commercial vehicle and two-wheeler exports, have been facing foreign exchange-related issues," he noted.
Commercial vehicle, two-wheeler, and three-wheeler shipments fell significantly in the previous fiscal year, while passenger vehicle shipments increased slightly. However, in the January-March quarter this year, we saw a good recovery, particularly for two-wheelers, indicating a positive outlook for the rest of the year, he said.
In the passenger vehicle segment, exports increased 1.4% to 6,72,105 units in FY24 from 6,62,703 units in FY23. Maruti Suzuki led the segment with the shipment of 2,80,712 units against 2,55,439 units in 2022-23. Hyundai Motor India exported 1,63,155 units last fiscal. It had shipped 1,53,019 units in FY23. Kia Motors exported 52,105 units, while Volkswagen India shipped out 44,180 units last fiscal. Nissan Motor India and Honda Cars chipped in with shipments of 42,989 and 37,589 units, respectively, in the 2023-24 fiscal.
Two-wheeler exports decreased 5.3% last fiscal year at 34,58,416 units compared to 36,52,122 units in 2022-23. Similarly, commercial vehicle shipments dropped 16% to 65,816 units against 78,645 units in FY23. Three-wheeler exports declined 18% to 2,99,977 units last fiscal compared to 3,65,549 units in the 2022-23 financial year.
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