India's Automobile Exports Soar 14% In April-September, Driven By Passenger Vehicles

Automobile exports declined by 5.5% in FY24 due to economic crises in various international markets. Total exports for the last fiscal year stood at 4,500,492 units, down from 4,761,299 units in FY23

Automobile exports from India increased by 14 per cent year-on-year (YoY) in the first six months of the current fiscal year, driven by strong shipments of passenger vehicles and two-wheelers. According to data from SIAM, total exports during the April-September period reached 2,528,248 units, up from 2,211,457 units during the same period last year.

"Key markets like Latin America and Africa, which had slowed down for various reasons, have bounced back. This has been the main reason for exports coming back," Society of Indian Automobile Manufacturers (Siam) President Shailesh Chandra said.

He was responding to a question about the resurgence of vehicle exports during the April-September period. Several African nations and other regions faced challenges due to currency devaluation, which affected vehicle shipments as these countries prioritised importing essential goods.

In FY24, automobile exports declined by 5.5 per cent due to economic crises in various international markets. Total exports for the last fiscal year amounted to 4,500,492 units, down from 4,761,299 units in FY23.

Passenger vehicle shipments increased by 12 per cent year-on-year to 376,679 units in the first half of the current fiscal year, compared to 336,754 units during the same period last year. Maruti Suzuki, the country's largest carmaker, led this segment with shipments of 147,063 units, a 12 per cent rise from 131,546 units in the previous year. Hyundai Motor India exported 84,900 units, reflecting a slight decline of 1 per cent from 86,105 units in the April-September period of the prior fiscal year.

Two-wheeler exports rose by 16 per cent year-on-year to 1,959,145 units during the April-September period, compared to 1,685,907 units the previous year. Scooter shipments increased by 19 per cent to 314,533 units, while motorcycle exports rose by 16 per cent to 1,641,804 units during this time.

Commercial vehicle exports saw a 12 per cent YoY increase, totalling 35,731 units in the first six months of the fiscal year. However, three-wheeler shipments declined by 1 per cent, reaching 153,199 units compared to 155,154 units in the same period of FY24.