Indian automobile exports witness 5.5% decline in FY24: Here's why
The Society of Indian Automobile Manufacturers (SIAM), has reported a 5.5% decrease in automobile exports from India for the fiscal year 2024 (FY24). The total number of exported units fell to 4,500,492 from the previous year's figure of 4,761,299. SIAM President Vinod Aggarwal attributes this downturn to financial instability in several key overseas markets, that import India's commercial vehicles and two-wheelers.
Decrease in CV and two-wheeler exports
The past fiscal year saw a significant decrease in the export of commercial vehicles, two-wheelers, and three-wheelers from India. However, despite this overall decline, there was a slight increase in passenger vehicle exports. Aggarwal noted a recovery trend in the January-March quarter of FY24, particularly for two-wheelers, indicating potential growth prospects for the upcoming months.
PV exports show slight uptick in FY24
Passenger vehicle exports from India rose by 1.4% to 672,105 units in FY24, up from 662,703 units in the previous fiscal year. Maruti Suzuki led this growth with a shipment of 280,712 units compared to its previous year's figure of 255,439 units. Hyundai Motor India also contributed significantly with an export of 163,155 units last fiscal year, against its shipment of 153,019 units in FY23.
Other key players in PV exports
Other major contributors to the passenger vehicle exports included Kia Motors and Volkswagen India, with exports of 52,105 and 44,180 units respectively. Nissan Motor India and Honda also played a role with shipments of 42,989 and 37,589 units, respectively during FY24. Despite these contributions, two-wheeler exports experienced a decrease of 5.3% last fiscal year compared to FY23.
