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India’s automobile exports witnessed a significant increase of 15.5% year-on-year in the June quarter, with most segments recording growth, according to the latest data from the Society of Indian Automobile Manufacturers (SIAM).
Overall Export Growth
The total number of automobile shipments reached 1,192,577 units in the first quarter of the current fiscal year, compared to 1,032,449 units in the same period last year.
Passenger Vehicles Lead the Surge
Passenger vehicle exports saw a notable rise, with 180,483 units shipped in the first quarter, a 19% increase from 152,156 units in the corresponding period of the previous year.
Maruti Suzuki India emerged as the leader in this segment, exporting 69,962 units, up from 62,857 units in the first quarter of the 2023-24 fiscal year. Hyundai Motor India also reported strong performance, exporting 42,600 units compared to 35,100 units last year.
Two-Wheeler Exports on the Rise
The two-wheeler segment recorded substantial growth, with exports reaching 923,148 units in the first quarter, a 17% increase from 791,316 units in the same period last year.
Commercial Vehicle Shipments Increase
Commercial vehicle exports rose by 8% year-on-year, with 15,741 units shipped in the first quarter, up from 14,625 units a year earlier.
Decline in Three-Wheeler Exports
Contrary to the overall trend, three-wheeler exports declined by 3%, with 71,281 units shipped in the April-June period, down from 73,360 units in the same period last year.
Industry Insights
SIAM President Vinod Aggarwal commented on the positive trend, noting the recovery in exports, particularly in the commercial vehicle segment.
“I think that’s a very good sign that exports seem to have bottomed out, especially in the commercial vehicle segment… we have started seeing the growth from the first quarter this year,” Aggarwal stated.
Aggarwal also highlighted the previous year’s decline in export volumes for trucks and buses but expressed optimism about the current recovery. “But Q1 has been good even for two-wheelers and passenger vehicles. We are very positive that exports have started to recover,” he added.
Historical Context
Automobile exports from India had declined by 5.5% in FY24 due to monetary crises in various overseas markets. Overall exports stood at 4,500,492 units in the last fiscal year, compared to 4,761,299 units in FY23.
