According to recent data from the Society of Indian Automobile Manufacturers (SIAM), car exports from India fell by 21% last year due to the financial crisis and geopolitical crisis in many overseas markets. The total export volume last year was 4,285,809 units, down from 5,204,966 units in 2022. Despite the overall decline, passenger vehicle shipments increased by 5% to 6,77,956 units.
However, exports of commercial vehicles, two-wheelers and three-wheelers declined. According to the data, exports of two-wheelers fell by 20% to 3,243,673 units, shipments of commercial vehicles fell to 68,473 units, and exports of three-wheelers fell by 30% to 291,919 units.
The increase in passenger car shipments is thought to be due to a smoother supply chain compared to the previous year. However, demand remained at a low level because foreign currency is difficult to obtain in areas where motorcycles and three-wheelers are sold.
Maruti Suzuki India led passenger car exports in the April-December period, shipping 202,786 units, an increase of 6% year-on-year. Hyundai Motor India shipped 1,29,755 units in the third quarter of the current fiscal, up from 1,19,099 units in the year-ago period.
In the April-December period, Kia India exported 47,792 units, Volkswagen 33,872 units, Nissan 31,678 units, and Honda Cars 20,262 units. Commenting on the export trend, SIAM Director General Rajesh Menon told news agency PTI that passenger vehicle exports could be driven by new vehicle launches and pent-up demand in markets such as South Africa and the Gulf region.
“This increase can also be attributed to a smoother supply chain compared to the previous year, which saw disruption on the supply side, including in semiconductors.” However, in regions where two-wheelers and three-wheelers are sold, “The difficulty in obtaining foreign currency continues, and demand is being suppressed,” he added.
1 Comment
What i dont understood is in reality how youre now not really a lot more smartlyfavored than you might be now Youre very intelligent You understand therefore significantly in terms of this topic produced me personally believe it from a lot of numerous angles Its like women and men are not interested except it is one thing to accomplish with Woman gaga Your own stuffs outstanding Always care for it up