According to the latest data from SIAM, car shipments from India fell by 21% last year as many overseas markets continue to face financial and geopolitical crises.
Overall exports were 4,285,809 units last year compared to 5,204,966 units in 2022.
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Passenger car shipments increased by 5% from 644,842 units in 2022 to 677,956 units last year.
However, exports in other segments such as commercial vehicles, two-wheelers and three-wheelers declined last year.
The number of motorcycle exports decreased by 20% from 4,053,254 units in 2022 to 3,243,673 units last year.
Similarly, commercial vehicle shipments decreased to 68,473 units from 88,305 units last year.
The number of three-wheeled vehicles exported decreased by 30% from last year’s 417,178 units to 291,919 units.
Rajesh Menon, secretary general of Society of Indian Automobile Manufacturers (SIAM), told PTI that passenger car exports in 2023 will be driven by new car launches and pen-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 when there were supply-side disruptions, including in semiconductors.However, in regions where two-wheelers and three-wheelers are sold, Availability challenges are emerging as demand for foreign exchange remains subdued, he added.
During April-December this fiscal year, Maruti Suzuki India shipped 202,786 units, up 6% from 192,071 units in the same period last year, leading the exports in the passenger car sector.
Hyundai Motor India shipped 1,29,755 units in the third quarter of the current fiscal, compared to 1,19,099 units shipped in the same period last year.
Kia India exported 47,792 units. Volkswagen 33,872 units. Nissan 31,678 units. Honda Cars sold 20,262 units from April to December this year.