NEW DELHI: Car exports from India declined 5.5 per cent in FY24 as a result of financial disaster in varied abroad markets, in response to the newest knowledge shared by business physique SIAM. Total exports stood at 45,00,492 models within the final fiscal in comparison with 47,61,299 models in FY23.
Commenting on the drop in abroad shipments final fiscal, SIAM President Vinod Aggarwal mentioned the scenario stays risky in varied abroad markets.
“A number of the nations, the place we’re very sturdy with business car and two-wheeler exports, have been going through international exchange-related points,” he famous.
The final fiscal noticed a sizeable drop in business car, two-wheeler and three-wheeler shipments, though passenger autos grew marginally.
Nevertheless, within the January-March quarter this yr, we have now seen good restoration, particularly for two-wheelers, indicating higher potential for the remainder of the yr, he mentioned.
“We’re very hopeful that going ahead, the scenario will enhance,” Aggarwal added.
Within the passenger car section, exports elevated 1.4 per cent to six,72,105 models in FY24 from 6,62,703 models in FY23.
Maruti Suzuki led the section with the cargo of two,80,712 models in opposition to 2,55,439 models in 2022-23.
Hyundai Motor India exported 1,63,155 models final fiscal. It had shipped 1,53,019 models in FY23. Kia Motors exported 52,105 models, whereas Volkswagen India shipped out 44,180 models final fiscal.
Nissan Motor India and Honda Automobiles chipped in with shipments of 42,989 and 37,589 models, respectively, within the 2023-24 fiscal.
Two-wheeler exports witnessed a dip of 5.3 per cent final fiscal at 34,58,416 models in comparison with 36,52,122 models in 2022-23.
Equally, business car shipments dropped 16 per cent to 65,816 models in opposition to 78,645 models in FY23.
Three-wheeler exports declined 18 per cent to 2,99,977 models final fiscal in comparison with 3,65,549 models within the 2022-23 monetary yr.
Commenting on the drop in abroad shipments final fiscal, SIAM President Vinod Aggarwal mentioned the scenario stays risky in varied abroad markets.
“A number of the nations, the place we’re very sturdy with business car and two-wheeler exports, have been going through international exchange-related points,” he famous.
The final fiscal noticed a sizeable drop in business car, two-wheeler and three-wheeler shipments, though passenger autos grew marginally.
Nevertheless, within the January-March quarter this yr, we have now seen good restoration, particularly for two-wheelers, indicating higher potential for the remainder of the yr, he mentioned.
“We’re very hopeful that going ahead, the scenario will enhance,” Aggarwal added.
Within the passenger car section, exports elevated 1.4 per cent to six,72,105 models in FY24 from 6,62,703 models in FY23.
Maruti Suzuki led the section with the cargo of two,80,712 models in opposition to 2,55,439 models in 2022-23.
Hyundai Motor India exported 1,63,155 models final fiscal. It had shipped 1,53,019 models in FY23. Kia Motors exported 52,105 models, whereas Volkswagen India shipped out 44,180 models final fiscal.
Nissan Motor India and Honda Automobiles chipped in with shipments of 42,989 and 37,589 models, respectively, within the 2023-24 fiscal.
Two-wheeler exports witnessed a dip of 5.3 per cent final fiscal at 34,58,416 models in comparison with 36,52,122 models in 2022-23.
Equally, business car shipments dropped 16 per cent to 65,816 models in opposition to 78,645 models in FY23.
Three-wheeler exports declined 18 per cent to 2,99,977 models final fiscal in comparison with 3,65,549 models within the 2022-23 monetary yr.
