India's car exports see slight growth in 2023 while overall sector sees 21% dip
Passenger vehicle shipments to overseas markets from India have witnessed a five per cent year-on-year growth in 2023, revealed the Society of Indian Automobile Manufacturers (SIAM). The apex body of automobile manufacturers in India has further stated that the overall automobile shipments from the country have declined by 21 per cent in 2023 compared to 2022, as many overseas markets continued to face monetary and geopolitical crises.
The overall automobile exports from India in 2023 stood at 42,85,809 units, compared to 52,04,966 units recorded in 2022. However, the passenger vehicle segment registered a slight growth in export numbers in 2023 as the shipments rose by five per cent to 677,956 units last year from 644,842 units registered in 2022.
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The SIAM data has revealed that while the passenger vehicles recorded marginal growth in export numbers, other segments like two-wheelers, three-wheelers and commercial vehicles saw a decline in exports in 2023. For example, the two-wheeler exports slumped by 20 per cent in 2023 to 32,43,673 units compared to 40,53,254 units registered in 2022.
Speaking about the export numbers of the Indian auto industry, SIAM's Director General Rajesh Menon said that in 2023, the passenger vehicle exports were driven by new vehicle launches and pent-up demand from markets like South Africa and the Gulf region. "The increase can also be attributed to a smoother supply chain as compared to the previous year, wherein there were supply-side disruptions, including that of semiconductors. However, for the regions where two and three-wheelers are sold, the challenges of availability of foreign exchange continue, which has kept the demand subdued," Menon added.
Maruti Suzuki led the pack in April-December period
In the April-December period of this financial year, Maruti Suzuki India led the export numbers in the passenger vehicle segment. The largest car manufacturer in the country shipped 202,786 units to overseas markets, registering an increase of six per cent from 192,071 units recorded a year ago.
The second largest car manufacturer in India, Hyundai Motor India shipped out 129,755 units of passenger vehicles to overseas markets in the third quarter of the current financial year compared to 119,099 units recorded in the same period of last fiscal. Among other passenger vehicle manufacturers in India, Kia exported 47,792 units, while Volkswagen, Nissan and Honda shipped 33,872 units, 31,678 units and 20,262 units in the April-December period of this financial year.
