Passenger vehicle exports from India surge, Maruti Suzuki leads the way

Passenger vehicle (PV) exports from India have seen a significant increase over the past four financial years, rising by 2.68 lakh units. Maruti Suzuki India has played a pivotal role in this growth, contributing nearly 70 per cent of the incremental shipments.

Industry data reveals that PV exports stood at 4,04,397 units in the 2020-21 fiscal year. This number rose to 5,77,875 units in 2021-22, and further to 6,62,703 units in 2022-23. In the most recent fiscal year, exports reached 6,72,105 units, marking an increase of 2,67,708 units since 2020-21.

Maruti Suzuki has been at the forefront of this export boom. Over the last three fiscal years, the company's export shipments increased by 1,85,774 units, accounting for 70 per cent of the overall increase. Factors contributing to this growth include the addition of more models, adherence to global production standards, and a strategic tie-up with Toyota.

Maruti Suzuki currently exports models to around 100 countries, with top markets including South Africa, Saudi Arabia, Chile, and Mexico. Other significant markets are the Philippines, Indonesia, and Ivory Coast. Key export models include the Baleno, Dzire, Swift, S-Presso, Grand Vitara, Jimny, Celerio, and Ertiga.

Interestingly, while there is a domestic shift towards SUVs, Indian automakers have increased the export of small cars to international markets. Interestingly, despite the growing popularity of SUVs in the Indian domestic market, a different trend is emerging internationally.

Shift in preference

Both Maruti Suzuki and Hyundai have reported strong and consistent demand for smaller car models in their export markets. Maruti Suzuki's success with the Swift, Dzire, S-Presso, and Baleno in countries like South Africa, Saudi Arabia, Chile, Mexico, and the Philippines exemplifies this. Similarly, Hyundai has seen strong results exporting sedans like the Verna and Aura alongside the Grand i10 Nios to similar markets, including Peru.

This unexpected preference for smaller cars abroad suggests a potential shift in consumer behavior. Both automakers anticipate this trend to continue and even foresee a possible resurgence in demand for smaller cars within India itself.

According to SIAM data, overall PV exports stood at 6,72,105 units in FY24, a 1.4 per cent increase over 6,62,703 units in FY23. Maruti Suzuki exported 2,80,712 units last fiscal, a 10 per cent increase over 2,55,439 units in FY23. Rival Hyundai shipped 1,63,155 units in FY24, compared to 1,53,019 units in FY23, marking a 7 per cent increase.

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