Passenger vehicle exports from India surge by 15% in FY23; Maruti Suzuki dominates
Written by Sanjay Kumar
According to the latest data from the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle exports from India increased by 15% in FY23, with Maruti Suzuki India leading the segment with dispatches of over 2.5 lakh units. The total Passenger Vehicle (PV) exports stood at 6,62,891 units in the 2022-23 fiscal as compared to 5,77,875 units in 2021-22.
The data also revealed that passenger car shipments grew by 10% to 4,13,787 units, while utility vehicle exports saw a 23% rise at 2,47,493 units. However, exports of vans declined from 1,853 units in the 2021-22 fiscal year to 1,611 units in the last fiscal.
Maruti Suzuki India took the lead in the passenger vehicle segment for exports, followed by Hyundai Motor India and Kia India. Last fiscal, MSI exported 2,55,439 passenger vehicles, an 8% increase compared to the 2020-21 fiscal year. The company exports to several markets such as Latin America, ASEAN, Africa, the Middle East, and neighboring regions.
Hyundai Motor India’s overseas dispatches stood at 1,53,019 units, an 18% increase from the previous year. Similarly, Kia India exported 85,756 units, up from 50,864 units in 2021-22.
Other companies that contributed to the passenger vehicle exports from India include Nissan Motor India with 60,637 units, Renault India with 34,956 units, and Volkswagen India with 27,137 units in FY23. Honda Cars India exported 22,710 units, while Mahindra & Mahindra shipped 10,622 units in the 2022-23 fiscal.
Overall, automobile exports from India stood at 47,61,487 units in the last fiscal, a 15% decrease from 56,17,359 units in the previous year.
Exports Drive Indian Automotive Industry
The Indian automotive industry has witnessed a significant shift towards exports over the past few years, with exports playing a crucial role in driving growth in the industry. The passenger vehicle segment has been the major contributor to this growth, with exports of passenger vehicles registering a CAGR of 16.46% over the past five years. The Indian passenger vehicle industry has become one of the largest exporters of cars in the world, exporting to over 100 countries.
Export Benefits to India
The growth in passenger vehicle exports has contributed significantly to India’s economic growth, creating job opportunities and driving foreign exchange earnings. The exports have also led to the development of India’s domestic automotive industry by providing economies of scale and encouraging investments in technology and research and development. The growth in passenger vehicle exports has also helped in improving the country’s trade balance, with the automotive industry being one of the largest contributors to India’s export earnings.
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