New Delhi: Automobile exports from India are set to decline by 5.5 per cent in FY24 due to monetary crisis in various foreign markets, according to the latest data shared by industry body SIAM.
Total exports in the last financial year stood at 45,00,492 units, while in FY2023 it was 47,61,299 units.
Commenting on the decline in overseas shipments in the last financial year, SIAM Chairman Vino Agarwal said the situation in various overseas markets remains volatile.
"Some countries, where we are very strong in terms of commercial vehicle and two-wheeler exports, are facing foreign exchange related issues," he said.
Commercial vehicles, two-wheelers and three-wheelers saw a big decline in shipments in the last financial year, although passenger vehicles saw a marginal increase.However, in the January-March quarter this year, we have seen a good recovery especially for two-wheelers, indicating better prospects for the rest of the year, he said.
Aggarwal said, "We have full hope that the situation will improve in future."
In the passenger vehicle segment, exports grew 1.4 per cent to 6,72,10 units in FY24 from 6,62,703 units in FY23.
Maruti Suzuki led the segment with shipments of 2,80,712 units as against 2,55,439 units in 2022-23.
Hyundai Motor India exported 1,63,155 units in the last financial year.It had shipped 1,53,01 units in FY23. Kia Motors exported 52,105 units, while Volkswagen India exported 44,180 units in the last fiscal.
Nissan Motor India and Honda Cars shipped 42,989 and 37,588 units respectively in FY 2023-24.
Exports of two-wheelers declined by 5.3 percent to 34,58,41 units in the last financial year, while in 2022-23 it was 36,52,122 units.
Similarly, commercial vehicle shipments fell 16 per cent to 65,816 units as against 78,645 units in FY2013.Exports of three-wheelers declined by 18 percent to 2,99,977 units in the last financial year, compared to 3,65,549 units in the 2022-23 financial year.
Total exports in the last financial year stood at 45,00,492 units, while in FY2023 it was 47,61,299 units.
Commenting on the decline in overseas shipments in the last financial year, SIAM Chairman Vino Agarwal said the situation in various overseas markets remains volatile.
"Some countries, where we are very strong in terms of commercial vehicle and two-wheeler exports, are facing foreign exchange related issues," he said.
Commercial vehicles, two-wheelers and three-wheelers saw a big decline in shipments in the last financial year, although passenger vehicles saw a marginal increase.However, in the January-March quarter this year, we have seen a good recovery especially for two-wheelers, indicating better prospects for the rest of the year, he said.
Aggarwal said, "We have full hope that the situation will improve in future."
In the passenger vehicle segment, exports grew 1.4 per cent to 6,72,10 units in FY24 from 6,62,703 units in FY23.
Maruti Suzuki led the segment with shipments of 2,80,712 units as against 2,55,439 units in 2022-23.
Hyundai Motor India exported 1,63,155 units in the last financial year.It had shipped 1,53,01 units in FY23. Kia Motors exported 52,105 units, while Volkswagen India exported 44,180 units in the last fiscal.
Nissan Motor India and Honda Cars shipped 42,989 and 37,588 units respectively in FY 2023-24.
Exports of two-wheelers declined by 5.3 percent to 34,58,41 units in the last financial year, while in 2022-23 it was 36,52,122 units.
Similarly, commercial vehicle shipments fell 16 per cent to 65,816 units as against 78,645 units in FY2013.Exports of three-wheelers declined by 18 percent to 2,99,977 units in the last financial year, compared to 3,65,549 units in the 2022-23 financial year.
