By India’s automobile exports have surged by 14% year-on-year (YoY) during the first half of FY25, according to the Society of Indian Automobile Manufacturers (SIAM). This significant growth was largely fueled by increased shipments of passenger vehicles (PV) and two-wheelers, signaling a robust recovery in key international markets.
Latin America and Africa Fuel Export Growth
The resurgence of demand in markets like Latin America and Africa has played a crucial role in India’s automotive export boom. Despite previous setbacks due to currency devaluation, these regions have rebounded strongly, driving up their vehicle imports from India.
- Key growth regions: Latin America and Africa.
- Economic recovery: Aided by currency stabilization, these markets have increased their vehicle imports.
This recovery has bolstered India’s overall export figures, with total shipments for the April-September period reaching 25,28,248 units, up from 22,11,457 units in the same period last year.
Significant Rise in PV and Two-Wheeler Exports
India’s passenger vehicle and two-wheeler exports saw remarkable growth during the first half of FY25. Passenger vehicle exports increased by 12% YoY, reaching 3,76,679 units, compared to 3,36,754 units last year. Two-wheeler exports grew even more dramatically, surging 16% YoY to 19,59,145 units during the same period.
- Passenger vehicles: 3,76,679 units (+12% YoY).
- Two-wheelers: 19,59,145 units (+16% YoY).
These numbers underscore the growing international demand for Indian-made vehicles, driven by their affordability and quality in emerging markets.
Maruti Suzuki and Hyundai’s Performance
India’s leading automaker, Maruti Suzuki, was a major contributor to the surge in passenger vehicle exports. The company shipped 1,47,063 units in the first half of FY25, marking a 12% increase from the 1,31,546 units shipped during the same period last year.
- Maruti Suzuki: 1,47,063 units (+12% YoY).
- Hyundai Motor India: 84,900 units (-1% YoY).
While Maruti Suzuki posted impressive growth, Hyundai Motor India saw a slight dip in exports, shipping 84,900 units, down by 1% from the previous year’s 86,105 units.
Mixed Results for Commercial and Three-Wheeler Exports
Commercial vehicle exports also saw a strong performance, rising 12% YoY to 35,731 units. However, the three-wheeler segment experienced a slight dip, with exports falling by 1% to 1,53,199 units, compared to 1,55,154 units in the same period last year.
- Commercial vehicles: 35,731 units (+12% YoY).
- Three-wheelers: 1,53,199 units (-1% YoY).
This slight decline in three-wheeler shipments highlights a mixed outlook for certain vehicle segments, even as the overall export market continues to grow.