Automobile shipments from India declined 21% last year as many overseas markets continued to face monetary and geopolitical crises, as per the latest Society of Indian Automobile Manufacturers (SIAM) data.
Overall exports stood at 42,85,809 units last year compared to 52,04,966 units in 2022.
Passenger vehicle shipments rose 5% to 6,77,956 units last year from 6,44,842 units in 2022.
However, other segments like commercial vehicles, two-wheelers and three-wheelers saw a decline in exports last year.
Two-wheeler exports slipped 20% to 32,43,673 units last year from 40,53,254 units in 2022.
Similarly, commercial vehicle shipments declined to 68,473 units last year from 88,305 units.
Three-wheeler exports declined 30% to 2,91,919 units last year from 4,17,178 units.
Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon told PTI that in 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in 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," he added.
In April-December this fiscal, Maruti Suzuki India led the exports in the passenger vehicle segment, with the shipment of 2,02,786 units, an increase of 6% from 1,92,071 units a year ago.
Hyundai Motor India shipped out 1,29,755 units in the third quarter of the current fiscal compared to 1,19,099 units in the same period of last fiscal.
Kia India exported 47,792 units; Volkswagen 33,872 units; Nissan 31,678 units; and Honda Cars 20,262 units in April-December this financial year.
