Passenger vehicle and 2-wheeler exports increase by more than 20% in April, reports SIAM monthly data | Auto industry insights

The Society of Indian Automobile Manufacturers recently released data showing a significant increase in exports of passenger vehicles and two-wheelers in April compared to the previous year. According to the report, two-wheeler exports surged by more than 20 percent year-on-year, reaching 320,877 units, while passenger vehicle exports saw a modest increase of 1.5 percent, totaling 49,563 units.

In financial year 2023-24, two-wheeler exports declined by 5.3 percent year-on-year to 3.458 million units. However, recent months have shown a rebound in export markets, with Hero MotoCorp CEO Niranjan Gupta mentioning in an investor conference call that exports in the fourth quarter of FY24 have made a “comeback.” Gupta also mentioned changes in distributors in key markets like Nepal and Nigeria, indicating a positive outlook for the coming year.

On the other hand, Maruti Suzuki reported a substantial rise in exports, with approximately 283,000 units exported in FY24 compared to 100,000 units annually four years ago. Rahul Bharti, head of corporate affairs at Maruti Suzuki, expressed optimism for further growth, stating that the company aims to export around 300,000 units next year across diversified markets and products. He also highlighted the impact of factors like forex rates on profitability, mentioning that it fluctuates and is currently stable.

Overall, the increase in exports of passenger vehicles and two-wheelers in April reflects a positive trend in the industry, with key players like Hero MotoCorp and Maruti Suzuki focusing on expanding their international presence and maintaining profitability. The upcoming years are expected to see continued growth in exports, driven by strategic decisions and market dynamics.

Back To Top