July 14th 2024.
In the bustling city of New Delhi, the latest data from the Society of Indian Automobile Manufacturers (SIAM) has revealed an impressive 15.5% increase in automobile exports during the June quarter. This growth was seen across all sectors, with the exception of three-wheelers, which experienced a slight decline in shipments.
The total number of shipments in the first quarter of the current fiscal year reached 11,92,577 units, a significant jump from the 10,32,449 units shipped during the same period in the previous fiscal year. Passenger vehicle exports also saw a notable increase, with 1,80,483 units being shipped in the first quarter, a 19% rise from the 1,52,156 units shipped during the same time last year.
Leading the way in passenger vehicle exports was Maruti Suzuki India, with an impressive 69,962 units shipped in the period under review. This was a significant increase from the 62,857 units exported in the first quarter of the previous fiscal year. Close behind was Hyundai Motor India, with 42,600 units shipped in the April-June period, a significant improvement from the 35,100 units shipped during the same period last year.
Two-wheeler exports also saw a considerable increase, with 9,23,148 units being shipped in the first quarter, a 17% rise from the 7,91,316 units shipped in the year-ago period. The commercial vehicle sector also experienced growth, with shipments rising by 8% year-on-year to 15,741 units in the first quarter.
However, it wasn't all positive news as three-wheeler shipments saw a slight decline of 3% year-on-year, with only 71,281 units being shipped in the April-June period compared to 73,360 units in the year-ago period.
SIAM President Vinod Aggarwal expressed his satisfaction with the growth in exports, stating that it was a positive sign for the industry. He also noted that the commercial vehicle segment, in particular, has seen a significant recovery in exports, which is encouraging to see.
Aggarwal went on to say that last year, there was a significant drop in the export volume of trucks and buses, but the first quarter of this year has shown promising numbers. He also mentioned that the growth in exports was not limited to just commercial vehicles, as both two-wheelers and passenger vehicles also saw an increase in shipments.
Overall, the automobile export market in India had faced challenges in the previous fiscal year due to the monetary crisis in various overseas markets, resulting in a 5.5% decline in exports. However, with the positive numbers seen in the first quarter of the current fiscal year, there is a sense of optimism for the future of Indian automobile exports.
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