Automobile companies in India have a dip of 21% in the last year 2023 due to monetary and geopolitical crises in many overseas markets, according to a recent Society of Indian Automobile Manufacturers data.
Total exports in the year 2022 were 52,04,966 and it went down to 42,85,809 units in 2023. But amid this passenger vehicle, shipment surged to a 5% increase to 6,77,956 units.
Two-wheelers and Three-wheelers commercial vehicles subside in exports. Two-wheeler exports dipped by 20% to 32,43,673 units, commercial vehicle shipments fell to 68,473 units, and Three-wheeler exports dipped by 30% to 2,91,919 units as per the data.
Maruti-Suzuki India saw a 6% surge from its previous year in passenger vehicle export shipping 2,02,786 in the period of April-December.
Hyundai Motor India also had a surge in the third quarter of the current fiscal. It shipped 1,29,755 units from 1,19,099 units in the same period last year.
In the April-December financial year other automobile brands in India export data are Kia had exported 47,792 units, Nissan 31,678 units, Volkswagen 33,872 units, and Honda cars 20,262 units
Rajesh Menon SIAM Director General said in a statement to a news agency PTI that car exports surged because new cars were launched in the market and there was a lot of demand in markets like South Africa and the Gulf region.
The surge in numbers can also be credited to a better and more organized way of getting things from manufacturers to customers. This was not the scenario last year when there were concerns with the supply chain, including a snag about getting enough semiconductors.
Mr. Menon further said that in regions where two-wheelers and three-wheelers are sold, there are still challenges with getting enough foreign exchange. This is why the demand is staying low.
Vinod Aggarwal president of SIAM said, A lot of efforts are taken to make trade easier using our Indian currency (rupee) so that exports will get better in the future.
Indian Automobile is one of the most competitive and biggest in its space.