Car Export Growth

Maruti Suzuki reported a nearly 3.9 per cent decline in sales for August 2024, with 181,782 units sold compared to 189,082 units in August 2023

Passenger vehicle exports from India rose by 2.68 lakh units in the last four financial years with Maruti Suzuki India accounting for nearly 70 per cent of the incremental shipments during the period. As per the industry data, passenger vehicle exports in the 2020-21 fiscal stood at 4,04,397 units. It rose to 5,77,875 units in the 2021-22 fiscal year and to 6,62,703 units in 2022-23 financial year. Last fiscal, exports stood at 6,72,105 units, an increase of 2,67,708 units since 2020-21. In the last three fiscal years, Maruti Suzuki has accounted for 70 per cent of the incremental 2,67,708 units across the industry which were shipped to overseas markets. The auto major's export shipment increased by 1,85,774 units between FY21 and FY24. When contacted, Maruti Suzuki India Executive Officer Corporate Affairs Rahul Bharti said that factors like addition of more models, adherence to global production standards and tie-up with Toyota have helped in ramping up the exports' volume. He

India's share of production geared for export is the lowest in Asia, trailing South Korea, Thailand, Japan, and Indonesia

Since the beginning of exports till January 2022, the company has shipped a total of 1,01,734 vehicles

Indian car exports, which expanded by 16 per cent in the last financial year, is growing at a low single digit of 2.62 per cent in current financial year so far.This is the lowest rate of growth in the last six years driven by a decline from leading exporters like Hyundai and Nissan. Both are seeing a double digit decline in shipments. Data from the Society of Indian Automobile Manufacturers shows that export of passenger vehicles (cars, utility vehicles and vans) from India has expanded by just 2.62 per cent during the April-August period of the current financial year to 303,801 units. In the corresponding period of FY17, exports had grown by 13.47 per cent to 296,148 vehicles. For the whole of FY17, the country did a record export of 758,830 units. Exports had grown at 12 per cent during the April-July period this year. However, a sharp decline of 25 per cent in August has softened the growth rate to a low single digit. Almost all leading players like Ford, Hyundai, Volkswagen and .