Automobile exports from India grew at a robust 29.64% in 2010-11 riding on two-wheelers and commercial vehicles despite a sluggish demand from Europe, one of the main markets for small cars.
According to the figures released by the Society of Indian Automobile Manufacturers (SIAM), total exports from the country stood at 23,39,333 units in last fiscal compared to 18,04,426 units in the year-ago period.
During the fiscal, commercial vehicles and two-wheeler sectors witnessed good growth in exports, SIAM President Pawan Goenka told reporters here.
"The only low was the passenger vehicle segment, mainly because of slow recovery of the European market," he added.
After the slowdown of 2008-09, many countries in Europe had offered incentives in 2009-10 to customers for buying new cars in exchange of their old ones to help the auto industry.
While sales picked up in the existence of the incentives, it has again dropped after the funds for the scheme dried up.
India's total passenger vehicle exports during last fiscal were up by a mere 1.64% at 4,53,479 units as against 4,46,145 units in the previous fiscal, SIAM said.
Passenger car exports from India touched 4,47,403 units in FY11 as against 4,41,709 units in the previous financial year, up 1.29%.
In 2010-11, India's largest exporter Hyundai Motor saw a decline of 18.41% at 2,33,069 units.
Domestic market leader Maruti Suzuki was a distant second, registering 6.93% fall in overseas sales at 1,36,026 units in 2010-11.
However, exports growth in the last financial year was robust in the two-wheeler category, which registered 35.04% rise at 15,39,590 units as against 11,40,058 units in the previous financial year.
The surge in two-wheeler exports was led by Bajaj Auto and TVS Motor Company with sales of their motorcycles and scooters in various overseas markets.
Bajaj Auto's overseas two-wheeler sales rose by 34.11% to 9,72,437 units from 7,25,097 units in 2009-10.
TVS Motor Company registered a rise of 38.52% at 2,29,132 units as against 1,65,414 units in FY10.
Domestic market leader Hero Honda saw its bike exports increase by 36.20% at 1,33,063 units against 97,699 units in the previous fiscal, SIAM said.
Commercial vehicles also registered a very robust growth at 69.51% in exports during last fiscal at 76,297 units, compared to 45,009 units in 2009-10.
While light commercial vehicles saw an export jump of 91.28% at 47,025 units, the medium and heavy commercial vehicles segment's overseas sales grew 43.31% at 29,272 units in 2010-11, SIAM said.
Three-wheeler exports rose by 55.86% to 2,69,967 units from 1,73,214 units in the previous fiscal, it added.
