1 week Ago By Dwaipayan Roy
India 's automobile exports have jumped by a whopping 14% year-on-year (YoY) in the first half of the ongoing fiscal. According to the Society of Indian Automobile Manufacturers (SIAM), the growth was largely driven by a rise in shipments of passenger vehicles and two-wheelers. The total exports for the April-September period stood at 25,28,248 units, up from last year's 22,11,457 units.
Latin America and Africa drive growth The revival of critical markets such as Latin America and Africa has played a major role in the growth of India's auto exports. Although they were hit by currency devaluation, these regions have recovered and increased their vehicle imports from India. PV and 2-wheeler exports see significant rise Passenger vehicle exports from India have grown 12% YoY, touching 3,76,679 units in the first half of the current fiscal year.
This is a huge jump from last year's 3,36,754 units for the same period. Two-wheeler exports also saw a major surge with a 16% YoY growth to 19,59,145 units, in the April-September period this fiscal year. Maruti Suzuki and Hyundai's contribution to export growth India's largest carmaker Maruti Suzuki has been a major contributor to the surge in PV exports, with shipments of 1,47,063 units.
This is a 12% increase over last year's 1,31,546 units for the same period. However, Hyundai Motor India saw a slight dip in exports by 1%, shipping out 84,900 units as opposed to last year's 86,105 units. CV exports rise, 3-wheeler shipments see slight dip Commercial vehicle exports from India also witnessed a 12% YoY growth to 35,731 units in the first half of this fiscal year.
However, three-wheeler shipments registered a slight 1% dip during the same period, with total exports reaching 1,53,199 units. This is a slight drop from last year's 1,55,154 units for the April-September period..
