Indian automobile exports down by 21% in 2023

42,85,809 vehicles were exported from India last year compared to 52,04,966 units in 2022.

According to the data shared by the Society of Indian Automobile Manufacturers (SIAM), exports from India dropped by 21% in 2023.

As per the data, 42,85,809 vehicles were exported from India last year compared to 52,04,966 units in 2022. However, passenger vehicle shipments increased by 5% from 6,44,842 units in 2022 to 6,77,956 units in 2023.

While passenger vehicle exports rose, other segments saw a decline. 2-wheeler shipments dropped by 20% to 32,43,673 units from 40,53,254 units in 2022.

The 3-wheeler and commercial vehicle segments also registered a drop in export numbers. 3-wheeler shipments declined by 30% from 4,17,178 units to 2,91,919 units, while CV exports dropped from 88,305 units in 2022 to 68,473 units last year.

According to Rajesh Menon, Director General of SIAM, passenger vehicle exports were driven by new launches, smoother supply chains and pent-up demand in markets like South Africa and the Gulf region. He added that global demand for 2 and 3-wheelers was affected by the lack of foreign exchange in the respective markets.

Source: ET