India's Booming Automobile Exports Surge 22% Amid Global Demand
Automobile exports from India surged 22% in the April-June quarter, led by record shipments of passenger vehicles and significant growth in two-wheelers and commercial vehicles. Key markets like the Middle East, Latin America, and countries under FTAs contributed to this rise. Maruti Suzuki and Hyundai Motor India were notable contributors.
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India's automobile exports have grown remarkably by 22% year-on-year in the first quarter of the fiscal year, the Society of Indian Automobile Manufacturers (SIAM) reports. This growth sets a new record, driven primarily by the export of passenger vehicles along with significant increases in two-wheelers and commercial transportation options.
The first quarter witnessed total exports across various segments reaching 14,57,461 units, compared to 11,92,566 units in the same quarter last year. Passenger vehicles, in particular, noted a record export with 2,04,330 units, marking a 13% growth. The demand remained strong in notable markets like the Middle East and Latin America, as well as rejuvenated markets like Sri Lanka and Nepal.
Maruti Suzuki emerged as a key player with an impressive 37% increase in its export volume, while Hyundai Motor India registered a 13% growth. This upward trend extended to two-wheelers and commercial vehicles with respective increases of 23% and 23%, accompanied by a 34% rise in three-wheeler exports.
(With inputs from agencies.)
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