India's automobile industry is shifting into high gear on the global stage, reporting a impressive 26.3% year-on-year growth in exports during the second quarter of the current fiscal year. The latest data from the Society of Indian Automobile Manufacturers (SIAM) reveals a remarkable resurgence in international demand for Indian-made vehicles.
Breaking Down the Numbers
The overall export figures climbed to 12,92,342 units between July and September 2024, up significantly from 10,23,260 units during the same period last year. This substantial growth underscores India's strengthening position as a global automotive manufacturing hub.
Passenger Vehicles Lead the Charge
Passenger vehicle exports witnessed an exceptional 45.5% surge, jumping from 1,37,967 units to 2,00,672 units. This remarkable performance highlights the growing international acceptance of Indian-made passenger cars and SUVs across global markets.
Two-Wheeler Momentum Continues
The two-wheeler segment, a traditional strength of Indian automotive exports, maintained strong momentum with 25.5% growth. Shipments increased from 8,47,401 units to 10,63,406 units, demonstrating sustained global demand for Indian motorcycles and scooters.
Commercial Vehicles Show Modest Growth
While commercial vehicle exports grew at a more moderate pace, the segment still posted a respectable 7.7% increase, reaching 16,768 units compared to 15,570 units in the same quarter last year.
Three-Wheeler Segment Experiences Decline
Not all segments shared in the growth story, with three-wheeler exports declining by 14.6% to 11,496 units from 13,461 units. This contrast highlights the varying demand patterns across different vehicle categories in international markets.
The robust export performance signals a healthy recovery and growing competitiveness of Indian automotive manufacturers in the global marketplace. Industry experts attribute this growth to improved product quality, competitive pricing, and strategic market diversification by Indian automakers.
