Car Export: There was a slight increase in India's car exports, while a decline of 21 percent was seen in this sectorCar Export: There was a slight increase in India's car exports, while a decline of 21 percent was seen in this sector

Car Export: The Society of Indian Automobile Manufacturers (SIAM) revealed that passenger vehicle shipments from India to overseas markets are seen to grow by five per cent year-on-year in 2023. The apex body of automobile manufacturers in India has further said that the total automobile shipments from the country are likely to decline by 21 percent in 2023 compared to 2022. Because many foreign markets are facing monetary and geopolitical crises. Total automobile exports from India in the year 2023 stood at 42,85,809 units, while in 2022 it was recorded at 52,04,966 units. However, the passenger vehicle segment recorded a marginal increase in export numbers in 2023 as shipments increased by 5 per cent to 677,956 units, up from 644,842 units recorded in 2022.

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SIAM data showed that passenger vehicles recorded a marginal increase in export numbers. Other segments like two-wheelers, three-wheelers and commercial vehicles face a decline in exports in 2023. For example, exports of two-wheelers declined by 20 percent to 32,43,673 units in 2023, compared to 40,53,254 units in 2022. Speaking about the export numbers of the Indian auto industry, SIAM Director General Rajesh Menon said that in 2023, passenger vehicle exports were driven by new vehicle launches and increased demand from markets such as South Africa and the Gulf region. Menon further said, “This growth can also be attributed to a smoother supply chain compared to the previous year, which had experienced supply disruptions, including in semiconductors.

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