The latest data from the Society of Indian Automobile Manufacturers (SIAM) reveals a 21 per cent decline in automobile exports in 2023, with a total of 4,285,809 units shipped compared to 52,04,966 units in the previous year. <o:p></o:p>

This is based on an article published by PTI.<o:p></o:p>

The setback is attributed to ongoing monetary and geopolitical crises in various overseas markets.<o:p></o:p>

Passenger vehicle exports, however, defied the overall trend, registering a 5 per cent increase with 677,956 units shipped in 2023 compared to 644,842 units in 2022. <o:p></o:p>

Maruti Suzuki emerged as a key player in this segment, leading the passenger vehicle shipments. <o:p></o:p>

SIAM Director General Rajesh Menon highlighted, "In 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf region."<o:p></o:p>

While passenger vehicles showed resilience, other segments faced significant declines. <o:p></o:p>

Two-wheeler exports witnessed a substantial drop of 20 per cent, recording 3243,673 units in 2023 compared to 4,053,254 units the previous year. <o:p></o:p>

Commercial vehicle shipments followed suit, decreasing to 68,473 units from 88,305 units. <o:p></o:p>

Three-wheelers experienced the most significant decline, with exports plummeting by 30 per cent to 291,919 units in 2023 from 417,178 units in 2022.<o:p></o:p>

Industry experts attribute the challenges in two-wheelers, commercial vehicles, and three-wheelers to the persisting economic uncertainties and geopolitical issues in key export markets. <o:p></o:p>

The impact on these segments underscores the need for strategic measures and market diversification for sustained growth in the face of external pressures.<o:p></o:p>

(Inputs from PTI)<o:p></o:p>

The latest data from the Society of Indian Automobile Manufacturers (SIAM) reveals a 21 per cent decline in automobile exports in 2023, with a total of 4,285,809 units shipped compared to 52,04,966 units in the previous year.

The latest data from the Society of Indian Automobile Manufacturers (SIAM) reveals a 21 per cent decline in automobile exports in 2023, with a total of 4,285,809 units shipped compared to 52,04,966 units in the previous year. This is based on an article published by PTI. The setback is attributed to ongoing monetary and geopolitical crises in various overseas markets. Passenger vehicle exports, however, defied the overall trend, registering a 5 per cent increase with 677,956 units shipped in 2023 compared to 644,842 units in 2022. Maruti Suzuki emerged as a key player in this segment, leading the passenger vehicle shipments. SIAM Director General Rajesh Menon highlighted, "In 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf region." While passenger vehicles showed resilience, other segments faced significant declines. Two-wheeler exports witnessed a substantial drop of 20 per cent, recording 3243,673 units in 2023 compared to 4,053,254 units the previous year. Commercial vehicle shipments followed suit, decreasing to 68,473 units from 88,305 units. Three-wheelers experienced the most significant decline, with exports plummeting by 30 per cent to 291,919 units in 2023 from 417,178 units in 2022. Industry experts attribute the challenges in two-wheelers, commercial vehicles, and three-wheelers to the persisting economic uncertainties and geopolitical issues in key export markets. The impact on these segments underscores the need for strategic measures and market diversification for sustained growth in the face of external pressures. (Inputs from PTI)

Maruti Suzuki tops passenger vehicle exports amid 21pc decline in automobile shipments in 2023

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