The exports of passenger vehicles (PV) during the first 11 months of calendar 2024 have grown by 7.79%, while two-wheeler shipments to overseas countries have grown by almost 22%, data from Society of Indian Automobile Manufacturers (SIAM) said.
Currently, India exports around 14.6% of the PVs produced here and 16.34% of two- wheelers manufactured between January and November.
India targets to export 50% of its automobile production, and the industry-watchers feel that over the next four to six years, India’s auto exports would continue to grow in double digits.
In November, the automobile retail sales fell below market expectations, posting an 11.2% growth compared to the same period last year. The development comes following a lucrative festive season in October.
Further, around 4.8 million weddings were scheduled across India in November and December and were expected to fuel strong demand for two-wheelers and passenger vehicles (PVs). However, according to monthly data from the Federation of Automobile Dealers Associations (Fada), the PV sales dipped by 14% in November, while two-wheeler sales increased by only 16%, falling short of market expectations.
The data said that apart from two-wheelers, three-wheelers and tractors also witnessed positive growth during the month at 4.23% and 29.88%, respectively. Commercial vehicle sales declined by 6%.