The Indian auto industry started the year with strong growth in exports, with all major segments, including passenger vehicles (PVs), two-wheelers (2Ws), and three-wheelers (3Ws), posting double-digit growth in exports in January. Overall automotive exports in January were up 40.2 per cent compared to last year.
According to data from the Society of Indian Automobile Manufacturers (Siam), PV exports in the month grew by nearly 17 per cent to 57,585 units, while 2W exports grew by 46.2 per cent to 3,80,528 units, and 3W exports grew by close to 20 per cent to 23,859 units.
Domestic dispatches in January were relatively muted—PV dispatches were flat at 3,99,386 units (up 1.6 per cent), 2Ws were up 2.1 per cent to 15,26,218 units, and 3Ws were up 7.7 per cent.
On the export front, car exports saw nearly a 13 per cent drop year-on-year (Y-o-Y), while utility vehicle (UV) exports went up by around 61.5 per cent in January. In the 2W category , however, both scooters and motorcycles saw growth in exports—scooters went up by 23.5 per cent, while motorcycles grew by 49.7 per cent during the month. Among major original equipment manufacturers (OEMs), Maruti Suzuki India and Hyundai Motor India saw a rise in export volumes in January, while Bajaj Auto, Hero MotoCorp, and Honda Motorcycle and Scooter India also reported export growth during the month.
For the April-January period as well, overall automotive exports from India were up by around 20 per cent—PVs grew by 14.4 per cent, while 2Ws grew by about 23 per cent; 3Ws remained flat.
Major PV exporters from India, such as Maruti Suzuki India and Hyundai Motor India, saw mixed results during the December quarter (Q3FY25). For Maruti, exports jumped 38.2 per cent Y-o-Y to 99,220 units during the quarter. The PV major plans to export the new e-Vitara to a few key markets even before it goes on sale in India. The e-Vitara production in India will be for global markets.
Meanwhile, Hyundai Motor India saw a dip in export volumes during the quarter to 40,386 units (compared to 43,650 units in Q3FY24), mainly due to disruptions in the Red Sea and geopolitical challenges affecting its exports to the Middle East and Latin America.
Unsoo Kim, managing director, Hyundai Motor India, said in the quarterly call that to mitigate the risk, they have increased volumes to other regions, such as Africa, supported by additional discounts. Going forward, Hyundai Motor India expects stability in its export volumes.
Two-wheeler major Bajaj Auto also saw a broad-based recovery in exports, crossing 5,00,000 units in Q3FY25 after nine quarters. Speaking to reporters, Rakesh Sharma, executive director, Bajaj Auto, said export revenues grew by 16 per cent in the third quarter to ₹4,500 crore. Going forward, they expect export growth to remain strong (over 20 per cent) in the near term as they remain optimistic about growth from Latin American markets.
