New Delhi: Passenger vehicle exports from India have increased dramatically during the last four fiscal years, totaling 2.68 lakh units. According to reports, Maruti Suzuki India has made a significant contribution to this increase, accounting for over 70 percent of the additional shipments during this time period.
According to industry data, passenger vehicle exports totaled 4,04,397 units in the fiscal year 2020-2021. This figure increased to 5,77,875 units in fiscal year 2021-22, and then to 6,62,703 units in fiscal year 2022-23. Exports totaled 6,72,105 units in the most recent fiscal year, up 2,67,708 units from 2020-21.
As per reports, over the last three fiscal years, Maruti export shipments climbed by 1,85,774 units, accounting for 70 percent of the industry's total additional exports of 2,67,708 units. MSI exported 2,80,712 units last fiscal year, up 10 percent from 2,55,439 in FY23.
Rahul Bharti, Executive Officer Corporate Affairs at Maruti Suzuki India, attributed this growth to several factors, including the addition of more models, adherence to global production standards, and a strategic tie-up with Toyota. "We are currently exporting models to around 100 nations globally, with top markets including South Africa, Saudi Arabia, Chile, and Mexico," Bharti said. Other significant markets for MSI are the Philippines, Indonesia, and Ivory Coast.
According to data from the Society of Indian Automobile Manufacturers (SIAM), overall passenger vehicle exports reached 6,72,105 units in FY24, up 1.4 percent from 6,62,703 units in FY23. Hyundai, a rival automaker, also witnessed an increase in exports, shipping 1,63,155 units in FY24, a 7 percent increase from 1,53,019 units exported the previous fiscal year.
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