New Delhi: Automobile shipments from India declined 21 per cent last year as many overseas markets continued to face monetary and geopolitical crises, as per the latest SIAM data. Overall exports stood at 42,85,809 units last year compared to 52,04,966 units in 2022. Passenger vehicle shipments rose 5 per cent to 6,77,956 units last year from 6,44,842 units in 2022.
However, other segments like commercial vehicles, two-wheelers and three-wheelers saw a decline in exports last year. Two-wheeler exports slipped 20 per cent to 32,43,673 units last year from 40,53,254 units in 2022. Similarly, commercial vehicle shipments declined to 68,473 units last year from 88,305 units.
Three-wheeler exports declined 30 per cent to 2,91,919 units last year from 4,17,178 units. Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon told PTI that in 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf region.
