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There’s good news for the Indian automobile industry from the export perspective. Demand for made-in-India vehicles has risen by 14% year on year in the April-September 2024 period to 25,28,248 units (H1 FY2024: 22,11,457 units). In FY2024, exports had witnessed a 5.5% YoY decline at 45,00,492 units with three of the four vehicle segments down – PVs (672,105 units, up 1.4%), two-wheelers (34,58,416 units, -5.3%), three-wheelers (2,99,977 units, -17.9%) and commercial vehicles (65,816 units, -16.3%) as a result of the monetary crisis in key export markets last fiscal.
Demand for made-in-India vehicles has risen by 14% in the April-September 2024 period to 25,28,248 units (H1 FY2024: 22,11,457 units).
PASSENGER VEHICLE EXPORTS UP 12% AT 376,679 units
Maruti Suzuki well set to retain No. 1 exporter for fourth fiscal in a row
In H1 FY2025, the passenger vehicle segment saw total export shipments of 376,679 units, up 12% YoY with utility vehicles – as they do in the domestic market – helping buffer the slowdown in demand for hatchbacks and sedans. At 167,757 units and robust 43% YoY growth, UVs accounted for 44% of total PV exports.
At halfway stage in the current fiscal year, Maruti Suzuki India, the passenger vehicle export leader since FY2022, is well set to retain its No. 1 exporter title for the fourth fiscal in FY2025. With shipments of 147,063 units in April-September 2024, it is 62,162 PVs ahead of Hyundai Motor India, even as Volkswagen India has moved into No. 3 position for the first time with 35,079 units and stellar 74% YoY growth.
2-WHEELER OEMS EXPORT 1.95 MILLION UNITS, UP 16%
Bajaj Auto remains top exporter but Honda sees highest increase in export market share
The Indian two-wheeler industry, which comprises motorcycles, scooters and mopeds, is currently witnessing a good run, both in the domestic and export markets. In the domestic market, between April and September 2024, 1,01,64,980 units – or a little over 10 million units – were dispatched to dealers across the country, registering strong 16.31% YoY growth (H1 FY2024: 87,39,406 units). 2W Inc is also doing well on the export front – in first-half FY2025, total overseas shipments from nine OEMs were 19,59,145 units – an additional 273,328 two-wheelers – resulting in a 16% YoY increase (H1 FY2024: 16,85,907 units)
While motorcycle exports at 16,41,804 units (up 15.60%) account for 84% of total exports till end-July 2024, scooter shipments at 314,533 units are up 19% YoY (April-September 2024: 264,955 units).
Bajaj Auto remains the top exporter with 764,827 units but slowing demand in some markets means its market share has reduced to 39% from 43% a year ago. TVS Motor Co maintains its second rank and 26% share but it is Honda Motorcycle & Scooter India which sees the highest increase in export market share to 14% from 10% a year ago. Of the nine exporting OEMs, Suzuki is the sole player to see a YoY decline.
3-WHEELER EXPORTS DOWN 1% AT 153,199 units
Bajaj Auto holds sway with 87,907 units and 57% market share, TVS exports down 18%
The three-wheeler industry, which had registered a sharp 18% YoY decline in its exports to 299,977 units in FY2024, shipped 153,199 units in the first six months of FY2025, which is indicative of a revival in demand. Of the six OEMs in the fray, two – TVS and Force Motors – have posted a YoY decline, which has resulted in the drop in their export market share.
Domestic market leader Bajaj Auto is also the No. 1 player in three-wheeler exports – the 87,907 units, up 13% YoY, give it a market share of 57% compared to 50% a year ago. TVS Motor Co, which shipped 56,245 units – 12,158 fewer units – in H1 FY2025 saw an 18% fall, which means its share of exports has fallen to 37% from 44% a year ago.
Piaggio Vehicles, with 66,70 units, has registered a 16% YoY increase and sees its market share rise to 4.35% from 3.69% in H1 FY2024. Atul Auto has also delivered a good performance with 1,122 units, up 24% YoY as has Mahindra & Mahindra which, at 625 units exported, shipped 546 additional three-wheelers than it did a year ago.
CV MAKERS EXPORT 35,731 UNITS TO REGISTER 12% GROWTH
Isuzu Motors No. 1 CV exporter with 9,745 units and 27% market share
Here is another vehicle segment which is seeing a revival in exports. Down 16% on FY2024 (65,816 units), the commercial vehicle segment has seen overseas dispatches of 35,731 units, up 12% YoY (H1 FY2024: 31,864 units). At this stage in the current fiscal year, the CV industry has already achieved 54% of its FY2024 exports.
Interestingly, as per SIAM data, Isuzu Motors India with 9,745 units and strong 25% growth, is currently the No. 1 CV exporter. Isuzu’s market share has risen to 27% from 24% a year ago and is 6,584 units away from bettering its FY2024 exports of 16,329 units.
While Mahindra & Mahindra, with 8,496 units, has registered 12% growth in its CV exports, Tata Motors with 7,833 units in H1 FY2025 is down 7% YoY, which sees its market share drop to 22% from 26% in H1 FY2024. Ashok Leyland shipped 5,644 units abroad in the past six months, up 10% and VE Commercial Vehicles registered strong 32% growth with 2,322 units.
FY2025 EXPORT GROWTH OUTLOOK: OPTIMISTIC
What is heartening is that the revival in India Auto Inc’s export numbers is benefiting all the vehicle segments, which augurs well for the coming six months and beyond.
Judicious management of both domestic and export market sales help inventory management as well as capacity utilisation. With demand picking up in key global markets, it is expected things can only get better. The icing on the export ‘cake’ is that the profit margins are often better on the made-in-India products.
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