Passenger vehicle shipments from India rose in January for the first time post COVID-19 pandemic, pointing towards demand recovery in some of the major export markets for Indian automakers. According to the Society of Indian Automobile Manufacturers (SIAM) data, passenger vehicle exports rose by 1.15 percent to 37,187 units in January compared to 36,765 units in January 2020. In April-January, passenger vehicle shipments were still down by 43.1 percent at 3,28,360 units as against 5,77,036 units in the same period of 2019-20 financial year.
While exports of passenger vehicles for the April-January 2021 period is down by 43.1 percent, the growth of 1.15 percent in January 2021 over the previous year, makes it the first month of growth in passenger vehicle exports, post the pandemic. Economic recovery in the export markets will be critical for revival of exports and continuity in growth momentum.
In the domestic market, passenger vehicle wholesales increased by 11.14 percent to 2,76,554 units last month as compared with 2,48,840 units in January 2020. In the April-January period, the segment sales stood at 20,54,428 units, down 13.2 percent from 20,54,428 units in the same period of the 2019-20 fiscal.