Society of Indian Automobile Manufacturers (SIAM) in its latest data has said that automobile shipments from India declined 21% in 2023 as many overseas markets continued to face monetary and geopolitical crises. Overall exports stood at 42,85,809 units in 2023 as compared to 52,04,966 units in 2022. Passenger vehicle shipments rose 5% to 6,77,956 units in 2023 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% 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% to 2,91,919 units last year from 4,17,178 units.
SIAM Director General Rajesh Menon said in 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf. The increase can also be attributed to a smoother supply chain as compared to the previous year, wherein there were supply-side disruptions, including that of semiconductors. However, he said for the regions where two and three-wheelers are sold, the challenges of availability of foreign exchange continue, which has kept the demand subdued.
