PV exports have risen by 268K units in the last four years; Maruti's biggest gainer

Passenger vehicle exports from India increased by 268,000 units over the past four financial years, with Maruti Suzuki India accounting for nearly 70% of this growth. According to industry data, passenger vehicle exports were 404,397 units in FY21, rising to 577,875 units in FY22 and 662,703 units in FY23. Last fiscal year, exports reached 672,105 units, marking an increase of 267,708 units since FY21. Maruti Suzuki contributed 70% of this incremental increase, with its export shipments growing by 185,774 units between FY21 and FY24. Maruti Suzuki India Executive Officer for Corporate Affairs, Mr. Rahul Bharti, attributed this growth to adding more models, adherence to global production standards, and a partnership with Toyota. The company currently exports models to around 100 countries, with top markets including South Africa, Saudi Arabia, Chile, Mexico, the Philippines, Indonesia, and Ivory Coast. Key export models include the Baleno, Dzire, Swift, S-Presso, Grand Vitara, Jimny, Celerio, and Ertiga.

According to SIAM data, overall passenger vehicle exports stood at 672,105 units in FY24, a 1.4% increase from 662,703 units in FY23. Maruti Suzuki exported 280,712 units last fiscal year, a 10% increase from 255,439 units in FY23. Rival Hyundai shipped 163,155 units in FY24, compared to 153,019 units in FY23, representing a 7% increase.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.