PV exports rise by 2.68 lakh units in last 4 yrs; Maruti accounts for 70% of incremental shipments

New Delhi: Passenger vehicle exports from India rose by 2.68 lakh units in the last four financial years with Maruti Suzuki India accounting for nearly 70 per cent of the incremental shipments during the period.

As per the industry data, passenger vehicle exports in the 2020-21 fiscal stood at 4,04,397 units. It rose to 5,77,875 units in the 2021-22 fiscal year and to 6,62,703 units in 2022-23 financial year.

Last fiscal, exports stood at 6,72,105 units, an increase of 2,67,708 units since 2020-21.

In the last three fiscal years, Maruti Suzuki has accounted for 70 per cent of the incremental 2,67,708 units across the industry which were shipped to overseas markets.

The auto major's export shipment increased by 1,85,774 units between FY21 and FY24.

When contacted, Maruti Suzuki India Executive Officer Corporate Affairs Rahul Bharti said that factors like addition of more models, adherence to global production standards and tie-up with Toyota have helped in ramping up the exports' volume.

He noted that the company is currently exporting models to around 100 nations across the globe. Top overseas markets for the company currently are South Africa, Saudi Arabia, Chile and Mexico.

Other major markets include the Philippines, Indonesia and Ivory Coast.

MSI exports models like Baleno, Dzire, Swift, S-Presso, Grand Vitara, Jimny, Celerio and Ertiga.

As per SIAM data, overall PV exports stood at 6,72,105 units in FY24, an increase of 1.4 per cent over 6,62,703 units in FY2023.

MSI exported 2,80,712 units last fiscal, an increase of 10 per cent over 2,55,439 units in FY23. Rival Hyundai shipped 1,63,155 units in FY24 as compared with 1,53,019 units in FY23, an increase of 7 per cent.