Auto sector exports up in 2024
India’s passenger vehicle (PV) exports during the first 11 months of 2024 grew by 7.79% to 6,64,648 units, while two-wheeler shipments to overseas countries saw a nearly 22% year-on-year jump to 3,602,151units, according to data collated by the Society of Indian Automobile Manufacturers (SIAM).
India targets to export 50% of its automobile production. Around 14.6% of the passenger vehicles and 16.34% of the two-wheelers manufactured in the country were exported between January and November, the data showed. As far as exports are concerned in 2024, two-wheelers have stood out amongst all other segments, with an expectation that there could be a growth of more than 20% with about 4 million units, as compared with calendar year 2023, primarily driven by demand in Latin America, said a report.
Source: Exim News Service: New Delhi, Dec. 23