Passenger vehicle (includes cars and SUVs) exports from India remained in the growth lane in 2023, but the total number is still far from the pre-Covid peak of 7.4 lakh units achieved in 2017.

While the final export numbers for 2023 are awaited, total PV exports from India are likely to have grown in the mid-single digits and total export volumes are estimated at 6.6-6.75 lakh units. The final number will be about 80,000 units less than that recorded in 2017.

Maruti Suzuki India was the largest exporter of PVs in the year at 2.69 lakh units, its highest-ever shipment, up from 2.63 lakh units recorded in 2022, and 2.05 lakh units in 2021.

Maruti’s exports, which averaged 1-1.25 lakh cars per annum about five years ago, have been on a consistent growth curve in the past few years.

“About 40 per cent of all cars exported from India are from Maruti Suzuki,” Rahul Bharti, Executive Director, Corporate Affairs, told businessline.

“More product launches in more geographies, increased width and depth of distribution network, products with international standards of technology, quality, performance, and cost competitiveness, besides the transfer of best sales and service practices across our distributors have helped grow our exports,” he said.

Also, Suzuki’s global tie-up with Toyota, and the enhanced distribution reach, have helped boost its export volumes.

Hyundai exported 1.64 lakh units of Made-in-India cars and SUVs in 2023, up 10 per cent on the 1.48 lakh units exported in 2022. Hyundai’s share in total PV exports is about 25 per cent.

“Overall, CY 2023 was one of new opportunities. However, uncertainties due to volatile geo-politics caused some disruptions in shipments. The launch of the new Venue and the latest I10 in major markets contributed to the growth. These models received positive reviews and are in high demand in export markets, said Tarun Garg, Chief Operating Officer of Hyundai Motor India Ltd (HMIL).

The company’s products, produced at its Chennai factory, enjoyed global acceptance and many products had garnered leadership positions in their respective segments. “For e.g, the Hyundai Accent (Verna) is a leading model in the fleet segment in the Middle East region,” he said.

HMIL’s export markets include South Africa, Saudi, Mexico, Chile and Peru. To date, Hyundai has exported more than 3.5 million units of Chennai-built cars and SUVs to more than 80 markets.

Other leading PV exporters from India include Kia Motors, Nissan, Volkswagen and Renault.

While car exports have been gradually increasing in the post-Covid era, it is likely to take at least a couple of years to surpass the pre-pandemic export volumes. The closure of Ford’s manufacturing operations had an impact on export volumes as the US carmaker was one of the leading exporters of India-built cars till it shut down operations in 2022.

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