PVs & two-wheelers export grow by double digits in April-February

The domestic wholesales (dispatches to dealers) of passenger vehicles (PVs) and two-wheelers has been down for the last few months, exports have shown growth over the last 11 months, indicating that the current financial year (FY) will close with a double digit growth over the same period previous year.

For instance, in the PVs segment, exports grew by 13.6 per cent year-on-year (y-o-y) to 6,92,311 units during April-February 2024-25 as compared with 6,09,505 units in the same period in 2023-24, the latest data shared by Society of India Automobile Manufacturers (SIAM) indicated.

Companies like Maruti Suzuki India (MSIL) and Hyundai Motor India (HMIL) have recorded exports growth over these months. MSIL has exported 2,99,617 units of vehicles between April and February, a growth of 16.50 per cent y-o-y as compared with 2,57,175 units in April-February 2023-24.

“It is indeed a matter of great pride that India’s passenger vehicle exports are increasing steadily. It is also heartening to see that more than 40 per cent of total vehicle exports comes from Maruti Suzuki alone. In the last few years, Maruti Suzuki has systematically enhanced its export product portfolio and diversified its markets to cover more than 100 countries,” Rahul Bharti, Executive Officer, Corporate Affairs, Maruti Suzuki India, told businessline.

“In FY24-25, the company commenced exports of Fronx and Jimny five-door to Japan and the response has been encouraging,” he said.

“The robust exports number demonstrate high acceptance of our vehicles overseas – a fire test of global competitiveness in technology, cost and quality. This exports ambition draws inspiration from the government’s Make in India-Make for the world initiative and supporting policies. We hope to grow our exports further by about 2.5x by the turn of the decade,” Bharti added.

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Similarly, HMIL said that the company is positioning the Indian facility as a production hub for emerging markets. The company exported around 1,49,766 units in April-February 2024-25, around one per cent up as compared with 1,48,675 units in the corresponding period previous fiscal year.

“We are manufacturing and exporting, our cost optimised vehicle to the emerging markets. We have a very healthy and balanced mix of domestic and export volume, which gives us not only good profit but also the natural hedge against any market fluctuation. We have a very suitable product line up for emerging markets,” Unsoo Kim, Managing Director, HMIL, said.

The company witnessed growth in almost all regions in the first half of financial year 2025 as compared to second half of financial year 2024, in particular, Africa, Mexico and Latin America, he added.

Similarly, in the two-wheeler segment, the total exports grew by 22.4 per cent y-o-y to 38,33,591 units during the period as compared with 31,31,299 units in April-February 2023-24.

Hero MotoCorp reported huge growth of 46 per cent y-o-y to 2,47,911 units in April-February this financial year, as compared with 1,69,765 units in the same period last fiscal.

Bajaj Auto has recorded 15 per cent growth y-o-y to 15,41,987 units of two-wheelers exports during the same period as compared with 13,46,457 units in April-February 2023-24.

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