Maruti Suzuki becomes India's biggest passenger vehicle exporter in Q2
What's the story
Maruti Suzuki has claimed the top spot in Passenger Vehicle (PV) exports from India in the second quarter of 2022. The brand leads the segment with 1,31,070 units dispatched, as per the latest data by the Society of Indian Automobile Manufacturers (SIAM). The export markets for the homegrown automaker include Latin America, ASEAN, Africa, the Middle East, and neighboring regions.
Context
Why does this story matter?
The total Passenger Vehicle (PV) exports from India stood at 1,60,590 units between July and September this year. It is an overall increase of 2% compared to last year. The country's largest carmaker, Maruti Suzuki, leads the segment followed by Hyundai and Kia Motors, with 74,072 units and 44,564 units, respectively. This will strengthen the economy and portray India as a global manufacturing hub.
Improvement
Maruti Suzuki accounted for two-fold increase in YoY sales numbers
Maruti Suzuki India registered sales numbers of over 1,76,000 units in September 2022 in India, as compared to 1,03,622 units in the previous fiscal year. Along with this, the homegrown brand has also dispatched 1,31,070 units to its export markets. The top five export models include Baleno, Dzire, Swift, S-Presso, and Brezza.
Information
Import restrictions in various countries can hamper India's progress
Vinod Aggarwal, President of SIAM, observed that with the US dollar gaining, various countries in Asia and Latin America have been forced to implement import restrictions to safeguard foreign exchange. This can hamper India's progress to a certain extent as well.
Analysis
Demand for SUVs and MUVs increased by 16%
As per data by SIAM, passenger car (hatchbacks and sedans) shipments saw a 5% dip at 97,300 units, while the Utility Vehicle (SUVs and MUVs) segment rose 16% at 63,016 units when compared to last year. Also, exports of commercial vehicles, along with two- and three-wheelers, came down to 12,54,560 units from 14,10,711 units in the previous fiscal year.