Indian passenger vehicle exports grew by 15% in FY 2022–23 to 6,62,891 units.
14% of cars produced in India were exported in FY 2022–23 to several countries across the world.
Maruti (39%) remained the biggest exporter of passenger vehicles, followed by Hyundai (23%) and Kia (13%).
Japanese and South Korean passenger vehicle manufacturers contribute 88% of total exports from India.
Despite three decades of presence, Indian passenger vehicle makers export contribution is limited to a mere 2%.
The Nissan Sunny is the most exported passenger vehicle from India.
Indian passenger vehicle exports trend
The Indian passenger vehicle export market was on a recovery path in FY 2022–23 after COVID-19 induced disruption, followed by a semiconductor shortage-led supply-side crisis, and posted 15% growth over FY 2021–22. Still, total exports fell short of the highest period of 2016–17 by 13%. One of the major reasons for lower exports is the exit of major American carmakers, GM and Ford, who stopped Indian export operations completely in 2020 and 2022, respectively.
14% of cars produced in India were exported in FY 2022–23 to several countries across the world. Earlier, export percentage of total car production in India remained mostly in the 19% ballpark, ever since the entry of GM, Nissan-Renault, and Volkswagen’s export-oriented plant a decade ago, inspired by Hyundai and Ford in the late 90s.
However, the long-term export CAGR (compound-annual-growth-rate) with FY 2003–2004 as the base year has been on the decline since 2009–10 and has been reduced to single digits in recent times.
FY 2022-23 : Passenger vehicle exporters
Maruti (39%) remained the biggest exporter of PV, followed by Hyundai (23%) and Kia (13%).
Kia scaled up export operations very quickly after India's entry in mid-2019 and posted 69% growth over the previous FY.
Nissan and Renault, too, posted good growth driven by their new crossovers.
Nissan and Volkswagen have a high dependence on exports for their India-based operations.
Despite gaining market share back in the Indian market, the export performance of Tata and Mahindra is subdued.
FY 2022-23 : Exporter’s country of origin
Japanese and South Korean PV manufacturers contribute 88% of total exports from India.
Despite three decades of presence, Indian PV makers' export contribution is limited to a mere 2%.
FY 2022-23 : Body style
In the Indian market, SUV body style products command a 45% share; however, export volume is equally distributed among SUV, sedan, and hatchback body styles.
34% of sedans produced in India are exported, thus driving back-end synergy in an otherwise declining segment in India.
FY 2022-23 : Fuel
Exports are dominated by petrol vehicles.
Electric vehicle exports are dominated by Tata and, if perfected well, could prove to be a new growth engine.
Toyota and Honda have started exporting hybrid vehicles from India.
FY 2022-23 : Products
Nissan Sunny is the most exported PV from India. Though it has been discontinued in India, it is exported to North and South American markets by the name of Versa or Almera.
Kia Seltos is the second-best-exported product, as Kia quickly scaled up exports from India.
Maruti Swift, Dizre, and the previous-generation Hyundai Verna occupied the rest of the top five slots.
FY 2022-23 : SUV/Crossover products
Hyundai-Kia dominates the SUV export chart (58%), followed by Maruti (17%).
Maruti Jimny 3-door and Mahindra XUV 500 remained export-only models from India in FY 2022–23.
FY 2022-23 : Sedan products
As the sedan market is shrinking in India, a sizable volume of sedans produced in India were exported to countries where demand still exists.
FY 2022-23 : Hatchback products
Maruti not only dominates the Indian hatchback market but also has 71% of the export share.
Hyundai comes next with a 22% share.
FY 2022-23 : MUV & Pick up products
Maruti commands 40% of the MUV export market, followed by Renault’s 34% and Kia’s 26% share.
Isuzu exports 76% of Hi-Lander pickup trucks produced in India, though the volume is pretty low.