According to the latest data by the industry body Society of Indian Automobile Manufacturers (SIAM), passenger vehicle exports from India surged by 43 per cent in FY22, with Maruti Suzuki India (MSI) leading the sector with exports of over 2.3 lakh units. In 2021-22, total passenger vehicle (PV) exports were 5,77,875 units, up from 4,04,397 units in the previous fiscal year. Passenger car shipments saw 42 per cent growth at 3,74,986 units, while utility vehicle exports increased by 46 per cent to 2,01,036 units during the last fiscal, the data said.

MSI led the vertical, followed by Hyundai Motor India and Kia India in second and third place, respectively. MSI, the country’s largest automobile manufacturer, exported 2,35,670 PVs last fiscal, up from 94,938 units in the 2020-21 fiscal year. MSI’s top PV export markets include Latin America, ASEAN, Africa, the Middle East and neighbouring regions, with its Baleno, Dzire, Swift, S-Presso and Brezza among its top five export models.

MSI Managing Director and CEO Hisashi Takeuchi said that the company’s exports increased as a result of strong demand as well as better availability of semiconductors for export-oriented units. “Our total production for the domestic market was limited because of the semiconductors shortage. Fortunately, we could get more semiconductors for the export market,” he added.