Maruti Suzuki Dominates Growing Indian Passenger Vehicle Exports

Passenger vehicle exports from India have grown significantly, with Maruti Suzuki India dominating the market. In the last four years, exports surged by 2.68 lakh units, with Maruti Suzuki accounting for 70% of this growth. Factors like new models, global standards, and a Toyota partnership boosted their export volumes.

Passenger vehicle exports from India surged by 2.68 lakh units over the past four financial years, with Maruti Suzuki India leading the charge by accounting for nearly 70% of this growth.

According to industry data, passenger vehicle exports hit 4,04,397 units in the 2020-21 fiscal year, rising to 5,77,875 units in 2021-22 and further to 6,62,703 units in 2022-23.

In the most recent fiscal year, the total export figure was 6,72,105 units—a 2,67,708-unit increase since 2020-21. Maruti Suzuki's contribution to this growth was substantial, with an export increase of 1,85,774 units between FY21 and FY24.

Rahul Bharti, Maruti Suzuki India's Executive Officer Corporate Affairs, attributed the growth to factors such as additional models, adherence to global production standards, and a crucial partnership with Toyota. As a result, the company is currently exporting to approximately 100 countries, with top markets including South Africa, Saudi Arabia, Chile, and Mexico.

In FY24, Maruti Suzuki exported 2,80,712 units, marking a 10% increase over the previous fiscal's 2,55,439 units. Rival Hyundai also saw growth, shipping 1,63,155 units in FY24, a 7% rise over the 1,53,019 units exported in FY23.