India: export trends in the automobile industry by type 2024

At the end of the fiscal year 2024, around 3.5 million two-wheelers were exported from India. After a long period of double-digit growth, two-wheeler export began to see a declining trend since financial year 2022. Passenger vehicle exports saw a slight increase; however, commercial vehicles, quadricycles and three-wheelers experienced a decline in exports.

Two-wheelers in India

In 2023, India emerged as the third-largest automotive market in the Asia-Pacific region, driven mainly by its two-wheeler segment. India became the largest global producer of two-wheelers, which included traditional and electric vehicles, manufacturing approximately 21.5 million units in 2024. Over one million electric two-wheelers were sold in 2024, with Maharashtra in the lead. Government initiatives, including the FAME II scheme and tax benefits, made electric two-wheelers more affordable, spurring growth in this segment.

Prominent players in the market

Hero MotoCorp, headquartered in New Delhi, stood as the leading two-wheeler manufacturer in India and globally, boasting a market share of 31 percent in the Indian market. The brand experienced a remarkable growth in domestic sales and exports. Other key players in the industry included Honda Motorcycles & Scooters and TVS.

Export volume of automobiles from India from financial year 2011 to 2024, by type (in 1,000s)

Characteristic	Two wheelers	Passenger vehicles	Three wheelers	Commercial vehicles	Quadricycles
FY 2024	3,458.42	672.11	299.98	65.82	4.18
FY 2023	3,652.12	662.89	365.55	78.65	2.28
FY 2022	4,443.13	577.88	499.73	92.3	4.33
FY 2021	3,282.79	404.4	393	50.33	3.53
FY 2020	3,519.41	662.12	501.65	60.38	5.19
FY 2019	3,280.84	676.19	567.68	99.93	4.4
FY 2018	2,815	748.37	381	96.87	1.61
FY 2017	2,340.28	758.73	271.89	108.27	1.56
FY 2016	2,482.88	653.05	404.44	103.12	0.33
FY 2015	2,457.47	621.34	407.6	86.94	-
FY 2014	2,084	596.14	353.39	77.05	-
FY 2013	1,956.38	559.41	303.09	80.03	-
FY 2012	1,975.11	508.78	361.75	92.26	-
FY 2011	1,531.62	444.33	269.97	74.04	-

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Release date

November 2024

More information

Region

India

Survey time period

FY 2011 to FY 2024

Supplementary notes

The release date corresponds to the date of access.

Values have been rounded for clarity.

India's financial year begins in April and ends in March. For example, FY 2017 started in April 2016 and ended in March 2017.

No data on quadricycles before 2016 was available.

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