PVs, 2Ws drive robust auto export growth this year

EVs, low-cost production fuel global ambition as India eyes 50% export target

- SOHINI DAS

India's passenger vehicle (PV) exports during the first 11 months of 2024 grew by 7.79 per cent to 664,648 units while the two-wheeler shipments to overseas countries saw a nearly 22 per cent year-on-year jump to 3,602,151 units, according to data collated by the Society of Indian Automobile Manufacturers (Siam).

India targets to export 50 per cent of its automobile production. Around 14.6 per cent of the passenger vehicles (PVs) and 16.34 per cent of the two-wheelers manufactured in the country were exported between January and November, the data showed.

Although the country has a long way to go to achieve the 50 per cent target, industry experts feel that over the next four to six years, India's auto exports will continue to grow in double digits.

In January, commerce and industry minister Piyush Goyal said India exports roughly 14 per cent of its vehicles, asserting that the target is to take this number to 50 per cent.

India surpassed Japan last year to become the third-largest automaker in the world.