Overall exports stood at 42,85,809 units last year compared to 52,04,966 units in 2022.
Passenger vehicle shipments rose 5% to 6,77,956 units last year from 6,44,842 units in 2022.
However, other segments like commercial vehicles, two-wheelers and three-wheelers saw a decline in exports last year.
Two-wheeler exports slipped 20% to 32,43,673 units last year from 40,53,254 units in 2022.
Similarly, commercial vehicle shipments declined to 68,473 units last year from 88,305 units.Three-wheeler exports declined 30% to 2,91,919 units last year from 4,17,178 units.Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon said in 2023, passenger vehicle exports were driven by vehicle launches and pent-up demand in markets like South Africa and the Gulf.
“The increase can also be attributed to a smoother supply chain as compared to the previous year, wherein there were supply-side disruptions, including that of semiconductors. However, for the regions where two and three-wheelers are sold, the challenges of availability of foreign exchange continue, which has kept the demand subdued,” he added.