India, “the third largest car export market”

India is the third largest car export market. India has surpassed Japan in terms of car exports. According to the India customs data of cars, the overall car exports saw a jump of 12% as compared to the last year. In 2022, it was around $5.5 Billion while it was totaled to be $4.12 Billion in 2021. The major car buyers from India are South Africa, Mexico, Saudi Arabia, Chile, and the United States. Where, India's car exports to Egypt, United Arab Emirates, Nigeria and Nepal has seen rapid growth. 

India has one of the biggest automobile industries in the world. In 2023, India is about to produce over 25 million vehicles. The latest India import export data suggests that the vehicle exports from India fell by 25% in the first quarter. In the first quarter of 2023, India had sold over 1 million units while it was 1.4 million units during the same period.

In terms of two-wheeler exports, Bajaj Auto was the top exporter along with TVS Motors. India's passenger vehicle exports crossed over 1.5 million units with a decline of 5%. Whereas, car exports fell to 94,000 million units in 2023. 

India export data shows around 15% growth in India's passenger vehicles exports. India's passenger vehicles exports are mostly dominated by Maruti, Hyundai and Kia. South Korea and Japan together contributed to around 85% of total exports from India. Nissan Sunny was the leading passenger vehicle exporter from India during the financial year 2022.

Indian SUV cars exports covered over 32% share in the country's overall car exports followed by Sedan, Hatchback, MUV, Pick up. Indian SUV exports are mostly dominated by Hyundai Kai, Maruti and Mahindra. Although, the top Indian car brands are lagging behind the foreign car brands. 

In terms of imports, India did a minimal of 456 million dollars during the fiscal year 2022. According to the India import data reports, China, Germany, the United Kingdom, Japan and Singapore were the top exporters of cars to India. Also, the imports from Italy, Austria, Slovenia, Sweden and Portugal have increased significantly.

Global automakers are finding India a lucrative market. As, the local customers are shifting towards more premium vehicles. This has awakened an interest in the mind of Global automakers. They are now committing themselves to deliver India's first models. India’s strength lies in low cost car manufacturing. That is why global customers are seeing it as a major car exports hub.

Some of the top car brands like Nissan, Skoda, Volkswagen, Renault are investing massively in making India an export giant. Their main objective is to create low cost cars and generate more revenue. India’s car suppliers are looking to extend their exports to the Middle East, and Latin America. Germany, Japan and China are the major competitors to India in terms of car exports. 

Amid India's growing EV sector, the demand for motor vehicle parts, lithium will grow immensely. Motor vehicles parts importers and exporters can capitalize on import export data reports offered by Global import export data provider. These reports will help you to identify market demand, find sourcing and verified buyers, suppliers. It will help you minimize financial risk and cut production cost.