Nissan India reported strong exports, particularly for its key model Nissan Magnite. Hyundai India occupied the second spot, followed by Kia and Volkswagen. In the passenger vehicle segment, Maruti Suzuki India maintained its top spot in exports, especially for its key models, namely, Baleno, Dzire, Swift, S-Presso and Brezza. Two-wheelers accounted for the largest export share at 80% with 4.43 million units, followed by passenger cars with a 10% share with 0.5 million units as of FY22. Commercial vehicle exports grew the strongest by 83% YoY at 92,297 units, followed by passenger vehicles (+43% YoY), two-wheelers (+35% YoY), three-wheelers (+27% YoY) and quadricycles (+23% YoY). According to the industry body Society of Indian Automobile Manufacturers (SIAM), all automobile segments reported growth in exports in FY22. Among vehicles, the major export segment includes passenger cars, commercial vehicles, two-wheelers, three-wheelers and quadricycles. India is a major exporter of vehicles and auto components. Note: Value includes two-wheelers & three-wheelers motor vehicles, including cars and other auto components Strong demand for vehicles owing to the recovery of the economy and alleviation of supply chain-related issues helped increase exports. For April-July FY23, the total automobile exports stood at US$ 8.9 billion, up 25% YoY compared with US$ 7.2 billion as of April-July FY22. In value terms, vehicle and component exports stood at US$ 23 billion as of FY22, representing 5% of the total merchandise exports. The strong export growth is attributed to the lower base in FY21 and manufacturers tapping the export market to enjoy the benefits of a strong dollar. India exported close to 5.6 million vehicles in FY22, up 36% YoY compared with FY21. Various initiatives from the government for instance, Make in India, strong connectivity, availability of infrastructure and relations with key trade partners have contributed to an increase in exports over the years. Indian automobile exports comprise two-wheelers, three-wheelers, commercial vehicles and passenger cars. India is a major exporter of automobiles worldwide, exporting 24% of total vehicles produced as of FY22. Leading manufacturers such as Maruti Suzuki India and Hyundai have utilised this opportunity to become the country's first and second largest exporter of passenger cars, respectively. A strong engineering talent base with low-cost manufacturing expertise helped India attract global manufacturers and become an export hub. The automobile sector contributes one-third to the manufacturing GDP, and hence, is a key driver of economic growth in the country. Two-wheeler vehicles account for the largest share of the automobile industry, with close to 77% market share as of FY22, driven by the growing middle-class population and a strong demographic dividend. Globally, the country is the fourth largest producer of passenger and commercial vehicles after China, the US and Japan. India is one of the world's largest automobile producers, with approximately 22 million vehicles manufactured during FY22.
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