Two-Wheeler Exports See Strong Growth In Early 2024
Date
5/27/2024 4:18:43 AM
(MENAFN- KNN India) New Delhi, May 27 (KNN) India's two-wheeler exports are showing robust year-over-year growth in the first four months of 2024, according to data from the Society of Indian Automobile Manufacturers (SIAM).
In April alone, 3,20,877 units were exported, contributing to a 30 per cent increase to 12,36,384 units exported between January and April compared to 9,58,951 units in the same period last year.
The uptick is attributed to a slight recovery and stabilisation in some export markets, as well as moderating oil prices, after exports were previously impacted by inflation, high interest rates, and currency issues in key markets like Colombia, Nigeria, Philippines, Mexico, Sri Lanka, Bangladesh, Egypt and Nepal.
"Recovery appears fragile and sustainability is yet to be established," cautioned Anuj Sethi of CRISIL Ratings.
Manufacturers like Bajaj Auto and Hero MotoCorp are actively pursuing new export markets and adjusting distribution channels to build on the momentum.
Two-wheeler production has also increased around 20 per cent from January-April to 74,57,879 units from 59,47,723 units in 2023 as manufacturers ramp up for growth opportunities.
While challenges remain, the recent export growth provides an encouraging sign for India's two-wheeler industry capitalising on strengthening global demand in 2024.
(KNN Bureau)
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