India’s vehicle exports race past 5 m units in FY25

India’s automotive export engine accelerated sharply in FY25, with total vehicle exports rising 19 per cent to cross the 5-million mark, reaching 5.4 million units after two years of moderation. Exports are however still below the FY22 peak of 5.6 million units.

According to data from the Society of Indian Automobile Manufacturers (SIAM), all vehicle categories — except passenger cars and three-wheeler cargo carriers — posted growth in FY25. Notably, utility vehicles (SUVs, MPVs, MUVs), trucks, passenger carriers, scooters, and motorcycles all recorded increased exports.

Although motorcycle exports grew by 21 per cent in FY25, total shipments — at around 4.2 million units — remained below the FY22 peak. The overall surge in FY25 exports was driven by higher shipments of scooters and utility vehicles. Utility vehicles (UV) exports grew sharply to 0.36 million units, up from 0.2 million in FY22. Scooter exports also saw a strong uptick, rising to 0.6 million units from 0.35 million in FY22.

Maruti Suzuki, India’s leading passenger carmaker, made a notable impact, increasing its exports to 3.3 lakh units in FY25 — a 17.5 per cent jump from FY24. The company’s strategic focus on emerging markets fuelled this growth, with South Africa, Saudi Arabia, Chile, Japan, and Mexico emerging as its top five export destinations.

Honda recorded impressive gains, with its car exports tripling from 19,323 units in FY22 to 60,229 units in FY25. Nissan also ramped up shipments of its Chennai-built cars to a range of overseas markets, while Volkswagen regained export momentum after a dip in FY23.

In the scooter segment, Honda Motorcycle & Scooter India remained the dominant player, accounting for 55 per cent of total scooter exports. The company nearly doubled its export volumes during the review period, reinforcing the role of its Indian operations in serving key global markets.

Bajaj Auto continued to lead in motorcycle exports from India, holding a 46 per cent share in FY25. However, its volumes dipped from 2.2 million units in FY22 to 1.7 million in FY25, despite recovering from 1.5 million in FY24. Key markets for India-made two-wheelers include ASEAN countries, Africa, and Latin America.

During its Q3FY25 earnings call, Bajaj Auto expressed cautious optimism, highlighting potential currency volatility in South Asia and Africa. Nevertheless, the company expects exports to grow over 20 per cent year-on-year going forward. Latin America has emerged as the most promising market for motorcycles — nearly double Africa in volume and more than triple in value, according to Bajaj Auto. Brazil stood out with record retail sales, prompting the company to approve a capacity expansion at its local facility, which is now running at full capacity.