The Government, with various policies, is trying to expand its automobile industry across the continent as vehicle demand registered a growth year on year. The implementation of these efforts has helped India achieve double-digit growth.
A comparison of the top five countries for India’s export performance indicates the USA as the largest export destination with $2.7 billion, in 2023. And in Asia, Bangladesh secured the 1st place for Indian car exports with $706 million, in 2023.
India’s vehicle export performance shows sustained growth or a marginal decrease in trade value in 2023. Notably, car exports from India to Saudi Arabia increased by $800 million, in 2023, and from 2019 to 2023 export value increased by 185%, this indicates a strengthening of trade relations between India and Saudi Arabia.
What Are Top Vehicle Components Export from India?
With the rise of vehicles exported from India to the world, the components used during the manufacturing process also took an upward growth trajectory. Let’s delve deeper into this symbiotic relationship.
The export of tractors and motor accessories parts has become the most traded commodity with $7.6 billion in 2023, increasing from $5 billion in 2019. Motorcars and other vehicle components exports crossed $7.3 billion in 2023.
In the top five vehicle components exports, certain products declined in 2023 due to geo-political challenges, for instance, tractor components fell by $400 million in 2023, compared to 2022.
|
Product Description |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Parts and accessories for tractors, motor vehicles |
5000 |
4100 |
6100 |
7000 |
7600 |
|
Motorcars and other motor vehicles, etc. |
7100 |
4600 |
5700 |
7300 |
7300 |
|
Motorcycles, incl. mopeds, etc. |
2100 |
2000 |
3000 |
3000 |
2800 |
|
Motor vehicles for the transport of goods, etc. |
1200 |
660 |
1400 |
2000 |
1900 |
|
Tractors |
781.1 |
736.5 |
1300 |
1600 |
1200 |
***Value USD Million