Have you ever wondered about India’s rising automobile exports, which once struggled in the shadows of the global industry? and how surged ahead to claim the title of the world’s 3rd largest auto market, surpassing even countries like Japan. India’s two key trends, affordability, and sustainability, are responsible factors for exponential growth. The first offers a high-quality affordable manufacturing opportunity for vehicle components, and the second is a sustainable supply chain network for lasting growth.
Delve deeper into India’s automotive industry insights and analyse the trade performance with, export genius, the world’s largest trade data platform.
India’s Rising Automobile Industry
Indian automobile exports have increased by 27.5% in the last five years from 2019 to 2023 whereas the import value increased by $2.5 billion.
Notably, from 2020 to 2023, India’s automobile export performance rose by 72%, this drastic improvement is attributed to factors implemented by the government to improve trade across borders, ease trade regulations, and attract foreign direct investment.
As per the reports, India received more than $25 billion in FDI for the automobile sector from 2015 to 2023. The highest ever FDI received during this period was in 2022, attracting between $6-7 billion.
|
Year |
Exports |
Imports |
|
2019 |
17.8 |
5.4 |
|
2020 |
13.2 |
4.4 |
|
2021 |
19.3 |
6.5 |
|
2022 |
22.8 |
7.4 |
|
2023 |
22.7 |
7.9 |
***Value USD Billion