The Indian auto industry has witnessed a massive 29.64 per cent increase in exports in year 2010-11. The major contributors to the high exports growth from the country were two-wheelers and commercial vehicles. The industry saw a sluggish demand from the European market which has been considered the main export destination for small cars.
The total exports from the country was at 23,39,333 units in FY10-11 as compared to 18,04,426 units dispatched to the overseas market in FY09-10, as per the data released by the Society of Indian Automobile Manufacturers (SIAM).
Speaking to the reporters in the National Capital, SIAM President Pawan Goenka said that during the fiscal, commercial vehicles and two-wheeler sectors witnessed good growth in exports. He added, "The only low was the passenger vehicle segment, mainly because of slow recovery of the European market."
The total passenger vehicle exports from the country stood at 4,53,479 units as compared to 4,46,145 units sold in the preceding financial year, accounting for a moderate increase of 1.64 per cent.
