Car exports surged by 57 percent in the FY 2009 which is quite a revelation amidst ongoing credit crisis and major global auto giants struggling in the market. Car makers in India have been able to mark their stronger presence in the last fiscal year as per the figures released by the SIAM. The country's largest auto exporter, Hyundai Motor India, witnessed an export growth rate of 63% at 2,35,345 units compared with 1,44,440 units in the year-ago period. While Maruti registered 32.58 percent growth in exports, the overall vehicle exports grew by 23.60 percent.
In the domestic market, although the sales figures have not been very impressive nevertheless several car manufacturers have launched new models as well as upgraded models of their existing cars to attract buyers. In recent months, car sales figures have jumped up which further boosted the morale of Indian automakers. Car sales in February witnessed 22 percent growth in spite of the recession times which was definitely a welcome news as in most of the countries around the globe, car sales have plummeted to new low levels that were unseen before.
The cumulative growth of the Passenger Vehicles segment during April 2007 – March 2008 was 12.17 percent. Passenger Cars grew by 11.79 percent, Utility Vehicles by 10.57 percent and Multi Purpose Vehicles by 21.39 percent in this period. The Commercial Vehicles segment grew marginally at 4.07 percent. While Medium & Heavy Commercial Vehicles declined by 1.66 percent, Light Commercial Vehicles recorded a growth of 12.29 percent.