Date: 21/06/2024

Three-wheeler exports dip in May
India’s exports of three-wheelers plummeted 11.3 per cent year-on-year (Y-o-Y) in May 2024. Three-wheeler exports, which have been on a downhill trajectory over the past few years, are showing no signs of recovery in FY25, with key markets like Sri Lanka, Bangladesh, Nigeria and Egypt witnessing subdued demand. If these economies show an uptick, companies like Bajaj and TVS are well-positioned to meet the demand swiftly. In the first two months of FY25, auto majors Piaggio and TVS Motor Company witnessed a 16 per cent and 19.9 per cent decline in exports. In FY23, exports fell by 26 per cent, followed by a 17 per cent decline in FY24, according to the Society of Indian Automobile Manufacturers data. However, the three-wheeler segment in India has witnessed a 41 per cent Y-o-Y growth, buoyed by a surge in electric three-wheeler sales, as per a report.
Source: Exim News Service: New Delhi, June 20