New Delhi, Nov 11: Hit hard by rising interest rates, motorcycle sales continue to be in the red but the Indian automobile industry has done fairly good on the export front.
According to figures released by Society of Indian Automobile Manufacturers (SIAM), total exports of motorcycles went up 41.7 per cent in October at 64,882 units as against 45,779 units during the corresponding period last year.
Major players like Bajaj Auto and TVS Motor Company exported impressive numbers. Bajaj Auto in October exported 43,303 units as against 27,380 units a year ago, a jump of 58 per cent, while TVS Motors exports were up 72 per cent from 5,338 units to 9,158 units.
However, market leader Hero Honda managed to export 5,707 units in comparison to 7,073 units during the same period last year.
The main destination for two-wheeler exports are neighbouring countries with other South-East Asian nations.
''This trend in exports is only going to accelerate further with global two-wheeler makers stepping up sourcing of smaller bikes from India and Indian bike manufacturers setting up assembly units overseas,'' points out an industry observer.
SIAM said that motorcycle sales posted a decline of 6.74 per cent at 6,57,874 units, against 7,05,467 units in the corresponding month of the previous year.
Total two-wheeler sales in October was also down by 3.73 per cent at 7,93,420 units compared to 8,24,182 units in October a year ago. Scooter sales have been rebounding, but after a five year slowdown.