Business Trends of India’s Motorcycle Exporters

India is the world’s second largest exporter of motorcycles after China, exporting more than 3 million units annually, mainly to Africa, Central and South America, and Asia. According to India’s Ministry of Commerce and Industry, motorcycle exports reached a record high of 3.94 million units in FY 2021/22 (April 2021 to March 2022). However, after that, demand plummeted due to economic deterioration in major export destinations such as Nigeria, Colombia, Nepal, and the Philippines, resulting in a 16.4% decrease from the previous year in FY 2022/23 to 3.3 million units, and a 5.2% drop in FY 2023/24 to 3.12 million units. Looking at export scale by country, Nigeria, the largest export destination, has more than halved from 910,000 units in FY 2021/22 to 480,000 units in FY 2022/23 and to 410,000 units in FY 2023/24. In addition, Nepal exported 320,000 units in FY 2021/22, but the number has fallen below 140,000 units since FY 2022/23 due to restrictions on motorcycle imports triggered by a shortage of foreign currency and soaring fuel prices.