Why are two-wheeler exports falling?

It is turning out to be a bittersweet fiscal for two-wheeler manufacturers. While their domestic sales volumes have been impressive, their export numbers are gradually declining and showing no signs of stopping. Bajaj Auto, the segment leader in terms of export, witnessed a 20.8 per cent decline in its export volumes in the first nine months of FY23. And its peers are not faring any better. So, what is keeping Indian two-wheelers homebound? Macroeconomic headwinds: Rising inflation and weak demand in Africa and Latin America, key geographies for two-wheeler export leaders like Bajaj Auto, Hero MotoCorp