Maruti Expects Fivefold Growth In India's Automobile Market Maruti Suzuki India plans 50 per cent market share by 2030, from around 40 per cent for the fiscal year through March, according to Bloomberg
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India's car market will reach 20 million units by 2047, aided by growth in battery electric vehicles, Suzuki Motor Corp. Executive Vice President Kenichi Ayukawa said, reported Bloomberg. In order to keep its lead, Suzuki plans to introduce its first-ever EV in India, as well as in Europe, next year after exhibiting its mass production model at the upcoming auto expo in India in January.
Maruti Suzuki India plans 50 per cent market share by 2030, from around 40 per cent for the fiscal year through March. "We're confident that the Indian market will expand in the mid to long term," Ayukawa said in the interview.
Although Suzuki's eVX is a premium electric vehicle, the carmaker will also roll out more affordable and compact models with lighter batteries, Ayukawa told Bloomberg. Suzuki is targeting 15 per cent of its sales in India to be EVs by 2030. Maruti Suzuki sold 483,000 CNG cars in the latest fiscal period, up 47 per cent from a year earlier.
The automobile industry is one of the key drivers of the Indian economy, the automotive industry contributes 6 per cent to India's GDP and 35 per cent to Manufacturing GDP according to the Ministry of Heavy Industries. Today, there is a presence of major global auto manufacturers in the country. India is the third largest manufacturer of passenger cars in the world.
