Suzuki targets 3 mn passenger vehicle sales in India by 2030
NEW DELHI : Japan's Suzuki Motor Corporation (SMC) on Tuesday said it is targeting the sales of 3 million passenger vehicles in India, its single-largest market, by 2030, reiterating its plans to double its manufacturing capacity in the country to 4 million units over the next decade. It expects India's total passenger vehicle market to have increased to 6 million units by then, up from just over 4 million units in 2023-24.
Maruti Suzuki India Ltd, India's largest car company and SMC's local arm, is gunning for a 50% market share by 2030, up from nearly 42% at present, in which 15% of its sales will come from battery electric vehicles (BEVs). While most domestic original equipment manufacturers (OEMs) have a more aggressive take on electric vehicle adoption by 2030, ranging from 25% to 30% of total passenger vehicle sales, Maruti's bet is stronger on hybrid vehicles, which it projects will account for a quarter of its sales by the end of the decade.
Maruti Suzuki is central to Suzuki Motor Japan's global business—in 2021-22, India accounted for 39% of SMC's total global revenue at 1,788 billion yen, followed by Japan at 1,212 billion yen, and other global markets in Asia, Europe and America accounting for 1,641 billion yen. Maruti Suzuki is also the dominant manufacturer of CNG-fitted vehicles in India—accounting for 74% of the total market for CNG passenger vehicles.
In the quarter ended June 2023, the introduction of new sports utility vehicles (SUVs) in India by Maruti Suzuki further aided volumes and India's contribution to SMC. “Net sales increased due to price increases in response to inflation, mix improvements resulting from the introduction of new SUVs in India, increased sales volume due to mitigating impact of
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