Suzuki Motor Corp. anticipates significant growth in India’s car market, projecting it to reach 20 million units by 2047, driven largely by the rise of battery electric vehicles (BEVs). Maruti Suzuki India Ltd., Suzuki’s subsidiary, aims to capture a 50% market share by 2030, up from the current 40%, according to Executive Vice President Kenichi Ayukawa. The company’s strategy includes developing new products, expanding its network, and introducing its first EV in India and Europe next year. This move is part of Suzuki’s broader plan to adapt to the evolving market and maintain its position as India’s top-selling automaker.
In the fiscal year ending in March, India sold 4.2 million passenger vehicles, a number that underscores the ambitious nature of Suzuki’s projections. For comparison, the US sold 3.1 million passenger cars last year, while Europe sold 15 million, and China led with 26 million units. Suzuki plans to introduce more affordable and compact EV models with lighter batteries, targeting 15% of its sales in India to be EVs by 2030. Despite environmental concerns and the growing popularity of SUVs and crossovers, Ayukawa emphasizes that India remains a price-sensitive market.
Suzuki’s strategy also involves potential domestic production of new battery types within the next 5 to 10 years. The company aims to enhance its product lineup through its collaboration with Toyota Motor Corp., focusing on smaller cars while leveraging Toyota’s EV technology. Additionally, Suzuki sees opportunities in cars powered by compressed natural gas (CNG), selling 483,000 CNG vehicles in the last fiscal year. The company is also exploring the production of methane-derived fuel from cow manure, although scaling this operation poses challenges.
