Kenichi Ayukawa, Executive Vice President of Suzuki Motor Corp, stated that India's Automobile market is expected to hit 20 million units by 2047, primarily due to the promising expansion of battery electric vehicles.
Initially, Maruti Suzuki India Ltd., a subsidiary of the Japanese car manufacturer, aims to achieve a market share of 50% by 2030, up from approximately 40% for the fiscal year ending in March.“We’re confident that the Indian market will expand in the mid to long term,” Ayukawa said in an interview.
Since 1983, the Hamamatsu-based manufacturer has been successful in India, the emerging economic powerhouse with a growing middle class, by becoming the best-selling automaker with popular models like Swift and Brezza. Suzuki plans to launch its debut electric vehicle in India and Europe next year to maintain its top position, following the showcasing of the mass production model at the upcoming auto expo in India in January, as stated by Ayukawa.
“We’ll develop products, invest and expand our network,” Ayukawa said.
The Society of Indian Automobile Manufacturers reported that 4.2 million passenger vehicles were sold in India in the fiscal year ending in March. To provide context to that figure and Ayukawa's forecast, the United States sold 3.1 million passenger cars last year, while Europe had 15 million in unit sales. According to the International Organization of Motor Vehicle Manufacturers, China holds the title of being the biggest car market globally, with 26 million sales of passenger vehicles.
