Suzuki Expects India’s Automobile Market To Expand Five-Fold By 2047
NEW DELHI: India’s car market is on track to reach 20 million units by 2047, helped by promising growth in battery electric vehicles (EVs), says Suzuki Motor Corp executive vice-president Kenichi Ayukawa.
First, the goal is for Maruti Suzuki India Ltd, the Japanese carmaker’s subsidiary, to grab 50% market share by 2030, from around 40% for the fiscal year through March. “We’re confident that the Indian market will expand in the mid to long term,” Ayukawa said in an interview.
The emergence of India as an economic powerhouse and its expanding middle class present a clear opportunity for the Hamamatsu-based manufacturer, which has been active in the South Asian nation since 1983 and has found success as the top-selling automaker with models such as Swift and Brezza.
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, according to Ayukawa.
“We’ll develop products, invest and expand our network,” Ayukawa said.
A total of 4.2 million passenger vehicles were sold in India in the fiscal year ended in March, according to the Society of Indian Automobile Manufacturers.
To put that number and Ayukawa’s prediction in perspective, 3.1 million passenger cars were sold in the United States last year while Europe saw 15 million.
Source: The Star
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