India’s car market is on track to reach 20 million units by 2047, helped by promising growth in battery electric vehicles (EVs), Suzuki Executive Vice President Kenichi Ayukawa said.
First, the goal is for Maruti Suzuki India, 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,” he said in an interview.
The emergence of India as an economic powerhouse and its expanding middle class present a clear opportunity for the manufacturer based in Hamamatsu, Shizuoka Prefecture, which has been active in the South Asian nation since 1983 and has found success as the top-selling automaker with models such as the Swift and Brezza.