India’s car market may grow fivefold by 2047, driving Suzuki’s goal to grab 50% of sales

India’s car market is on track to reach 20 million units by 2047, helped by promising growth in battery electric vehicles, Suzuki Motor’s executive vice-president Kenichi Ayukawa said.

First, the goal is for Maruti Suzuki India, the Japanese carmaker’s subsidiary, to grab 50 per cent market share by 2030, from around 40 per cent for the financial 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 carmaker with models such as Swift and Brezza. 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 coming 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 financial 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 US last year, while Europe saw 15 million in unit sales. China is the world’s largest automobile market with 26 million passenger vehicle sales, according to the International Organization of Motor Vehicle Manufacturers.

Although Suzuki’s planned eVX is a premium electric vehicle, the carmaker will also roll out more affordable and compact models with lighter batteries, according to Ayukawa. Suzuki is targeting 15 per cent of