Mr. Hisashi Takeuchi, the CEO and Managing Director of Maruti Suzuki India (MSIL), envisions substantial growth in the Indian passenger vehicle (PV) market. He predicts that by 2030-31 (FY31), the market will nearly double to approximately 7 million units. Speaking at the annual meeting of the Automotive Component Manufacturers Association of India (ACMA), he credited the consistent support and dedication of the auto component industry for India’s position as the third-largest vehicle market globally.
The annual PV market size is expected to expand to 6-7 million units by FY31. Despite supply chain challenges, domestic PV sales experienced a significant surge during the pandemic, rising from 3.069 million in 2021-22 to 3.889 million in 2022-23, marking a remarkable 26.71% increase.
Mr. Hisashi Takeuchi expressed optimism regarding export growth, anticipating that the scale of operations will nearly double from current levels. This suggests a promising future for the automotive industry in India.
