'India's passenger vehicle market likely to double by FY31': Hisashi Takeuchi

The Managing Director of Maruti Suzuki India estimates the PV segment to grow to 6-7 million units annually in size and the need for diversification into sustainable propulsion technologies.

By Mayank Dhingra  calendar 13 Sep 2023 Views icon7187 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
'India's passenger vehicle market likely to double by FY31': Hisashi Takeuchi

Maruti Suzuki India Managing Director Hisashi Takeuchi estimates the country's passenger vehicle (PV) market to touch 6-7 million units annually by FY31, and grow to double in size from its present levels. In FY23, the PV segment registered sales of over 4 million units to become the third-largest market in the world. 

"Going ahead, the annual PV market is expected to touch 6-7 million units, thereby doubling from the present levels. Moreover, we are also optimistic about the growth potential of export markets," Takeuchi said while speaking at the 63rd annual convention of the Automotive Components Manufacturers Association of India (ACMA), held in New Delhi on September 13. 

To be able to meet the growing market demand, he further added that the industry would need to review and realign its operations to a much higher scale of operations. "We will need to realign to a much higher scale of operations, which will be spread across multiple locations. At the same time, we need to make our operations sustainable and more environmentally friendly," he added.

In line with the country's sustainability goals and net-zero vision by 2070, Takeuchi said that the automotive industry must strive towards making concerted efforts to work on all sustainable technologies, including ethanol, flex-fuel, bio-CNG, hybrid and electric vehicles.

"Since the Indian market is so diverse and wide, it is our responsibility to work on all these powertrain technologies. We also look forward to our component suppliers supporting these technologies, which also hold a huge opportunity for the component manufacturers to diversify and grow their business," Takeuchi concluded.

RELATED ARTICLES
New 1.5‑Litre NA Engine Joins Tata’s Powertrain Offerings, Sibling to Turbo‑DI Mill

auther Autocar India calendar06 Jul 2025

New 1.5-litre naturally aspirated engine is expected to be a derivative of the 1.5-litre direct-injection turbo-petrol m...

Tata Altroz EV a Key Part of Future EV Line up

auther Autocar India calendar06 Jul 2025

Tata Motors has codenamed the Altroz EV as Ascot.

Tata Motors Develops New Platform for Next-Generation Harrier and Safari SUVs

auther Autocar India calendar06 Jul 2025

The second-gen Harrier and new-gen Safari are codenamed Taurus and Leo, respectively.