Indian PV market to nearly double in size by FY31: Maruti Suzuki MD
- IBEF
- September 14, 2023
According to Mr. Hisashi Takeuchi, Chief Executive Officer and Managing Director of Maruti Suzuki India (MSIL), the Indian passenger vehicle (PV) market is anticipated to roughly double to about 7 million units by 2030-31 (FY31).
“As of right now, India is the third-largest vehicle market worldwide. Only the auto component industry's consistent support and hard work have made this possible,” he said at the annual meeting of the Automotive Component Manufacturers Association of India (ACMA).
The yearly PV market size is anticipated to increase to 6-7 million units by FY31.
Due to the high demand during the pandemic, domestic PV sales increased from 3.069 million in 2021-22 to 3.889 million in 2022-23, registering a 26.71% rise. However, supply chain concerns continued to have an impact on the industry.
Mr. Hisashi Takeuchi stated that MSIL is optimistic about the growth in exports. "This means that from current levels, the scale of operations will nearly double,” he added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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