- Suzuki expected India’s car market to grow to 20 million units by 2047, driven by advances in EV technology.
- The Japanese carmaker aimed for a 50% market share in India by 2030, with plans to introduce EV models from 2025.
OUR TAKE
India’s automotive landscape is poised for significant change. Kenichi Ayukawa, Executive Vice President of Suzuki Motor, has predicted that India’s car market will grow to 20 million units by 2047, driven largely by advances in battery electric vehicles. In addition, Suzuki is focusing on developing EV models tailored for everyday use, which will require significant advances in battery technology. This strategic shift by Suzuki indicates a strong commitment to capitalise on India’s burgeoning EV market, in line with global trends towards sustainable transport solutions. The focus on domestic battery production reflects Suzuki’s proactive approach to improving supply chain resilience and localising critical technologies, which could position the company favourably in India’s competitive automotive sector.
–Heidi Luo, BTW reporter
What happened
India’s car market is expected to reach 20 million units by 2047, boosted by significant advances in battery electric vehicles, according to Kenichi Ayukawa, executive vice president of Suzuki Motor Corporation.
Suzuki’s strategy is to achieve a dominant 50% market share by 2030 through the Japanese carmaker’s subsidiary, Maruti Suzuki India Limited. Suzuki also plans to launch its first EV models in India and Europe from 2025. And its production models will be unveiled at the upcoming Auto Expo in January, according to Ayukawa.
In addition, Suzuki plans to focus on developing models suitable for everyday use, which will require the development of new battery technologies. And as part of Suzuki’s future strategy, Ayukawa says it will be possible to produce battery cells domestically within the next 5 to 10 years.
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Why it’s important
Suzuki is optimistic about India’s growing economy and the increasing purchasing power of its middle class. As it prepares to launch its premium eVX electric vehicle, Suzuki is also looking to introduce more affordable, compact models with lighter batteries, with the aim of making 15% of its Indian sales electric by 2030.
Ayukawa also recognised a growing consumer preference for crossovers and SUVs, a competitive area led by rivals such as Tata and Mahindra. Tata Motors, the third-largest player in the Indian car market, has already made progress with all-electric versions of its Tiago and Nexon model.
As for Suzuki’s collaboration with Toyota Motor, which secured a 5% stake in 2019, Ayukawa outlined plans for Suzuki to focus on smaller car segments while using Toyota’s EV technology for mutual product improvement. “We will acquire basic knowledge from Toyota and gradually adapt it to our needs,” Ayukawa said.
In addition, Suzuki sees promise in CNG vehicles due to their cost effectiveness compared to petrol in India. Maruti Suzuki recorded sales of 483,000 CNG cars in the last fiscal year, a increase of 47%. Suzuki plans to commission four plants to convert methane from cow dung into CNG fuel, although challenges such as effective monetisation of fertiliser remain.
