Maruti Suzuki eyes top spot in India’s EV space, aims to reclaim 50% market share

The company last commanded that level of market penetration in FY19, but has since ceded some ground to rivals like Tata, Hyundai and Kia. As of FY23, the company’s market share in India stood at 41.6%. India’s biggest carmaker Maruti Suzuki wants every other car sold in the country to be from its stables, as the company eyes reclaiming a 50% market share as part of a new mid-term management plan for FY25-FY30.

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The company is also aiming to be the biggest producer, exporter and seller of electric vehicles (EVs) in the country, despite a delayed pivot to the EV segment where it is yet to commence any sales. The company last commanded that level of market penetration in FY19, but has since ceded some ground to rivals like Tata, Hyundai and Kia. As of FY23, the company’s market share in India stood at 41.6%. The company noted that it achieved revenue and profit targets ahead of schedule by improving the sales mix and quality, but it could not meet its sales volume target.

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Company Acknowledges Changing Business Environment and Calls for Strategy Rethink

the business environment has changed due to declining market share in India and intensified competition in electric vehicles. Need to rethink strategy,” the company said in a presentation. The company noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.

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It plans to expand its EV lineup starting with the e Vitara, and is aiming to launch four new EV models by FY30. Some of its rivals, especially Tata Motors, already have a varied EV portfolio in India, and Maruti Suzuki would be a late entrant. However, India’s EV market is still nascent compared to some other countries, and Suzuki is hoping it can leverage its already large customer base and touch points.