According to Hisashi Takeuchi, the Managing Director of Maruti Suzuki, India is already the third largest automobile market globally. Given the potential for growth in the market, it is crucial to realign the business in order to grow sustainably and in an environmentally-friendly manner going forward.
Takeuchi states, “By FY 30-31, the annual passenger vehicle market size is estimated to expand to 6-7 million units. Additionally, we are optimistic about the growth potential of the export market. This means the scale of operations will nearly double from current levels.” He also emphasizes the need to “review and re-align” businesses to accommodate the new and larger scale of operations across multiple locations. He also highlights the importance of making operations sustainable and environmentally friendly.
As per recent data, approximately 3.89 million passenger cars, sedans, and utility vehicles were sold in India during the previous financial year. Takeuchi points out that two major announcements made at the G20 Summit, namely the biofuel alliance and the India-Middle East-Europe shipping and railway connectivity corridor, will have significant consequences for all industries, particularly the automobile industry. He believes that the biofuel alliance is crucial for lowering emissions, while the connectivity corridor will create various opportunities for India.
Given the diversity of the Indian market, Takeuchi stresses the need for stakeholders in the automobile industry to work on different powertrain technologies, such as ethanol, flex-fuel, CNG, Bio-CNG, hybrid electric, electric, and hydrogen, in order to reduce vehicular emissions and crude oil imports, and to grow sustainably. He also believes that there is a big opportunity for Indian auto component manufacturers to diversify and expand their businesses by capitalizing on sustainability trends and the adoption of new technologies and fuels worldwide. To leverage this opportunity and increase competitiveness, he suggests focusing on capacity, capability, research and development of futuristic technologies, skilled manpower, and strengthening risk management capabilities.
Overall, Maruti Suzuki is preparing for substantial growth in the Indian automotive market and emphasizes the importance of sustainability and environmental friendliness in their business operations.
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