During the 2023 Ideas of India summit hosted by ABP, Shashank Srivastava, Senior Executive Officer of Marketing and Sales at Maruti Suzuki India, discussed various topics related to the automobile brand’s approach to the competition, revenue growth, SUV market share decline, and more.
Maruti Suzuki and Make in India
Srivastava highlighted Maruti Suzuki’s 40-year presence in India, selling 2.5 crore vehicles, operating 3,500 showrooms and 4,000 workshops, and reaching 4.5 lakh villages in India.
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He expressed optimism about the Indian market’s growth potential, projecting car consumption to reach six million by 2030 from the current level of 3.8 million in 2022.
Srivastava also talked about Maruti Suzuki’s role in the Make in India initiative, leading to the acceleration of localization through exporting 2.5 lakh vehicles this financial year. Regarding competition, he commented that it helps the brand to evolve and improve continuously.
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While SUVs are the largest segment in the Indian auto market, he acknowledged that the hatchback segment has seen a decline in demand.
Srivastava also shared Maruti Suzuki’s aim to strengthen its SUV space, which could translate into a 50% overall automobile market share if the brand achieved 35% of the SUV market share.
The EVs
On the topic of EVs, Srivastava identified the cost of acquisition as a challenge to their growth in India, highlighting Maruti Suzuki’s efforts to bring down battery costs.
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The brand aims to launch six EVs in different segments by 2030, projecting that the market share of EVs will grow from 1% today to around 3% in 2024-25 and one million by 2030. However, Srivastava emphasized the importance of infrastructure, including charging stations, in the growth of EVs in India.
An Opinion Regarding Covid-19
Speaking at the India Today Conclave East 2021, Srivastava highlighted the resilience of the Indian car market despite the challenges posed by the COVID-19 pandemic.
He noted that while the industry experienced a sharp decline in sales in the first quarter of 2020, it bounced back quickly as the economy reopened and consumer demand picked up.
Srivastava attributed this resilience to several factors, including the growth of the Indian middle class, increasing disposable incomes, and a shift towards personal mobility as a result of the pandemic.
He noted that while the pandemic had caused disruptions in supply chains and production schedules, Maruti Suzuki had adapted quickly to meet changing consumer needs and preferences.
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Overall, Srivastava’s insights provide a valuable perspective on the state of the Indian auto industry and the challenges and opportunities facing car manufacturers in the country.
As the industry continues to evolve and adapt to changing consumer needs and preferences, it will be important for companies like Maruti Suzuki to stay ahead of the curve and anticipate future trends in the market.