India's Maruti sees passenger vehicle market rising to up to 6.3mn units by 2031

New Delhi - India's leading automobile manufacturer, Maruti Suzuki India, anticipates the domestic passenger vehicle market to reach between 6.1 million and 6.3 million units by the fiscal year 2030-31. This growth is anticipated to be spurred by a resurgence in demand for compact cars and a robust sport utility vehicle segment, according to Chairman R.C.

Bhargava. In its 2025/26 annual report, Maruti Suzuki revealed plans to reassess its five-year growth objectives, taking into account the expectation that the small-car segment will expand at a much faster rate than previously observed. The company recently reported a record 2.42 million vehicle sales and an all-time high of 447,000 units exported in fiscal year 2025/26, and is set to achieve its next million-unit sales target earlier than previously anticipated.

Maruti Suzuki aims to invest approximately 350 billion rupees to increase annual production capacity to 3.65 million vehicles by fiscal year 2031. The company's board has sanctioned an initial investment of 5.61 billion rupees to establish four biogas plants as part of its clean-energy strategy, which could help reduce reliance on imported compressed natural gas and support India's net-zero goals.

Managing Director and CEO Hisashi Takeuchi disclosed that Maruti Suzuki plans to launch seven new SUV models within the next five to six years to bolster its standing in the rapidly expanding segment. The company has also expedited capacity expansion by adding 500,000 units of manufacturing capacity in fiscal year 2027. Maruti Suzuki is focusing on localization, alternate sourcing, and supplier capability development to mitigate geopolitical and supply-chain risks.

The company has noted that its relationship with parent Suzuki Motor Corp has grown closer and more integrated, facilitating the reduction of vehicle development cycles and cost.