Maruti eyeing bigger pie of global car market, aims to 3X exports by 2030

Maruti Suzuki reported its best-ever exports which reached 259,333 units for the financial year 2022-23

The country's largest carmaker, Maruti Suzuki (MS) is eyeing to clock record exports for the financial year 2023-24 (FY24) as the company aims to triple its overseas sales by the end of this decade, The Economic Times (ET) has reported. This aligns with the government's goal of making the country a global automobile manufacturing hub. Along with this, Maruti Suzuki plans to expand its portfolio of vehicles operating on alternate fuels gradually. To this end, the company will add hybrid or electric vehicles to its export basket, a senior official told the newspaper.

The company reported its best-ever exports, which reached 259,333 units for financial year 2022-23. MS aims to take this number to 750,000-800,000 units by 2030. Maruti's plan is expected to play a significant role in India's ambition to expand its share in the global trade of automobiles and parts. The expectations from Maruti Suzuki are further strengthened given its domination in India's domestic car market.

Speaking with ET on the subject, the executive director at Maruti Suzuki, Rahul Bharti said, "In the last two years, we have had a quantum jump in our export volumes. This year, we are optimistic that we should do better than the previous year."

Bharti said that 40 per cent of passenger vehicles exported from India are from Maruti Suzuki. The company exports vehicles to more than 100 countries, however, its primary markets remain Latin America, Africa, West Asia, and Southeast Asia, Bharti was cited as saying in the report.

How many vehicles did Maruti Suzuki export?

Maruti exported a total of 132,542 vehicles during the first six months of the ongoing financial year. Second to Maruti are its South Korean rivals Hyundai and Kia who together shipped about 130,652 units out of India during the same period.

South Africa, Saudi Arabia, Chile, Philippines, and Indonesia are the top five export destinations for Maruti Suzuki. Bharti said that we are confident about export opportunities despite global uncertainties.