Renault aims to lift India market share to 3-5% by 2030, says CEO

French automaker Renault is eyeing a market share of 3-5 per cent in the Indian passenger vehicle segment by 2030, led by new product launches and sales network expansion, according to a top company executive.

The company currently sells three models in the market -- Kwid, Kiger, and Triber -- and has also unveiled the new Duster with deliveries expected to begin in April this year.

The automaker's market share has slipped below 1 per cent in the over 4.3 million strong passenger vehicle segment.

"If we do our job well, by 2030 we should get between 3-5 per cent market share, that's our goal," Renault brand CEO and Chief Growth Officer Fabrice Cambolive told PTI in an interaction.

 

"We would not like to communicate today about the new cars, but we will increase the number of models here in India, because the market is big and there are a lot of growing segments," he added.

The market share improvement would depend upon the level of competitiveness the automaker is able to achieve as the Indian customers are now more educated in terms of choices, and Renault doesn't want to push the models but intend to sell the best technology, he said.

Cambolive stated that the automaker looks at India as a top priority market because of the growth potential, capacity of the market to absorb the new trends in terms of technology.

Without sharing details, he noted that the next products in the Indian market should be based on the Duster platform, ensuring a high level of quality and the best features.

On introducing electric cars, Cambolive stated that the segment is small right now and it is not the immediate priority right now for the automaker.

"This being said, we don't exclude it. And one day, if we want to be at the level in 2030, between 3-5 per cent, we should have an EV," he added.

He noted that the company is waiting for details of the India-EU FTA to emerge as it should aid in bringing expensive nameplates from Europe to India.

Besides, it will also be interesting to see if duty on the parts and cars going from India to Europe is reduced.

Renault on Monday unveiled the new Duster, which would compete with the likes of Maruti Grand Vitara, Kia Seltos, Hyundai Creta, Tata Sierra among others in one of the most competitive segments in the domestic passenger vehicle segment.

The company will announce prices of the model in March and the deliveries are expected to begin in April this year.

Renault India stopped production of the Duster at its Sriperumbudur plant in 2022, 10 years after rolling out the first unit in July 2012.