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The net worth of Maruti Suzuki in India was nearly *** billion Indian rupees at the end of fiscal year 2024. That year, the company sold close to two million vehicles domestically and had a share of over ** percent in the passenger car market across the country. Maruti Suzuki has emerged as the leading manufacturer in India.

Passenger vehicle market

There were more than *** million vehicles registered in India as of fiscal year 2020. There has been a steady increase for the past two decades in this domain. However, since fiscal year 2020, a combination of economic slowdown, price hikes in fuel, conversion to new emission standards (BS-VI) has significantly impacted the productions as well as demands for passenger vehicles. 2020 witnessed an unpromising year for the passenger vehicle industry as the market size diminished significantly. Despite some improvements in fiscal year 2022, the global economic impact of the Russia-Ukraine war could further slowdown the recovery.

Key competitors

Maruti Suzuki was the dominant player in the passenger vehicle market. It had a market share of more than ** percent. Hyundai followed as the distant second. Kia Motors in India saw tremendous growth during the time. It only entered the Indian market in 2017, but already became the fifth-largest player in the market. Meanwhile, facing the trend of green mobility and vehicle electrification, Maruti Suzuki was late to the game. Its first fully electric vehicle is expected to enter the market in 2025.