H. Yoo
Research expert covering South Korea
Maruti Suzuki - statistics & facts
Maruti Suzuki India Limited continues to dominate the Indian passenger vehicle market. In 2024, it had a market share of over 40 percent. It is an automobile manufacturer based in New Delhi, India, which was incorporated by the Government of India in 1981 as Maruti Udyog Limited. Japanese car and motorcycle manufacturer Suzuki Motor Corporation became its formal joint venture partner and license holder in 1982. In 2003, the Government of India sold its stake to Suzuki Motor. Suzuki Motor is the majority shareholder of Maruti Suzuki with more than 58 percent of the shares.
Maruti Suzuki has launched its first fully electric vehicle at the end of 2024, and the production would start in the spring of 2025. This vehicle would be the company's first attempt in the EV market, where major competitors have already entered. The government has set a target of 30 percent penetration in private electric vehicle ownership by 2030. Maruti Suzuki, as the largest player in the domestic car segment, was also aiming for the top spot.
Domination in the passenger vehicle market
In financial year 2024, the company sold over 1.6 million cars in India. It also became the only car manufacturer in the country to sell over 20 million passenger vehicles cumulatively, by the end of 2019. The landmark was achieved in less than 37 years since the company sold its first vehicle, the Maruti 800, in 1983. After the iconic Hindustan Ambassador and Fiat Premier Padmini, Maruti 800 became the third name to be synonymous with cars across the country. Maruti produced 2.87 million 800s, of which around 2.66 million were sold domestically. This model remains the second highest production car in the country, second only to the Hindustan Ambassador. Maruti Suzuki lost the title of the best-selling car to Tata, as the Tata Punch emerged as the most popular vehicle in 2024. However, six of the top ten best-selling cars in the country were still manufactured by the company.Competitors treading behind
Tata Motors is headquartered in Mumbai and is part of the Indian conglomerate Tata Group. It owns the British car manufacturer Jaguar Land Rover, as well as the South Korean Tata Daewoo. It sold nearly 571 thousand passenger cars in India in 2024, and it’s the largest producer of commercial vehicles in the country. Hyundai entered the Indian market in 1996, and launched its first car, the Santro, in 1998. Notably, its subsidiary Kia which entered the Indian market only in the second half of 2019, and quickly outperformed many competitors, including Volkswagen, Toyota, and Honda.Challenges and opportunities
The automotive sector experienced a decline in the second half of 2019 due to the economic slowdown and has been further impacted by the coronavirus pandemic. However, since financial year 2022, the sector has shown signs of recovery, with sales gradually approaching pre-pandemic levels. The recovery was partially due to the intervention of the Government of India. A series of initiatives were introduced by the government to encourage consumption and attract more foreign companies to set up manufacturing operations in the country. The government has also introduced many incentives and reduced taxes to boost the electric vehicle sector.Maruti Suzuki has launched its first fully electric vehicle at the end of 2024, and the production would start in the spring of 2025. This vehicle would be the company's first attempt in the EV market, where major competitors have already entered. The government has set a target of 30 percent penetration in private electric vehicle ownership by 2030. Maruti Suzuki, as the largest player in the domestic car segment, was also aiming for the top spot.
