Maruti Suzuki sees PV industry growing by around 10% in FY27
Autocar Professional, 27 Jul '26
Maruti Suzuki expects the domestic passenger vehicle industry to grow by around 10% in the 2027 financial year, compared with its earlier estimate of 4-6%, as demand improves, capacity constraints ease, and product activity increases.
Speaking to media sources, Partho Banerjee, Senior Executive Officer for Sales and Marketing at Maruti Suzuki India, said the company's assessment of the market has become more positive over the past few months.
"Our take is that this year the industry will grow by at least 10%, give or take 1% here and there. Earlier, the forecast was around 4-6%. As of today, I don't see any reason why the industry should not grow by 10%," Banerjee said.
He said the 2027 financial year is expected to follow a similar pattern to the previous year, with growth in the first half supported by a favourable base, before moderating in the second half as year-on-year comparisons become more challenging.
"Last year was a year of two halves. This year will also be a year of two halves. The first half will obviously see very good growth due to the base effect. In the second half, you cannot expect that because the base is very high," he said.
Maruti Suzuki is preparing to add production capacity and expand its product portfolio. The company has also gained market share through a combination of new model launches and customers returning to the brand.
Banerjee said the company is seeing "win-back" customers across several models, contributing to its recent increase in market share.
He also expects a recovery in the entry-level car segment to support overall industry growth. While SUVs continue to account for a significant share of demand, Banerjee said India remains a low-car-penetration market, and affordable vehicles will continue to play an important role in expanding personal mobility.
"Everybody cannot leapfrog to a Rs. 1.5 million (US$ 15,585) car. We firmly believe that if motorisation has to happen, there has to be a play in that segment," he said.
Maruti Suzuki expects demand for its expanding CNG portfolio, new product introductions, and additional production capacity to contribute to its growth during the year.
