This financial year ended with remarkable numbers and as the new fiscal year is set to begin, Maruti Suzuki dreams big. Maruti is now unstoppable as it has achieved a significant milestone in exports, reaching 283,067 units in FY24, surpassing the previous high of 259,333 units in FY23. This represents a substantial increase from the 238,376 units exported in FY22, 102,171 units in FY20, and 108,749 units in FY19.
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Future market Expansion
Maruti Suzuki India plans to expand its export markets to more than 100 countries and introduce additional models across these markets. The company aims to enhance its distribution network by implementing successful practices adopted in India, such as facilitating bank finance at dealerships, fortifying service infrastructure, and ensuring parts availability in export destinations.
Top Exports and Future Targets
Maruti Suzuki's principal export destinations include South Africa, Saudi Arabia, Chile, Mexico, the Philippines, Indonesia, and Ivory Coast. The top exported models include the Baleno, Dzire, Swift, S Presso, Grand Vitara, Jimny, Celerio, and Ertiga. Maruti Suzuki India aims to surpass 300,000 units in overseas shipments for FY25 as part of a strategic scaling process aiming for up to 800,000 units by 2030. The company is also planning to introduce additional models across its expansive export markets and bolster its distribution network.
The diversion of the Auto sector towards the EV market has also shifted the aim of Maruti towards the same sector as it intends to start exporting its electric vehicle. The start of production which will be in FY25, to advanced markets like Japan and Europe
It was also reported that Exports of passenger vehicles, which include cars and SUVs, from India continued to climb in 2023, although they are still far below the pre-Covid peak of 7.4 lakh units reached in 2017. While exact export figures for 2023 are still pending, total PV exports from India are expected to have increased by mid-single digits, with 6.6–6.75 lakh units exported overall. About 80,000 fewer units will make up the final total than those reported in 2017.
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