Premium hatchback market to grow to 1 million units by 2030: Maruti’s Partho Banerjee

With the growing economy, car owners per 1,000 people will increase from 32 at present to 44 by 2030: Maruti Suzuki's new head of sales and marketing.

Published On May 10, 2024 08:00:00 AM

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Premium hatchback market to grow to 1 million units by 2030: Maruti’s Partho Banerjee

Maruti Suzuki sales and marketing head, Partho Banerjee, at the launch of the new Swift.

Maruti Suzuki said sales in the premium hatchback segment will reach 1 million units by 2030. That’s a 43 percent increase from 7 lakh units now, representing a compounded annual growth rate of around 6 percent.

Maruti has a 62 percent share in the premium hatchback segment
Hatchbacks important for a growing market like India, said Maruti MD and CEO
New Swift bookings have crossed 10,000

Addressing the media after the launch of the fourth-gen Swift, Partho Banerjee, head of sales and marketing at Maruti Suzuki, said, “The new Swift re-energises the segment. The absolute numbers for hatchbacks are going to increase. We at Maruti strongly believe that car penetration is just at 32 (per 1,000 people) and it will rise to 44 by 2030; if the market has 6 million vehicles, the hatchback segment has to grow.”

Hatchbacks account for 28 percent of the overall passenger vehicle market, and Maruti has a 62 percent share of the premium hatchback segment.

Hisashi Takeuchi, MD and CEO of Maruti Suzuki, said the Indian market is in a growing stage, and it is here that hatchbacks play an important role for the first-time buyer. “SUVs are on a good move; hatchbacks are important, and this segment will revive with the economy’s growth,” added Takeuchi.

Maruti has received over 10,000 bookings for the Swift since May 1. The company’s average monthly sales for the Swift hatchback stand at around 15,000 units, and it is confident of meeting any potential demand that the market may throw up, assured Banerjee.

The Indian passenger-vehicle market will grow to 6 million units by FY2031 from 4.23 million in FY2024, according to Maruti, which aims to retain its 50 percent share of it.

With inputs from Mayank Dhingra and Prerna Lidhoo

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