Maruti Suzuki Chairman RC Bhargava announced that India's passenger vehicle market is expected to grow to between 6.1 and 6.3 million units annually by the 2031 fiscal year.
The company plans to launch seven new SUV models over the next five years and increase its production capacity by 500,000 units to meet the projected demand.
Maruti expects the small car segment to maintain a faster growth pace than the previous five-year period, driven by rising middle-class income and infrastructure development.