Industry News

EVs will become mainstream in India: Maruti Suzuki India Senior Executive Officer (Marketing & Sales) Shashank Srivastava

â€œOur estimate is this market which is 1% today will be around 3% in 2024-25, and will be about 17% in 2030 which is about out of 6 million cars, 1 million will be EVs in 2030,â€ he says

Published

February 27, 2023

M4G Bureau

Maruti Suzuki India Senior Executive Officer (Marketing & Sales) Shashank Srivastava’s assertion in his address at the recent ABP Network’s “Ideas of India” Summit 2023 that “EVs will become mainstream” in India is a significant pointer to the business trajectory of the EV industry in the country. While Shashank made the statement — as cited in an ABP Network media release — with a caveat that by when EV would become mainstream “is unpredictable”, his posit on the theme itself is illustrative of how the automobile industry in India is gearing up for the EV business highway.

In stating that the cost of acquisition is one of the important factors impeding EV adoption in India, Shashank pointed out that “if a normal car is 100 then EV is 160 due to the high cost of batteries. Maruti Suzuki is trying to bring down battery costs. Also, we will have six EVs in different segments by 2030. Our estimate is this market which is 1% today will be around 3% in 2024-25 and will be about 17% in 2030 which is about out of 6 million cars, 1 million will be EVs in 2030.”

The outlook on EV shared by Shashank would also serve as a direction finder for media companies that are looking to invest in EV charging stations that double up as DOOH networks. Moreover, EV makers too are likely to launch a greater number of brand campaigns for the various new models to be unveiled in the coming times, and it would be incumbent on the OOH planners, buyers and indeed the media owners to come up with innovative solutions for best showcasing the EV models.

Speaking on the growth and market demand of the automobile market as a whole, Srivastava said, “Maruti is 60% by volume for the overall Suzuki Motor Corporation, it’s a great achievement of India. It shows the upswing in the Indian economy. Our demography is very young. In consumption terms, we expect car consumption in India will continue to increase. Our projections show almost 6 million by 2030 from the current 3.8 million in 2022”.