Indian PV market to nearly double in size by FY31: Maruti MD Takeuchi

“Today, India has become the third largest automobile market in the world…This has been possible only because of the continued support and hard work of the auto component industry. Thank you,” he said in a speech at the annual session of Automotive Component Manufacturers Association of India (ACMA).

Domestic PV sales went from 3.069 million in 2021-22 to 3.889 million in 2022-23, marking a 26.71 per cent increase due to high demand after the pandemic, though supply chain issues continued to affect the market.

Takeuchi said MSIL is optimistic about the growth in exports. “This means the scale of operations will nearly double from the present levels.”

At the same time, the auto industry needs to find ways to make its operations sustainable and environmentally friendly, he said.