New Delhi: The Indian car industry is projected to grow to between 6.1 million and 6.3 million units by financial year 2030–31, with the small-car segment expected to expand significantly faster than its pace of growth over the past five years, according to Mr RC Bhargava, Chairman, Maruti Suzuki India Limited.

Mr Bhargava said GST reforms had provided fresh impetus not only to the automobile industry but also to several other sectors of the economy. He said the company was working to develop as accurate an estimate as possible of the likely growth of the car market over the next five years.

Maruti Suzuki India’s Annual Integrated Report 2025–26 highlights the revival of the small-car segment, strengthening of its SUV portfolio, a multi-powertrain strategy, capacity expansion and robust export performance as key drivers of growth.

The company recorded its highest-ever annual sales of 24.22 lakh vehicles and record exports of 4.47 lakh vehicles in FY 2025–26. Having crossed the two-million-vehicle sales mark for the third consecutive year, Maruti Suzuki said it was optimistic about reaching its next million-vehicle milestone earlier than anticipated.

Mr Hisashi Takeuchi, Managing Director and CEO, Maruti Suzuki India Limited, said the company had accelerated its capacity expansion plans, adding 500,000 units of manufacturing capacity during FY 2026–27.

With customer expectations evolving rapidly, the company plans to introduce seven SUVs over the next five to six years to strengthen its SUV portfolio.

Mr Takeuchi said the automobile industry had both a responsibility and an opportunity to contribute to India’s development journey towards 2047 through manufacturing, exports, technology development, employment generation, skill creation and sustainable mobility.