Maruti Suzuki and Hyundai see export growth as domestic market softens
Maruti Suzuki and Hyundai Motor India are banking on robust export growth to offset sluggish domestic demand in fiscal 2026.
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Top carmakers, Maruti Suzuki and Hyundai Motor India, are betting on overseas markets to drive growth in the current fiscal year, even as they brace for tepid expansion at home.
Hyundai Motor India, the country’s second-largest passenger carmaker, expects to grow its export volumes by 7% to 8% in fiscal 2026, after shipping 163,386 vehicles last year. The company sees India becoming its largest export base outside of South Korea.
“We aspire to continue our growth trajectory in exports in the coming years,” said Unsoo Kim, Hyundai Motor India’s managing director, during an analyst call. Emerging markets will remain the key growth engine, he added, as per a PTI report.
Maruti Suzuki India, the nation’s largest automaker, is more bullish. The company is aiming to export 400,000 vehicles in fiscal 2026, a 20% increase over the 332,585 units shipped last year. That figure represented a 17.5% jump from the previous year and accounted for 43% of India’s total passenger vehicle exports.
“Our target is at least four lakh [400,000] units this year,” said Rahul Bharti, senior executive officer for corporate affairs at Maruti Suzuki, during a media briefing. The automaker is close to the golden mark of 50% [market share in exports], as per the report.
Maruti’s export portfolio includes key models such as the Fronx, Jimny, Baleno, Swift, and Dzire. The company’s top five markets in FY25 were South Africa, Saudi Arabia, Chile, Japan, and Mexico. Notably, Maruti has made inroads into Japan, with just two models quickly making it the company’s second-largest export destination.
“The interesting part is that the EV is yet to come,” Mr. Bharti said, suggesting that the launch of electric vehicles could further boost export volumes.
Both automakers are turning to exports as the domestic landscape grows more uncertain. While Hyundai remains focused on strengthening its SUV and premium product lines in India, executives acknowledged that growth in the local market would likely mirror overall industry trends.
“The demand environment in the domestic market continues to be challenging,” Kim said, pointing to a combination of rising costs and slower consumer demand. The Society of Indian Automobile Manufacturers (SIAM) has forecast low single-digit growth in domestic passenger vehicle sales for fiscal 2026.
Suzuki Motor Corporation, Maruti’s parent company, echoed that sentiment last month, projecting industry growth in India to be between 1% and 2% for the year. Despite this, Maruti expects to outperform the market, maintaining its dominant position.
In eary June, commenting on HMIL sales, Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL said, “HMIL’s total sales volume for May 2025 stood at 58,701 units. May is a month of our routine week-long biannual maintenance shutdown at our Chennai manufacturing facility which affects availability of few critical models. We continue to witness consistent growth in our exports volume and this is a testament to the 'Make in India, Made for the World' philosophy that we passionately uphold. Going forward, we remain hopeful of a steady increase in demand for both domestic as well as international shipments with reduced uncertainty on the geo-political front and improved macro-economic situation.”
