On Tata Motors’ ambitions, Chandra said, “We plan to take advantage of all these changes and deliver market-beating growth. We are targeting a market share of 18-20 per cent by FY 2029-30 and will use many such factors to increase market share. “
Tata Motors expects the Indian passenger vehicle market to reach 6 million units annually by 2030 and the company is preparing to launch new models to increase its share to 18-20 per cent. A top company official said this on Wednesday. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, told reporters at a conference here that the implementation of stricter CAFE-3 (Corporate Average Fuel Efficiency) norms from 2027 will increase the share of electric vehicles (EVs) and CNG vehicles. While the prices of vehicles with conventional petrol, diesel engines (ICE) will increase.
There will be many changes
Chandra said, “We have looked at the future trends of the automobile industry and the developments in the next five to six years. We see many changes happening in these five-six years.” He said, “We expect the Indian passenger vehicle industry (PV) to reach 60 lakh units by FY 2029-30, which will basically be a growth trend of six percent from now. This growth will be driven by factors such as increasing disposable income and early replacement of vehicles.” He said, “Given the growing preference of customers for SUVs and the expectation of continuous new models in the SUV segment, the share of this segment will remain high and this will happen at the expense of hatchback and sedan cars.”
Target of 18-20% market share by 2029-30
On Tata Motors’ ambitions, Chandra said, “We plan to take advantage of all these changes and deliver market-beating growth. We are targeting a market share of 18-20 percent by FY 2029-30 and will use many such factors to increase market share. ”To achieve this target, the company will increase its product offering. Currently, the company offers seven models. In the next two years, the company is going to launch Curve and Sierra models. In FY 2023-24, Tata Motors’ domestic passenger vehicle market share was 13.9 percent. Chandra said that Tata Motors is also focusing on EV and CNG along with conventional engine options. For this, the company is preparing to invest six to eight percent of revenue. There is a plan to invest Rs 16,000 crore to Rs 18,000 crore in the EV segment in the next five-six years.
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