Maruti Suzuki, Hyundai bullish on growth in export volumes in FY26

Maruti Suzuki and Hyundai Motor India are expecting healthy growth in exports in the current financial year amid challenging business environment in the domestic market.

While Hyundai Motor is looking at single-digit volume growth in its exports this financial year, Maruti Suzuki is expecting to achieve about 20 per cent volume growth in its overseas shipments.

"We are aiming to become Hyundai's largest export hub outside South Korea. We aspire to continue our growth trajectory in exports in the coming years," Hyundai Motor India Managing Director Unsoo Kim told analysts during a call.

Exports have gained a favourable momentum in the past few months and the car manufacturer wants to sustain this trajectory going forward, he added.

"For FY26, we anticipate the growth in export volumes to be around 7-8 per cent, supported by robust demand for our products in the emerging markets," Kim stated.

Hyundai Motor India exported 1,63,386 vehicles in FY25 as compared with 1,63,155 units in FY24.

On the other hand, Maruti Suzuki aims to sell 4 lakh units in export markets this fiscal year.

"Our target for this year (FY26) is at least four lakh units, which implies growth of at least 20 per cent over FY25," MSI Senior Executive Officer (Corporate Affairs) Rahul Bharti said in a recent media call.

He said the company's exports are fairly diversified with presence in about 100 countries.

"Africa, Latin America and Southeast Asia are our big markets. We have entered Japan recently, and it has quickly sprung up to the second top most destination on the back of just two models, the Fronx and the Jimny," Bharti said.

He added that the exports of EVs are yet to happen, which will increase the numbers further.

"We do think that our market share in exports will grow this year. We are already at 43 per cent and the golden mark of 50 per cent is close," Bharti stated.

Last fiscal year, Maruti Suzuki reported record exports of 3,32,585 units, a growth of 17.5 per cent over FY24. The auto giant had exported 2,83,067 units in 2023-24 fiscal year.

Additionally, the company also accounted for 43 per cent of the country's total passenger vehicle exports last fiscal year.

Fronx, Jimny, Baleno, Swift, and Dzire were the highest exported models in 2024-25, while South Africa, Saudi Arabia, Chile, Japan, and Mexico were the top five markets.

Commenting on the business outlook for the domestic market, Kim said, "For financial year FY26, our endeavour is to grow broadly in line with the industry, driven by our strong SUVization and premiumisation strategy along with focus on rural markets, among others."

However, the demand environment in the domestic market continues to be challenging. Automaker remains optimistic in its strong fundamentals, he added.

Last month, Suzuki Motor Corporation noted that the overall passenger vehicle wholesale in the Indian market is expected to grow 1-2 per cent in 2025-26, with Maruti Suzuki looking to outpace industry growth.