New Delhi: Maruti Suzuki India Ltd has taken a substantial leap in its market presence within the Sports Utility Vehicle (SUV) segment over the past three months. In April 2023, the automotive giant unveiled its ambitious plan to bolster its foothold in the SUV market, introducing an array of new models such as the Vitara, Fronx, and Jimmy.
It's worth noting that Maruti had been witnessing a gradual erosion of its market share in the SUV sector in recent years, attributed to diminishing small car sales and a dearth of fresh SUV launches from India's leading automaker.
According to a report published in Mint, Maruti's SUV market share surged beyond 24.5 percent in both July and August, instilling confidence within the company that September will conclude with robust sales figures. Maruti's successful introduction of the Brezza, Fronx, Grand Vitara, and Jimny in the current year played a pivotal role in augmenting its sales, thus enabling it to maintain its leadership position. This surge in sales was further facilitated by increased manufacturing capabilities.
Maruti Suzuki's primary competitor in this arena is Mahindra and Mahindra, renowned for its extensive portfolio of SUVs.
Shashank Srivastava, Senior Executive Director at Maruti Suzuki, commented on this development, revealing that the company's SUV market share was a mere 8.5 percent in Q1FY23. However, presently, it stands at a formidable 25 percent, with the aim of capturing a commanding 33 percent of the Indian SUV market, ultimately contributing to the company's overarching target of commanding a 50 percent share of the overall market.
Between 2020 and 2023, Maruti managed to sell an impressive 2.02 lakh SUVs. In April 2023, Srivastava expressed his conviction that doubling the company's market share in the SUV segment would pave the way for achieving the coveted 50 percent market share.
Srivastava remarked, "In this fiscal year, we anticipate our SUV market share to escalate to 25 percent. The SUV market is projected to encompass approximately 19 lakh units this year," underscoring Maruti Suzuki's formidable resurgence in the SUV market.
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