SUVs And Rural Growth Spur Maruti Suzuki Sales

For Maruti Suzuki though, the biggest brand in terms of sales remains the Wagon R but the compact segment did see a slight decline in 2023 vs 2024

Along with that several trends have emerged, including the rise of the SUV and how the hatchbacks plus sedans are losing steam.

Source : Somnath Chatterjee

For the financial year 2023-24, Maruti Suzuki posted its highest-ever total sales of 2,135,323 units which includes highest-ever domestic sales of 1,793,644 units and highest-ever exports of 283,067 units. However, along with that several trends have emerged, including the rise of the SUV and how the hatchbacks plus sedans are losing steam.

 

For Maruti Suzuki though, the biggest brand in terms of sales remains the Wagon R but the compact segment did see a slight decline in 2023 vs 2024. Where it has grown is the SUV space where the utility vehicle sales have grown massively from 2023 due to the Grand Vitara, Brezza, Fronx and more.

 

Other interesting details shared by Shashank Srivastava, executive committee member, Maruti Suzuki says that rural growth has outpaced urban growth while Maruti Suzuki market share in the SUV segment has also increased to 21 percent. Other emerging trends include the decline for diesel but CNG has seen growth too.

 

In the electrified powertrains space, hybrids have outsold EVs too despite less offerings here although Maruti Suzuki says that it will enter both segments as it prepares for its first electric car launch, while it currently has strong hybrids such as the Invicto and the Grand Vitara. While the Indian car market has crossed Japan in terms of numbers, the SUV genre remains a dominating force while MPVs have also seen a big growth.

 

Hence, with sedan and hatchbacks seeing a decline in preference, SUVs and MPVs are emerging as the popular choices. Interestingly the Ertiga is also the car with the highest waiting period within the Maruti Suzuki portfolio with a 4-month waiting period, while popular SUVs like the Grand Vitara also command a waiting period.

 

As stated before, Shashank Srivastava said that by 2030, the mix of Maruti Suzuki products would be 15 per cent EVs and 25 per cent hybrids while the rest of the product range will include petrol and CNG products. Maruti Suzuki also recently announced a leadership change with CV Raman and Shashank Srivastava being transferred from their earlier roles to 'Member Executive Committee’ while Partho Banerjee who till recently was head, service is now head, marketing and sales. Sandeep Raina is also now the head of product planning.