Maruti Suzuki Looks To Double SUV Sales This Fiscal Year, Eyes Leadership Spot With 25% Market Share

Maruti Suzuki competes with Tata Motors, Mahindra & Mahindra, and Hyundai Motor India for the top slot in the SUV space

Shashank Srivastava, senior executive officer (sales and marketing), Maruti Suzuki India, said the doubling of the market share in the SUV segment would also help the company in its bid to again surpass the 50 per cent market share mark in the domestic passenger vehicle industry. ( Image Source :Getty )

Maruti Suzuki Ltd (MSL), the country's largest carmaker, targets to more than double its sports utility vehicles (SUVs) sales this year and take the leadership position in the fast-growing segment with a market share of over 25 per cent, citing a senior company official, the PTI report. The auto major sold 2.02 lakh sports SUVs last financial year with a market share of around 13 per cent. In the current fiscal year, the company aims to sell around 5 lakh units.

According to the report, the SUV segment is currently the fastest-growing vertical in the domestic passenger vehicle industry. The SUV contribution to the overall passenger vehicle market has grown from 24 per cent in 2018 to 43 per cent in 2022. MSL competes with Tata Motors, Mahindra & Mahindra, and Hyundai Motor India for the top slot in the SUV space.

Shashank Srivastava, senior executive officer (sales and marketing), Maruti Suzuki India, said the doubling of the market share in the SUV segment would also help the company in its bid to again surpass the 50 per cent market share mark in the domestic passenger vehicle industry. "This fiscal year we expect our SUV market share to rise to 25 per cent. The SUV market is expected to be around 19 lakh units this year," Srivastava said.

For the company, Brezza is leading the entry SUV segment while a full impact of Grand Vitara in terms of sales is also expected to come into play this year, he noted. Besides, the addition of two new models, Jimny and Fronx, would also help in bringing in additional volumes this fiscal, he added.

Srivastava noted that MSI has already received close to 41,000 bookings for the two models which are slated to hit the market over the next few months. He noted that the company's SUV market share has been increasing over the last few fiscal. It stood at 10.5 per cent in 2021-22 and increased to 13 per cent last fiscal, he stated.

Srivastava said the company's market share in the non-SUV segment stood at around 65 per cent but due to low penetration in the SUV segment, its overall market share has gone below the 45 per cent level. "If we want to increase it towards 50 per cent, we will have to increase our market share in the SUV space and this is what we are trying to do," he added.