September 4, 2023
In a surprising turn of events, Maruti Suzuki, one of India’s leading automobile manufacturers, has outpaced its rival, Mahindra & Mahindra, to become the top producer of Sports Utility Vehicles (SUVs) in the country. Shashank Srivastava, the Executive Director at Maruti Suzuki, shared this exciting news with CNBC-TV18 on September 4.
Maruti Suzuki’s remarkable achievement is underscored by its robust performance in August, boasting an impressive year-on-year (YoY) growth rate of 16.5%. This growth rate outpaces industry averages, making it a noteworthy accomplishment in the fiercely competitive Indian automobile market.
Speaking to CNBC-TV18, Srivastava expressed his optimism, stating, “We will cross 1 million sales this festive season. The festive season generally accounts for 26 percent of our overall annual sales. The introduction of four new SUVs has significantly bolstered Maruti’s market share.”
The significance of this accomplishment is further underscored by Maruti’s exceptional retail growth of 25 percent in Kerala during the Onam season this year, indicating a strong consumer preference for their SUV offerings.
Srivastava also provided insights into the evolving automotive landscape in India. He noted, “The small car segment has decreased to 30 percent of the total auto industry, down from 35 percent last year. Conversely, the SUV segment is experiencing robust growth. SUVs now constitute 49 percent of the overall market, a substantial increase from just 29 percent a few years ago.”
Maruti Suzuki’s ascendancy to the top of India’s SUV market is a testament to its commitment to innovation and meeting consumer demands. With an exciting range of SUVs and a growing market share, Maruti Suzuki is poised to continue its success story in the Indian automotive industry. As consumer preferences continue to shift towards SUVs, Maruti’s strong position in this segment bodes well for its future growth prospects.