Maruti Suzuki to substantially increase its SUV market share this fiscal


India’s largest car maker Maruti Suzuki is planning to introduce more models in the sports utility vehicles segment (SUV), as it expects a substantial increase in the market share of the SUV segment in the current fiscal year. The senior officials of the car manufacturer informed that its two SUVs, the new Brezza and Grand Vitara are getting a robust response.

“In July we were at 7.1 percent (market share) in the SUV segment…it increased to 10.8 percent in August, 13.01 percent in September, and 14.4 percent in October. So it is showing an increasing trend,” Maruti Suzuki India (MSI) Senior Executive Officer Marketing & Sales Shashank Srivastava told news agency PTI in an interaction.

Last year, the company had some supply issues with the Brezza model and if not for that, the market share would have increased further, the senior official noted.

“I would not like to project a going forward figure but can safely say that we are expecting a good increase (in market share) this fiscal as we expect to launch a few more SUVs,” Srivastava said.

The company official added that strengthening its share in the SUV market is crucial for regaining an overall higher market share in the passenger vehicle market, which the company lost due to the non-presence of its SUVs in the market.

In 2021-22, the market share of Maruti Suzuki India in the SUV space was 10.9%. The lower share in the SUV market is seen as the reason for an overall drop in market share for the company in the passenger vehicle segment. From 51% in the fiscal year 2019, the market share dropped down to 41% in the second quarter of this fiscal year.

Maruti Suzuki is already doing great in the compact-SUV segment, with Brezza being a market leader and the company’s mid-sized SUV Grand Vitara is also expected to perform well in its space, the company official added.

“We hope to have a leadership position across the segments where we are represented now,” Srivastava added.

India’s overall market in the passenger vehicle space consists of 30 lakh units and the SUV segment is rapidly chalking out a large chunk of around 45% of that.

With inputs from PTI

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