Maruti Suzuki again achieved 50% car market share, sales of hybrid and CNG vehicles increased

New Delhi. Maruti Suzuki has reigned supreme in the Indian automobile market for a long time. The company holds a strong share in the Indian car market and has set many benchmarks with car sales. However, in recent years the company has seen some decline in its market share. This is due to competition from other companies in the market. Maruti Suzuki’s share was 51 percent in FY 2020, which declined to 42 percent in FY 2024.

However, this decline is not a sign of Maruti Suzuki’s waning influence but a strategic move in response to changing market trends and consumer preferences. Despite the decline in overall market share, Maruti Suzuki has seen a significant increase in its performance, especially in the utility vehicle (UV) segment. Powered by a strong lineup of SUVs like Brezza and Ertiga, Maruti Suzuki recorded a massive 75.4 percent growth in UV sales, taking its total sales figures to 17,59,881 units in FY 2023-24.

As Maruti Suzuki moves towards regaining its old market share, industry analysts at JATO Dynamics have outlined several strategic imperatives that can lead the automotive giant towards its ambitious target of achieving 50 per cent market share.

A key focus area highlighted by JATO Dynamics is Maruti Suzuki’s mix fuel strategy, which integrates petrol and hybrid vehicles across its model lineup. Leveraging this hybrid approach has helped Maruti Suzuki not only achieve a higher average selling price but also increase market share despite the absence of electric vehicles in its portfolio.

Expanding its portfolio of CNG variants emerges as a key recommendation. With growing consumer preference for cost-effective and eco-friendly fuel options, Maruti Suzuki is set to leverage this trend by introducing more CNG variants in its product lineup, thereby broadening its customer base and increasing its competitiveness.

Moreover, the rapidly growing SUV segment presents a significant growth opportunity for Maruti Suzuki. By diversifying its SUV portfolio to cater to different segments and price points, the automotive giant can strengthen its market presence and move closer to its target of capturing 25 percent of the SUV market.

Tags: Auto News, Maruti Suzuki