Maruti Suzuki tops SUV charts with new models

livemint.com:

NEW DELHI : Maruti Suzuki India Ltd has surged ahead in the rapidly expanding SUV (sport utility vehicle) segment, marking a turnaround after several quarters of market share loss due to declining small car sales and lack of new SUV launches, following its exit from the diesel-engine market in 2020. Maruti has made significant progress in realizing its 2023-24 target of 25% share in India’s SUV market, consistently increasing its share for three straight months, spanning July through September. In July and August, the company’s SUV market share exceeded 24.5%, and it expects a similar performance in September.

According to production data from April and August, it has already secured a leadership position in this segment. During the ongoing month, the firm expects to achieve similar dispatch numbers as in August, totalling 189,000 units. According to two industry insiders with direct knowledge of the data, September is expected to witness the highest-ever PV sales in a single month at 361,000 units.

So far in FY24, Maruti has around 22% share in the SUV market. It has also set an ambitious goal to secure one-third of the SUV market and 50% overall PV market share by 2030. Maruti Suzuki’s non-SUV market share currently stands at 55%.

With the introduction of new SUV models, such as the SUV Brezza and lifestyle crossover Fronx, its mid-sized SUV Grand Vitara, as well as off-roader Jimny, Maruti has filled the gaps in its passenger vehicle portfolio. Besides, improved supplies during the festive season ensure easy access to these vehicles, contributing to a significant surge in sales and helping it retain the leadership position. SUV-maker Mahindra and Mahindra gives Maruti Suzuki tough competition for the top spot, and its