Maruti Suzuki looking to expand presence in SUV segment
Maruti Suzuki India is looking to enhance its market share by expanding its presence in the SUV segment as well as non-SUV space, as part of its twin-pronged strategy. In the non-SUV space, the company currently has a market share of 67 per cent in the non-SUV space, but doesn't have a strong foothold in the fast-growing SUV segment, in which its overall market share hovers around 13 per cent.
The company is eyeing to launch new models in the SUV segment, while in the non-SUV space comprising hatchbacks, sedans and vans, it aims to bring in new features and technology as well as more aggressive design language. The company recently launched the updated 2022 Brezza and is also planning to unveil a new mid-size SUV on July 20.
During an interview with PTI, Maruti Suzuki's Senior Executive Director - Marketing and Sales - Shashank Srivastava noted that the company has only two SUV models in the market out of a total of 48 products. "The real weakness seems to be in the mid-SUV segment where our market share is just around 3 per cent," he added.
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In the last fiscal, Maruti Suzuki ended its run at around 43 per cent market share. Now, the company is targeting a market share of around 50 per cent in the domestic passenger vehicles segment.
While Maruti is looking at launching a new product in the market soon, it has also decided to discontinue the S-Cross from the line up and plans to focus on the new model which is going to be produced by Toyota, featuring both mild and strong hybrid technology.