Maruti Suzuki to bolster presence in SUV segment to get back to 50% market share
Maruti Suzuki India looks to bolster its presence in the fast growing SUV segment alongside consolidating its existing product line-up including hatchbacks, so as to power its way back to 50 per cent market share in the domestic passenger vehicle market, a company official told PTI. The carmaker has seen its market share drop to 43.38 per cent in FY22 from 47.7 per cent in FY21.
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The country's largest carmaker now aims to bring in multiple SUV products with focus on new technologies like hybrid powertrains in order to enhance fuel efficiency. It aims to make these vehicles comparable or better than diesel-powered models that are currently being sold in the market. Further, the company is looking to enhance its presence in the CNG segment to add additional volumes. There are no plans to make a comeback in the diesel segment.
Maruti Suzuki had a market share of 51.22 per cent in 2018-19 and 51.03 per cent in 2019-20. The company now plans to put all the efforts to gain back the lost market share, the company's Senior Executive Director - Marketing and Sales, Shashank Srivastava, told PTI. “It's a war cry..it is there in our organisation..it is like constructive paranoia...which means you cannot rest easy.. it doesn't take much time for the market dynamics to change," he said.
In the non-SUV segment, the company's market share was at 67 per cent level, with leadership positions in both hatchback and MPV segments. However, the lack of products in the SUV segment had impacted its overall market share. Srivastava noted that while the company led the entry-level SUV segment with Brezza, it was in the mid-SUV segment where it lagged behind the competition. "So, overall our market share in the SUV vertical is just 12 per cent. This is where we are now making efforts to bolster our presence," he said.