Maruti Suzuki aims to sell 6 lakh CNG cars, SUVs in FY2025
New Delhi: As part of its strategy to push alternative fuels on the path to reducing its carbon footprint, Maruti Suzuki is looking to sell over 6 lakh CNG vehicles in FY2025. The market leader is aiming to sell as many CNG vehicles this financial year as the rest of the market sold in FY2024. If the company attains its target, then it would register a growth of over 30 percent in volumes of CNG vehicles, from 4.5 lakh units in FY2024.
In a statement following the Q4 FY2024 earnings report, Mr. R C Bhargava, Chairman of Maruti Suzuki, affirmed the company’s ongoing commitment to bolstering CNG sales across its value chain. Maruti Suzuki aims not only to increase the sales volume of CNG cars and SUVs but also to explore utilizing gas for electricity generation to power its manufacturing facilities. The CNG vehicle market witnessed a significant milestone in FY2024, surpassing half a million units for the first time, largely propelled by Maruti Suzuki’s dominance in this segment. The market share of CNG vehicles within the overall automotive market rose from 10 percent in FY2023 to approximately 15 percent in FY2024. Remarkably, one out of every four cars sold by Maruti Suzuki in the previous fiscal year was equipped with a CNG powertrain.
Overall, the CNG market closed at 6.24 lakh vehicles in FY2024, exhibiting a robust growth rate of 15 percent. Maruti Suzuki’s relentless efforts in driving CNG adoption resulted in a remarkable growth of over 50 percent, with sales reaching 4.55 lakh units. Boasting the broadest CNG product portfolio in the industry, Maruti Suzuki offers over a dozen models spanning from the Alto K10 hatchback to the Grand Vitara SUV, priced between Rs 5.74 lakh and Rs 14.96 lakh (ex-showroom, Delhi). The company commands an impressive market share of over 73 percent in the total CNG segment.
The addition of new products from the likes of Tata Motors and Hyundai Motor India over the last few years and the fast-growing gas city gas distribution in the country is driving penetration of CNG vehicles have also supported this shift. The Government of India had set a target of setting up 10,000 CNG stations by 2030.
