Maruti Expects Record SUV Sales in FY24: Targets 455,000 Units
New Delhi: Maruti Suzuki India is gearing up for a landmark achievement in the SUV segment, with expectations to reach a record-breaking sales volume of around 455,000 units in the fiscal year 2023-24. This projection comes as the company witnesses robust performance from models like the Brezza and the Fronx, according to a senior company official.
Key Points:
– Maruti’s SUV lineup includes four models: Brezza, Fronx, Jimny, and Grand Vitara.
– In the April-December period of FY24, Maruti sold 320,311 units of SUVs domestically.
– The Brezza emerged as the top performer with sales of 124,215 units, followed by the Fronx at 94,393 units and the Grand Vitara at 85,497 units. However, the Jimny lagged behind with sales of only 16,206 units.
– The projection for FY24 marks a significant increase from the 202,000 units of SUVs sold by Maruti in FY23 when the portfolio comprised only two models: Brezza and Grand Vitara.
– The introduction of the Fronx in April 2023 has played a pivotal role in Maruti’s ambitious target, with the sub-4 metre SUV surpassing the sales milestone of 100,000 units in just 10 months.
– Despite initial challenges with semiconductor supplies, the Fronx has helped Maruti enhance its SUV market share, positioning it as the leading SUV maker in the first half of FY24.
– The Fronx has attracted a younger and more affluent demographic, with 50% of buyers below the age of 35 and higher average household incomes.
– Maruti anticipates the SUV segment to contribute around 54-55% of the overall passenger vehicle volume, with 30% of sales coming from entry-level SUVs and 25% from mid-SUVs.
Conclusion:
Maruti’s ambitious target reflects the growing popularity of SUVs in India, driven by factors such as affordability, style, and utility. With the continued success of models like the Brezza and the rapid ascent of the Fronx, Maruti is poised to dominate the SUV segment and further strengthen its position in the Indian automotive market.
