Maruti Suzuki looks to ride SUV wave to drive past 50% market share

TIL Desk/Business/New Delhi/ Maruti Suzuki India (MSI) will keep consolidating its existing product line-up, including hatchbacks, while bolstering presence in the fast growing SUV segment to power its way back to 50 per cent market share in the domestic passenger vehicle market, as per a senior company official.

The country’s largest carmaker, which has seen its market share drop to 43.38 per cent in FY22 from 47.7 per cent in FY21, aims to bring in multiple SUV products with focus on new technologies like hybrid power trains in order to enhance fuel efficiency, making them comparable or better than diesel-powered models that are currently being sold in the market, especially by its Korean rivals.

With no intention of making a comeback in the diesel segment, MSI is also focusing on increasing its play in the CNG segment to bring in additional volumes. The company had a market share of 51.22 per cent in 2018-19 and 51.03 per cent in 2019-20. In an interaction, MSI senior executive director (marketing and sales) Shashank Srivastava noted that the company will pull out all stops to gain back the lost market share.