homeauto NewsHere's how Maruti Suzuki plans to win back its undisputed dominance in Indian car market
Here's how Maruti Suzuki plans to win back its undisputed dominance in Indian car market
Passenger vehicle makers like Maruti have a dual advantage now, on one hand, demand is picking up and on the other raw material prices have cooled off with China steel prices hitting 15-month lows. Shashank Srivastava, Senior ED - Marketing and Sales at Maruti Suzuki shared his views.
While Maruti Suzuki is still a passenger car market leader, the automaker's market share is slowly being eaten into by other players. And passenger vehicle makers have a dual advantage now — on one hand, demand is robust and, on the other, raw material prices have cooled off with China steel prices hitting 15-month lows.
Amid this, Maruti is targeting regaining some of its lost ground as it expects overall passenger vehicle sales to pick up a robust 14 percent in this financial year, which will translate to approximately 35 lakh units. And it has also seen some "strong enquiry levels".
Maruti's market share is at an eight-year low with the last fiscal (FY22) reading at 43.65%Also Read: Storyboard18: Stacks & Strategies | How Maruti Suzuki plans to ride through the cookieless world
Riding on pent-up demand
Shashank Srivastava, senior ED of marketing and sales at Maruti Suzuki, told CNBC-TV18 during an interview that pent-up demand was still present.
“When we track the parameters of demand, like inquiry levels or bookings, I think they are at a fairly strong level,” he said.
Strengthening SUV play
In the SUV segment, there are close to 50 models on the whole and Maruti has only two, the Vitara Brezza and the S-Cross. The company is set to launch the next generation Brezza on June 30.
“Clearly, we need to strengthen our portfolio in the SUV segment and that's what we intend to do going forward. It's a very clear direction that we have decided to pursue,” he said.
The road ahead
Maruti's market share for the non-SUV segment is about 67 percent, which the company says, is the highest it has been in the past 20 years.
"Our objective is to reach that 50 percent market share and that we have stated many times before, and in order to do that, we need to do much better in the SUV segment,” Srivastava said.
For the entire discussion, watch the accompanying video
(Edited by : Abhishek Jha)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Kannauj Lok Sabha elections: Can ex-UP CM Akhilesh Yadav reclaim this erstwhile SP bastion?
May 12, 2024 11:32 PM
Khunti Lok Sabha Elections 2024: Arjun Munda and Kali Charan to lock horns in this clash of tribal leaders
May 12, 2024 8:59 PM
Malkajgiri Lok Sabha election: A three-way contest among turncoats
May 12, 2024 8:45 PM