homeauto NewsMaruti hopes the festive season to contribute 26% of car sales to the industry's annual target of 4.1 million units
Maruti hopes the festive season to contribute 26% of car sales to the industry's annual target of 4.1 million units
In a CNBC-TV18 interview, Shashank Srivastava, Senior Executive-Marketing and Sales at Maruti Suzuki, highlighted that historically, the festive period typically contributes to approximately 23-26 percent of the annual sales. Based on this calculation, it seems that the car maker will likely surpass the 1 million sales milestone during this festive season.
India's largest car maker by market share Maruti Suzuki India Ltd expects that this festive season starting from August to November will contribute about 26 percent of the overall sales of cars, crossing at least a million units, considering the annual passenger vehicle sales of around 4.1 million units projected by the industry this fiscal year.
The auto major achieved a new sales record in August with 189,000 units, a significant jump from the previous year's 165,000 units. While the domestic sales showed a robust growth, its exports also witnessed about 15 percent surge during August.
In an interview with CNBC-TV18, Shashank Srivastava, Senior Executive-Marketing and Sales at Maruti Suzuki, highlighted that historically, the festive period contributes to approximately 23-26 percent of the annual sales. Based on this calculation, it seems that the industry will likely surpass the 1 million sales milestone during this season.
“The beginning has been good. Onam has seen retail growth in Kerala of almost 25 percent. So hopefully, the trend will continue. We have seen stable demand patterns in the demand parameters. So obviously we are looking forward to a good festive season,” said Srivastava.
Nonetheless, he also emphasised the importance of monitoring the monsoon patterns and inflation rates moving forward.
Discussing SUVs, Srivastava highlighted the significant growth in this segment, noting that sports utility vehicle (SUV) sales now constitute 49 percent of the total passenger vehicle market. This marks a substantial increase from a few years ago when SUVs comprised only 29 percent of the market. Maruti's market share in the SUV segment was just 12 percent last year, but the introduction of four new SUV models has led to a notable increase in Maruti's market share.
According to the auto sales data provided by the Federation of Automobile Dealers Associations (FADA), the retail sales of Maruti Suzuki India rose to 14,79,221 units in the financial year 2022-23, recording its market share at 41.82 percent. While its nearest rival Hyundai Motor India enjoyed a market share of 14.66 percent.
For more details, watch the accompanying video
(Edited by : C H Unnikrishnan)
First Published: Sept 4, 2023 1:27 PM IST
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!
Supreme Court refuses to direct disclosure of polling data under Form 17C
May 24, 2024 12:08 PM
The Election Commission’s voter turnout data: The concerns and a court case
May 24, 2024 11:53 AM