Maruti Suzuki registered a 15 per cent increase in passenger car sales in March, demonstrating how utility vehicles prove to be a significant sales driver for the company. The Brezza and Ertiga, among other SUV and MPV models, helped the carmaker reach over 1.52 lakh sales last month. Despite continued growth in the UV market, the sales of compact vehicles, like the Swift and Baleno, saw a downward trend. Notably, Maruti Suzuki concluded the recent fiscal year with record-breaking sales of almost 21 lakh vehicles. Despite witnessing a dip, the brand's compact models remain an important contributor to the company's sales performance. In the Indian market, the Maruti Suzuki model range comprises the likes of the Baleno, Celerio, Dzire, Ignis, Swift, and WagonR.
Maruti Suzuki Sales Numbers: March 2024
In comparison to the 1.33 lakh passenger vehicles sold in March last year, the company recorded domestic sales of more than 1.52 lakh vehicles in March 2024, a YoY gain of 15 per cent. Maruti Suzuki's total domestic passenger vehicle sales increased by 9.5 per cent to 16.07 lakh units in FY23 from 17.60 lakh units in FY24.
The Alto, S-Presso, Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and the WagonR are all part of Maruti Suzuki's Mini & Compact segment. Sales of these models decreased by 2 per cent year-over-year (YoY) to 81,673 in March 2024 from 83,414 in March 2023. Meanwhile, the UV segment recorded sales of 58,436 units during the same period, representing a YoY surge of 57.7 per cent. In terms of FY24, this segment, which comprises the Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, S-Cross, and XL6 models, recorded sales of over 6.42 lakh units as compared to nearly 3.66 lakh units sold in FY23, a 7.4 per cent YoY increase.
What the Company Has to Say
Speaking on the company's performance, Shashank Srivastava—who was recently appointed to Maruti Suzuki's executive committee—stated that March 2024's results represent the company's highest monthly sales ever for a run of 15 consecutive months. In March, he said, the industry as a whole rose at a rate of roughly 10 per cent, but Maruti saw growth of 15 per cent due to increased demand for SUVs. He also mentioned the company's overall market share growth of 2 per cent, which has brought it to 42 per cent of the Indian passenger car market. The corporation states that its share of the SUV market is 22 per cent. According to Srivastava, the demand for hybrid cars has been rising in India and seems to be expanding more quickly than that of electric cars. In the past year, over 99,000 electric cars and 89,000 hybrid cars were sold. Out of these, approximately 17,000 models were by Maruti Suzuki.
Rahul Bharti, head of corporate relations at Maruti Suzuki, discussed the firm's export growth: he said it increased by 10 per cent for the company while falling by 3 per cent for the sector as a whole. The company's automobile exports increased from 2.59 lakh units in the previous year to 2.83 lakh units this year. Maruti Suzuki exported the Baleno, Swift, S-presso, Grand Vitara, and Jimny to over 100 nations, including Chile, Mexico, and South Africa.
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