maruti suzuki

Maruti Suzuki, the leading automobile manufacturer in India, has achieved a remarkable feat by capturing a 19% market share in the ₹10 lakh to ₹20 lakh vehicle category during the financial year 2022-2023. The company has emerged as the dominant player in this segment, surpassing its competitors.

According to a recent report by Autocar India, Maruti Suzuki’s market share further surged to 22% in the first quarter of the fiscal year 2023 (April-June 2023), largely due to the increased demand for its premium SUVs. Shashank Srivastava, the executive director of Sales & Marketing at Maruti Suzuki India, shared this information during the Invicto’s launch event.

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Maruti Suzuki has a remarkable track record of making a mark in every segment it enters. Srivastava highlighted that the company has a deep understanding of the Indian consumers and their preferences, which allows them to tap into new customer bases successfully. “Whichever segment Maruti Suzuki enters into, it is able to create a mark, only the types of products and the consumers change. The company understands the Indian consumers well and is able to break into a fresh and new customer base,” he stated.

The recently launched Maruti Suzuki Invicto, priced between ₹25 lakh and ₹30 lakh, has garnered significant attention and popularity among consumers. In just one week, the company received over 6,800 bookings for this premium SUV. This achievement reaffirms Maruti Suzuki’s ability to cater to the evolving demands of consumers in the higher price range.

The automotive industry in India has witnessed a general surge in car prices across various segments. This increase can be attributed to factors such as rising commodity costs, road taxes, insurance payouts, and the incorporation of enhanced features. The average selling price of cars in the country has risen beyond the ₹9 lakh-10 lakh range, compared to the average of ₹6 lakh-7 lakh observed three to five years ago.

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Srivastava addressed the misconception that Maruti Suzuki is unable to sell premium cars or SUVs. He emphasized the success of Nexa, their premium channel, which is poised to become the second-largest automotive retailer, trailing only behind Arena. With a base of 3.7 lakh units in the fiscal year 2023, Maruti Suzuki has witnessed a remarkable growth rate of over 70% so far. The sales from Nexa are projected to exceed half a million units.

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