In the face of changing market dynamics, Maruti Suzuki India has leveraged the power of its utility vehicle (UV) segment to navigate challenges, as highlighted by its June 2023 sales figures. With a total of 133,027 units sold, the automaker showcases an 8% YoY growth (June 2022: 122,685 units), although a month-on-month comparison reflects a 7.43% decline from May 2023’s 143,708 units.
The strength of Maruti Suzuki’s UV portfolio, encompassing compact and midsized SUVs alongside an MPV, becomes evident as it effectively compensates for the slowdown in entry-level budget hatchback sales. A remarkable 130% YoY surge across seven UVs, including the upcoming premium Invicto MPV, offsets the sales dip experienced by the Alto and S-Presso.
The performance of the ‘compact car’ sub-segment, encompassing popular models like Baleno, Swift, and Wagon R hatchbacks, however, witnessed a 17% YoY decline. This seven-member lineup, along with the Celerio, Ignis, and Dzire/Tour S sedan, sold 64,471 units in June compared to 77,746 units in June 2022.
Maruti Suzuki’s strategic focus on bolstering its UV market share has materialized in the past two quarters of CY2023. The UV sales trend for the first half of the year reveals a 19.29% increase in Q2 over Q1. The UV segment’s share in overall passenger vehicle sales has surged from 24% in January 2023 to an impressive 33% in June 2023.
This trajectory aligns with the industry landscape, where UVs constitute 54% of the overall PV market, up from 51% in FY2023. Notably, Maruti’s UV sales for June 2023 tallied at 43,404 units, signifying a remarkable 130% YoY increase (June 2022: 18,860). This portfolio encompasses diverse offerings such as Fronx, Jimny, Grand Vitara, the soon-to-be-launched premium Invicto MPV, Brezza, S-Cross, XL6, and Ertiga.
As an industry leader, Maruti Suzuki has surged ahead in FY2024, elevating its UV market share to 23% from 20.53% a year ago. This performance is underpinned by consecutive months of over 43,000 UV units sold, positioning the automaker for further growth in the coming months.