Maruti Suzuki becomes market leader in Rs 10-20 lakh segment

11 Jul 2023 , 11:06 AM

Budget car market leader Maruti currently dominates the Rs 10-20 lakh bracket with a 23% market share.

By introducing its line of high-end automobiles, India’s largest automaker has managed to surpass competitors Hyundai, Tata Motors, and Mahindra & Mahindra (M&M) in the Rs 10 lakh and above segment.

Premium vehicles from Maruti Suzuki, such as the 4×4 Jimny off-roader and the Invicto MPV, which is often compared to the Toyota Innova, have been driving category sales as the company competes for higher product margins, increased profitability, and wealthy clients.

According to TOI’s citation of Shashank Srivastava, director (sales & marketing) at Maruti Suzuki, Maruti leads the segment with a share of 23% at the end of the first quarter (Q1) of FY24, selling the most units of models like the Grand Vitara and Brezza SUVs, XL6 MPV, and the recently launched Jimny.

In the last four to five years, the automaker’s sales of premium automobiles have significantly increased.

The percentage of vehicles costing between Rs 10 and 20 lakh increased from 2.8% in 2018–19 to 16.3% at the end of FY23 and 19.6% in Q1 of this fiscal year, according to Srivastava.

Prior to entering this market, Maruti dominated the Indian market with its affordable and small automobiles. However, as Indian car purchasers began to lean more towards SUVs than hatchbacks and sedans, automobile manufacturers had to adapt.

The largest automaker in the nation entered the market with a number of models in the up to Rs 20 lakh segment, including the Brezza, Grand Vitara, and Fronx, to secure the leading position in the rapidly expanding sports utility vehicle market. It has also collaborated with Toyota to develop and launch vehicles.

Equipped with powerful hybrid technology from Toyota, the Maruti Suzuki Grand Vitara competes with rival Hyundai Creta and Kia Seltos.

For feedback and suggestions, please write to us at [e-mail].