Maruti to introduce new products in the fast-growing segments
In a bid to further increase their market share, Maruti Suzuki is preparing to launch new products in the fast growing segments. They are currently developing a new entry-level SUV to rival Tata Punch and Hyundai Exter. They are also planning to launch a three-row SUV in 2025.
The micro SUV (codenamed Y43) will be positioned under the Maruti Brezza. It will have an aggressive price tag to cater to a large audience. The entry-level utility vehicle is scheduled to go on sale by 2026-27.
The three-row SUV (codenamed Y17) will be based on the Maruti Grand Vitara platform. It will be offered with a strong hybrid powertrain option and will be manufactured at the upcoming Kharkhoda plant. Scheduled to launch in 2025, the three-row SUV will be priced in the range of Rs. 15-25 lakhs.
Hisashi Takeuchi, MD and CEO of Maruti Suzuki India, emphasised the company’s commitment to addressing gaps in its SUV lineup. With only four SUV models in a market boasting 55 different models, Maruti Suzuki recognises the significance of expanding its SUV offerings to keep up with the growing trend in this segment.
Takeuchi stated, “The SUV trend is becoming bigger,” highlighting the expansion of SUV categories both at the lower and upper ends. The company aims to fill these gaps with the introduction of the new SUVs, targeting a wider customer base and catering to the evolving preferences in the SUV market.
The decision to introduce new SUVs aligns with the robust growth observed in the sub-four-metre SUV market, which crossed the million-unit mark in 2023. The overall utility vehicle market has exceeded 2 million units, with the SUV segment accounting for 48 percent of passenger vehicle sales in 2023. The SUV market’s share is expected to surpass 50 percent in 2024, indicating the dominance of SUVs in the Indian automotive landscape.
Maruti Suzuki’s target of achieving 50 percent market share by 2025 includes capturing 33 percent of the SUV market. The company’s recent success in doubling its SUV market share to over 20 percent in the current fiscal year is attributed to the strong demand for models like the Fronx, Jimny and Grand Vitara.
