In a strategic move to further support its market share Maruti Suzuki is gearing up to unleash new offerings in rapidly expanding automotive segments. The automaker is currently in the developmental phase of an entry-level SUV, poised to rival Tata Punch and Hyundai Exter. Additionally, a three-row SUV, based on the Maruti Grand Vitara platform, is on the horizon for a 2025 launch.
Micro SUV (Codenamed Y43)
Positioned beneath the Maruti Brezza, the micro SUV (Codenamed Y43) aims to carve its niche with an aggressive pricing strategy, catering to a broad spectrum of consumers. Anticipated to hit the market by 2026-27, this entry-level utility vehicle aligns with Maruti Suzuki's commitment to address the evolving needs of the SUV market.
Three-Row SUV (Codenamed Y17)
Drawing inspiration from the Maruti Grand Vitara platform, the three-row SUV (Codenamed Y17) is slated to introduce a robust hybrid powertrain option. Manufactured at the upcoming Kharkhoda plant, this SUV is set to roll out in 2025, offering a spacious and feature-packed option in the price range of Rs. 15-25 lakhs.
Maruti Suzuki's SUV Lineup Expansion
Hisashi Takeuchi, MD and CEO of Maruti Suzuki India, emphasized the company's proactive approach to address gaps in its SUV lineup. With an eye on the growing SUV trend Maruti Suzuki aims to fill these voids by introducing new SUVs. The focus is not just on expanding the product range but also on reaching a wider customer base and aligning with the evolving preferences in the SUV market.
Takeuchi acknowledged the burgeoning SUV trend pointing out the expansion of SUV categories at both the lower and upper ends. The decision to introduce new SUVs resonates with the robust growth observed in the sub-four-metre SUV market surpassing the million-unit mark in 2023. The utility vehicle market has exceeded 2 million units, with SUVs contributing 48 percent to passenger vehicle sales in 2023. The SUV segment is projected to claim over 50 percent of the market share in 2024 underscoring the dominance of SUVs in the Indian automotive landscape.
Maruti Suzuki's ambitious goal of achieving a 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 can be attributed to the strong demand for models like the Fronx, Jimny, and Grand Vitara.