Maruti Suzuki, India's well-known car manufacturer, showcased significant sales in March 2024, with domestic passenger vehicle sales reaching 1,52,718 units. This marks an overall 15% year-on-year growth compared to the 1,32,763 units sold in March the previous year. Throughout FY23, Maruti Suzuki achieved a significant trend in domestic passenger vehicle sales. The company sold around 16,06,870 units, reflecting a 9.5% year-over-year growth in comparison to 17,59,881 units sold in FY24.
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Within the Mini and Compact segment, encompassing models like Alto, S-Presso, Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, March 2024 sales amounted to 81,673 units. This showcases a decrease of 2% compared to the 83,414 units sold in March 2023. On the other hand, the utility vehicle (UV) segment witnessed exceptional growth, with sales amounting to 58,436 units, resulting in an impressive 57.7% increase year-on-year.
UV sales further flourished during FY23, amounting to popular models such as Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, S-Cross, and XL6. The sales reached 3,66,129 units compared to the 6,42,296 units in FY24, exhibiting a total of 75.4% year-over-year growth rate.
Speaking on Maruti Suzuki's outstanding performance, Shashank Srivastava acknowledged the highest-ever monthly sales trend consecutively observed for the past 15 months. Maruti Suzuki surpassed the industry average growth by achieving 15% sales amid soaring SUV demands. This led to a 2% boost in market share and reinforced Maruti Suzuki's dominant position with a 42% share of the Indian passenger car market.
Hybrids have witnessed a significant rise in demand compared to electric vehicles in the Indian market. With electric car sales totaling about 99,000 units and hybrid models reaching around 89,000 units, Maruti Suzuki contributed approximately 17,000 units to the overall sales of the company. Mr. Srivastava also highlighted the success of True Value, Maruti Suzuki's pre-owned vehicle business, which garnered sales of around 4.8 lakh vehicles, solidifying its standing as the 5th largest automotive brand in India.
On the exports front, the head of corporate affairs at Maruti Suzuki, Rahul Bharti, reported a substantial 10% growth in exports for the company, contrasting with the 3% dip in the industry. Maruti Suzuki significantly increased exports from 259,000 cars in the previous year to 283,000 units in 2024. With exports spanning over 100 countries including nations like Chile, Mexico, and South Africa, popular models such as Baleno, Swift, Espresso, Grand Vitara, and Jimny have contributed to Maruti Suzuki's international success.
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