Expect SUV Market Share To Rise After Two New Launches, Says Maruti Suzuki

Maruti Suzuki India Ltd.'s market share in the sports utility vehicle segment should rise substantially after the launch of its new SUVs—the Jimny and Fronx—at the Auto Expo 2023, according to Executive Director Shashank Srivastava.

"Our market share in the sport utility vehicle segment is roughly 15%, and it should increase substantially after these new vehicles," Srivastava told BQ Prime.

The country's largest automaker lost market share in the segment due to the limited number of cars it offered in the category. Currently, it only sells the Brezza and the recently launched Grand Vitara in this rapidly growing category.

"Our market share month-on-month has been going up ever since we have introduced the new Brezza and Grand Vitara. But it's still much less than what we would like it to be," Srivastava said.

The company only has four vehicles, out of the total 46 options, that a customer gets in the segment, he said.

Although Maruti's market share in the non-SUV segment is over 65%, it drops below 45% in overall sales when SUVs are included.

Maruti Suzuki unveiled two new sports utility vehicles at the Auto Expo to strengthen its portfolio. The much-awaited five-door Jimny, for off-road driving, is expected to rival Mahindra and Mahindra Ltd.'s popular off-road vehicle Thar; and the second one is the compact SUV Fronx.

The company has opened bookings for both cars at its Nexa showrooms. Commercial production and deliveries are expected to begin after roughly 2.5 months.

Experts consider Jimny to be an evolved version of the Gypsy, for which commercial production was stopped in 2018 after new emission and safety norms.

Jimny was launched in 1970 in global markets, but the prevailing three-door vehicle in international markets has been upgraded to a bigger five-door variant for India.

The compact SUV Fronx comes in both manual and automatic transmissions—the same as the Jimny. It has a sporty design with sharp wheel arches, muscular fenders, and body cladding on the sides.

With these two compact SUVs, the company is looking to target a large chunk of buyers that it wasn't catering to till now.

The company also unveiled the concept electric SUV eVX at the Auto Expo 2023 today. The mid-size electric SUV is designed and developed by the automaker's parent, Suzuki Motor Corporation. It will be powered by a 60 kWh battery pack, offering up to 550 km of driving range.

The country's largest carmaker, traditionally known for small hatchbacks, has remained away from electric vehicles while rivals have lined-up multiple launches in the coming years. The company is expected to launch its first EV in 2025.