Maruti Suzuki to introduce 2 new SUVs between 2025-2027
What's the story
Maruti Suzuki, a dominant player in the Indian SUV market with over 20% share, will launch a compact SUV and a three-row model within the next two to three years.
The company's goal is to solidify its position in this rapidly expanding segment.
Maruti Suzuki India's MD and CEO, Hisashi Takeuchi said, "The SUV trend is becoming bigger... There are gaps, we can offer something at the bottom and something at the top, we will try to fill those gaps."
Details
Entry-level SUV Y43 and Grand Vitara-based Y17
As per Autocar, Maruti Suzuki plans to introduce a three-row vehicle (codenamed Y17), based on the Grand Vitara, featuring a powerful hybrid powertrain in 2025.
This four-wheeler will target the Rs. 15 lakh to Rs. 25 lakh price range.
Moreover, an entry-level SUV (codenamed Y43) is slated for release in 2026-27.
Takeuchi emphasized Maruti's strategy to provide more customers with the joy of mobility by catering to their diverse needs, including larger SUVs and three-row vehicles.
What Next?
Incremental sales and market share goals
The two SUVs should generate incremental sales of 2.5 lakh units per year if production volume aligns with market demand.
Maruti Suzuki has doubled its SUV market share to over 20% in the current fiscal year, thanks to strong demand for models like Fronx, Jimny, and Grand Vitara.
Shashank Srivastava, Senior Executive Officer of Sales and Marketing at Maruti Suzuki, noted that to regain its 50% market share in passenger vehicles, the company must capture 33% of the SUV market.
Insights
First born-EV SUV and growing segment
Maruti Suzuki is also preparing to launch its debut born-EV SUV based on the eVX in late 2024.
In 2023, the SUV segment represented 48% of total passenger vehicle sales, with approximately 20 lakh units sold.
It was the fastest-growing segment last year, experiencing over 25% growth in a market where sedans and hatchbacks declined.
The SUV's share in the overall passenger car market is anticipated to exceed 50% in 2024, up from 43% in 2022.