)
The company has seen a decline in market share due to heightened competition and semiconductor shortages. It expects demand to rise rapidly as its production normalises and backed by new launches such as the Grand Vitara SUV and upgraded Brezza, apart from CNG models. It is also expected to drive in Jimny SUV in January 2023.
In the financial presentation, Suzuki, which has a 56% stake in Maruti, said sales in India will maintain a healthy clip, indicating that it may gain back market share, which has been on a decline for the past few fiscals. This also signals that the company is moving beyond the chip shortage that has hit its production hard, leaving a delivery backlog of nearly 3.9 lakh at present.
In 2017-18, Maruti’s domestic passenger vehicles sales grew by 14%. The company’s sales had grown by 6% in FY19, but declined by 18% in FY20 due to concerns around the economy and a weak portfolio of SUVs. In FY21, its numbers fell by 8.5% due to Covid and production shortages. In FY22, it registered 3% growth. Indications of a strong fiscal have been building up this year.
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