Maruti Suzuki achieved sales of over 2 million cars in 2023, with its SUV market share doubling to 20% within a single year.

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(NSE: MARUTI) Maruti Suzuki Dominates SUV Market: Achieves 20 Lakh Car Sales Milestone in 2023. Maruti Suzuki’s SUV Sales Skyrocket, Captures 20% Market Share in One Year.

Maruti Suzuki, India’s leading car manufacturer, has witnessed remarkable success in the Sports Utility Vehicle (SUV) market, with sales surpassing 20 lakh cars in 2023. The company’s SUV market share, which was 10.5% in 2022, has doubled to an impressive 20% in just one year.

SUV Sales Surge: Maruti Suzuki vs. Mahindra & Mahindra

Maruti Suzuki achieved sales of over 2 million cars in 2023, with its SUV market share doubling to 20% within a single year.

In the domestic market, Maruti Suzuki’s SUV sales have experienced a substantial annual growth of 24%. In comparison, Mahindra & Mahindra, renowned for SUVs like Thar, Scorpio, and XUV, achieved a robust 39% increase in SUV sales. Mahindra’s monthly sales soared from 20% to an impressive 57% throughout 2023.

Transformation in Market Dynamics

SUV sales have become a pivotal component of Maruti’s domestic passenger vehicle (PV) sales, escalating from 22% in 2022 to 36% in 2023. In contrast, the majority of Mahindra’s PV sales are attributed to SUVs.

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Despite a 29% decline in small car sales like Alto and Baleno in 2023, Maruti Suzuki’s overall sales crossed the 20 lakh vehicle milestone. This achievement is notable, especially considering a 1.3% dip in total auto sales in December 2023. Maruti Suzuki’s urban growth rate surpassed the rural growth rate for the first time in months, reaching 12.10% in rural areas in December 2023.

Strategic Focus on SUV Segment

Shashank Srivastava, Maruti Suzuki’s senior marketing and sales executive, attributed the company’s success to its focused strategy in the SUV segment. Maruti Suzuki has introduced four new SUVs in the last two years, including Jimny, Grand Vitara, and FrontX.

Maruti Suzuki’s diverse portfolio includes hatchbacks like Alto, Wagon R, Celerio, Ritz, Swift, Baleno, and Ignis, sedans such as Dezire and Ciaz, and utility vehicles like Gypsy, Ertiga, Vitara Brezza, S-Cross, Omni, and Eeco.

Alok Industries share Price Target 2024, 2025, 2026, 2027, 2030, 2035, 2040, 2045, 2050

About Maruti Suzuki India Ltd

Maruti Suzuki India Limited, the Indian arm of the Japanese automaker Suzuki Motor Corporation, holds a dominant position in the Indian passenger car market, boasting a substantial 42 percent market share as of September 2022. Established on February 24, 1981, in Gurugram, the company originated with the support of the Government of India. Its headquarters are located in New Delhi, and as of 2023, it employs a workforce of 16,875 individuals.

Operating under the umbrella of Suzuki, Maruti Suzuki India Limited reported a revenue of 1.2 lakh crores INR (equivalent to US$15 billion) in 2023.

Maruti Suzuki India Limited – Fundamental Analysis

Conclusion

This article serves as a comprehensive guide to the Alok Industries Share Price target.

The information and forecasts are derived from our analysis, research, company fundamentals, historical data, experiences, and various technical analyses. The article delves into the share’s prospects and growth potential in detail.

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